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Would you like to finance a car in Chicago? Unfortunately, arranging a car loan can be a long process, prolonging the entire car shopping process. If you’d like to obtain the most affordable interest rate available, we can help. Experience the convenience of having a local Chicago lending professional lead you through the approval process. Even better, there’s zero charge to apply.

Auto Finance Rates in Chicago

What will your APR be? The reality is, your rate of interest varies widely based on your credit, as well as other factors. The rates displayed below are only for informational purposes. These aren’t advertisements, and your actual rate will vary.

FICO Rating New Car Used Car
Excellent 3.4% 3.6%
Good 5.0% 5.0%
Average 6.8% 6.8%
Subprime 8.7% 8.6%
Bad 13.0% 12.5%
Very Bad 13.4% 14.2%

Used Car Financing in Chicago

We are under continual barrage by advertising for new cars and trucks. Elevated rates of interest for used cars, however, are countered by cheaper down payments, monthly payments, and premiums. Here, we examine the costs of financing a car that’s new versus a few years old.

Age Price APR Months Payment Interest Total
New $23,250 6.00% 60 $449.49 $3,719 $26,969
1 Year $18,600 7.50% 60 $372.71 $3,762 $22,362
2 Years $15,810 7.50% 60 $316.80 $3,198 $19,008
3 Years $13,439 7.50% 60 $269.28 $2,718 $16,157

Are you considering pre-owned car or truck? Used car loans come with slightly higher rates of interest, but in most situations, you only need 10% down, and the insurance premiums are cheaper.

Bad Credit Car Loans in Chicago

FICO ratings of less than 680 are normally considered subprime, and those below 620 are simply deemed bad. Nothing is more humiliating than having your credit rejected at the dealership. Most of the time, it’s best to work with a specialist who can take you through the process.

Whenever possible, you should avoid going to a no credit check car dealership. These buy here pay here dealers are infamous for consumer abuses. The cons are noteworthy, including inflated rates and rigid terms. It is best to avoid these car lots if at all possible, obtaining an auto loan via the web. The down payments are lower, the same as the rates, and the service tends to be much better.

Contact an auto finance professional in your area today.

Can a Car Loan Improve Your Credit?

A car loan can be a highly effective way to raise your credit, but it’s crucial to make your payments in a timely manner. There isn’t any instantaneous increase in your credit score. Rather, it should increase slowly but surely over time. Make sure to sign up for automatic payments, as this will prevent you from forgetting payments.

Chicago Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Telephone” data=”74th Street Depot,1815 W 74th St,60636,(773) 476-4822,77th Street Depot,210 W 79th St,60620,(773) 846-7137,77th Street Depot,3112 W Foster Ave,60625,(773) 478-0574,Access,600 W 26th St,60616,(708) 343-0228,Acme Continental,55 E Jackson Blvd,60604,(312) 822-4986,Actors,557 W Randolph St,60661,(312) 775-6216,Aeco,3001 N Rockwell St,60618,(773) 267-3600,Alliant,11545 W Touhy Ave,60631,(800) 328-1935,American Airlines,O’Hare Intl Airport AA Cargo Building,60666,(773) 686-2628,American Airlines,5600 Mannheim Rd,60666,(773) 686-4498,American Broadcast Employees,190 N State St,60601,(312) 899-4104,Apollo Credit Inc,3209 W 62nd Pl,60629,(773) 476-8489,Archer Heights,6554 W Archer Ave,60638,(773) 229-1500,Austin-West Garfield FCU,4909 W Division St,60651,(773) 287-1545,Bagumbayan,1332 W Irving Park Rd,60613,(773) 830-1275,Berean,5147 S Dearborn St,60609,(773) 924-0381,Bethel A.M.E. Church,4448 South Michigan Avenue Church,60653,(773) 548-1535,Beverly Bus Garage,1702 E 103rd St,60617,(773) 731-8435,C T A F C,14 S Ashland Ave,60607,(312) 243-5190,C T A S S & U,7801 S Vincennes Ave,60620,(773) 873-7101,Caballeros De San Juan,2359 N Washtenaw Ave,60647,(773) 278-8660,Chgo Fire-Fighters Credit Union,5914 S Pulaski Rd,60629,(773) 581-5253,Chicago Area Office,600 W Madison St,60661,(312) 575-5600,Chicago Avenue Garage,642 N Pulaski Rd,60651,(773) 533-1300,Chicago Fire Officers’ Association,10231 S Western Ave,60643,(773) 445-1700,Chicago Firefighters,6230 S Central Ave,60638,(773) 581-5253,Chicago Firemans Assoc,2453 S Archer Ave,60616,(312) 791-0834,Chicago Lee,2223 S Wentworth Ave,60616,(312) 842-1404,Chicago Municipal Employees CU,33 N LaSalle St #300,60602,(312) 236-2326,Chicago Municipal Employees CU,4409 W Division St,60651,(312) 236-2326,Chicago Municipal Employees CU,33 N LaSalle St,60602,(312) 236-2326,Chicago Municipal Employees CU,4909 W Division St #100,60651,(773) 287-1545,Chicago Patrolmens,1407 W Washington Blvd,60607,(312) 726-8814,Chicago Patrolmens,5310 N Harlem Ave,60656,(312) 499-8855,Chicago Patrolmens,2766 W 111th St,60655,(773) 298-2092,Chicago Post Office Employees,10027 S Western Ave,60643,(773) 881-2500,Chicago Post Office Employees,10025 S Western Ave,60643,(773) 881-2500,Chicago Post Office Employees,433 W Harrison St,60607,(312) 431-8945,College And University,208 W Kinzie Street First Floor,60610,(312) 755-0997,College And University,208 W Kinzie St,60654,(312) 755-0997,Commanding Officers And Sergeants,3510 S Michigan Ave,60653,(312) 745-5135,Community,4610 S Prairie Ave,60653,(773) 373-8518,Corey Steel Emp.,POST OFFICE BOX 5137,60680,(708) 735-8000,Corporate America Family,233 E Wacker Dr,60601,(312) 819-8063,Cosmopolitan,5259 S Wabash Ave,60615,(773) 536-3614,Credit Union 1,435 N Michigan Ave,60611,(312) 836-9910,Credit Union Congress Llc,3026 W Montrose Ave,60625,(773) 539-2500,Cta – C And M,3900 W Maypole Ave,60624,(773) 826-9222,Cta South,7701 S Vincennes Ave,60620,(773) 783-5693,D’Puc,33 S State St #8109,60602,(312) 793-5721,Ethicon Suture,5235 W 65th St,60638,(708) 728-0225,Fellowship Baptist Church,4543 S Princeton Ave,60609,(773) 373-8537,First Financial,6601 N Ridge Ave,60626,(773) 338-1000,First Northern,230 W Monroe St #2850,60606,(312) 332-6357,First Northern,259 E Erie St,60611,(312) 394-8500,First Northern,230 W Monroe St,60606,(312) 332-6357,Future’s Finance Union,Chicago,60628,(773) 468-9740,Good Shepherd,5700 S Prairie Ave,60637,(773) 684-6561,Great Lakes,230 S LaSalle St,60604,(312) 322-2372,Greater Institutional A.M.E. Church,7800 S Indiana Ave,60619,(773) 873-0880,Health Care Associations,225 N. Michigan Ave 2nd Fl.,60601,(312) 297-6088,Homeowers Association Credit Union,3325 W Belmont Ave,60618,(773) 478-4880,Israel Methcomm,PO BOX 19144,60619,(773) 483-1131,Israel Methcomm,7620 S Cottage Grove Ave,60619,(773) 483-1131,Kedzie Avenue Depot,358 S Kedzie Ave,60612,(773) 722-2525,Limits Depot,4041 N Maplewood Ave,60618,(773) 539-8723,Limits Depot,3369 W Lawrence Ave,60625,(773) 539-8723,M.W.P.H. Grand Lodge Of Illinois,809 E 42nd Pl,60653,(773) 538-1488,Maroon Financial,5525 S Ellis Ave,60637,(773) 702-7179,Metro Fellowship,5856 S Wabash Ave,60637,(773) 256-0330,Monumental,729 E Oakwood Blvd,60653,(773) 924-2261,Mwrd Employees,100 E Erie St,60611,(312) 751-3111,North Side Community,1011 W Lawrence Ave,60640,(773) 769-5800,North Side Federal Credit Union Inc,4753 N Broadway St,60640,(773) 561-9918,North Side L,4753 N Broadway St #1034,60640,(773) 561-9876,Park Manor Christian Church,600 E 73rd St,60619,(773) 483-0840,Peoples Energy,130 E Randolph St,60601,(312) 240-4970,Phone-Co.,225 W Randolph St,60606,(312) 372-6264,Pilgrim Baptist,3300 S Indiana Ave,60616,(312) 842-6666,Planites,300 E Randolph St,60601,(312) 653-6371,Quorum,7300 S Kedzie Ave,60629,(773) 918-8487,R & S Employees Credit Union,6515 W Grand Ave,60707,(773) 745-9227,Resurrection Lutheran,9349 S Wentworth Ave,60620,(773) 995-6441,Rrb Federal Credit Union,844 N Rush St,60611,(312) 266-7240,Selfreliance Ukrainian American,2332 W Chicago Ave,60612,(773) 328-7500,Selfreliance Ukrainian American,5000 N Cumberland Ave,60706,(773) 589-0077,Shiloh Englewood,7058 S Racine Ave,60636,(773) 651-1750,Sourceone,542 S Dearborn St #410,60605,(312) 922-0495,Sourceone,542 S Dearborn St,60605,(312) 922-0495,South Division,2558 W 16th St,60608,(773) 788-3062,South Division,2735 W 69th St,60629,(773) 884-9300,South Division,350 N Orleans St,60654,(312) 321-2680,South Division,820 S Damen Ave,60612,(312) 243-8592,South Side Community,5401 S Wentworth Ave #25,60609,(773) 548-5500,South Side Community,5401 S Wentworth Ave,60609,(773) 548-5500,Southwest Chicago Chapter,555 W 31st St,60616,(312) 225-1258,St. Elizabeth’S,50 E 41st St,60653,(773) 268-1518,St. Gregory Parish,5545 N Paulina St,60640,(773) 561-5493,St. Gregory Parish,1609 W Gregory St,60640,(773) 561-5493,St. Helena Parish,10115 S Parnell Ave,60628,(773) 239-5100,St. Jude,205 W Monroe St,60606,(312) 544-8213,St. Mark,8441 S St Lawrence Ave,60619,(773) 846-4433,St. Martin De Porres Parish,PO Box 24174,60624,(773) 626-0776,Synergy Partners,11615 S Avenue L,60617,(773) 646-3000,Synergy Partners Credit Union,11615 South Avenue Ouest,60617,(773) 646-3000,Trinity U.C.C.,400 W 95th Pl,60628,(773) 966-1505,U. S. Employees,230 S Dearborn St #2962,60604,(312) 922-5310,U. S. Employees,230 S Dearborn St,60604,(312) 922-5310,U. S. Employees,610 S Canal St,60607,(312) 922-5310,Ukrainian National Credit Union,2315 W Chicago Ave,60612,(773) 489-6069,Unified Homeowners Of Illinois,6205 W Montrose Ave,60634,(773) 739-0230,Uniqema,S Loomis St,60607,(773) 376-2116,Uniqema,4650 S Racine Ave,60609,(773) 843-7590,United,4444 S Pulaski Rd,60632,(773) 376-6000,United,1526 E 55th St,60615,(773) 843-8900,United,5901 N Cicero Ave,60646,(773) 843-8500,United Credit Union,5901 N Cicero Ave #106,60646,(773) 843-8500,Upwa District #1 Area 5,1649 W Adams St,60607,(312) 243-8288,Win-Hood Co-Op,6149 N Wolcott Ave,60660,(773) 761-3400″][/tboot_table]

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