My Car Lender

Home / Finance / Illinois Auto Finance / Rock Island (IL) Auto Loans


Auto loans enable you to purchase a new car, truck, or suv, even if you haven’t got the necessary money. Most often, the bank has a lien on the vehicle while you’re repaying the loan. You will be expected to carry full coverage insurance until the lien is released, so that you will have the money to repay the loan in case there is any sort of accident. Thankfully, you can now submit an application through our website, saving yourself a good deal of time and hassle.

Let an auto finance specialist in Rock Island help you obtain financing, answering your questions along the way.

Car Loan Rates in Rock Island

These rates of interest should not be construed as ads, but estimates to give you an idea of what rate of interest can be expected given where you live and your FICO score. Variables that affect your exact interest rate include your credit history, where you live, your history of employment, the type of loan, and the duration of your loan.

FICO Score 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 Auto Loans in Rock Island

New cars and trucks have the cheapest interest rates. With that being said, financing a second hand car is a better value, as the total price will be considerably less. You can finance a low-mileage used vehicle for so much less than what it costs to finance a new one.

Years Old Price APR Months Payment Interest Total Cost
New $15,500 6.00% 60 $299.66 $2,480 $17,980
1 Year $12,400 7.50% 60 $248.47 $2,508 $14,908
2 Years $10,540 7.50% 60 $211.20 $2,132 $12,672
3 Years $8,959 7.50% 60 $179.52 $1,812 $10,771

As you have seen, the car bought new for $15,500 will only be worth $8,959 after three years on the road. Most companies allow you to finance a used vehicle up to ten years old, sometimes a little less, and some cap the mileage at 100,000 miles.

Poor Credit Car Loans in Rock Island

Credit history is a huge factor when it comes to approval and annual percentage rate. Basically, banks and lenders assess your credit ratings to determine whether or not you will pay off your loan on a regular basis. In the old days, there weren’t very many auto loan companies who would finance individuals with below-average credit. Now many loan providers, and even some banks and credit unions, have special finance units.

For consumers with recent bankruptcies or repossessions, a buy here pay here dealership is sometimes the only real option. While you shouldn’t have any trouble getting financed, it’ll cost you a king’s ransom for the privilege.

As a rule, it’s preferable to go to a local bank, credit union, or finance company. There are several benefits: superior rates, considerably better service, and if you make your payments on schedule, an increased credit score.

Contact an auto finance professional in your area today.

Minimizing Your Interest Rate

Although your interest rate will be based upon your credit rating, there are things that can be done to make your car loan more affordable. Rectifying any credit report discrepancies can improve your credit score substantially. You can obtain your credit report cost free at, a service offered by the three major credit bureaus.

Addressing any inaccuracies–a simple and easy process–could really boost your credit score. Other things that might minimize your interest rate:

  • Including a cosigner.
  • Saving up for a larger down payment.
  • Going with a shorter-term loan.

No Down Payment Car Loans in Rock Island

Are you hoping to purchase a car in Rock Island without a down payment? A lot of banks will finance up to 100% of the vehicle’s price, but the new buyer must have outstanding credit. If you haven’t got the best credit, it is best to save for a down payment, or else you could wind up paying an inflated rate of interest. With that being said, when you apply online, there are many lenders and dealers that will offer zero down auto loans for people without very good credit.

Rock Island Resources

Credit Unions

Credit UnionLocationZipPhone
Gas & Electric Credit Union2759 5th Ave61201(309) 793-3610
Gas And Electric2300 4th Ave61201(309) 793-3610
I. H. Mississippi Valley4206 5th Ave61201(309) 793-6310
Illinois Iowa Teamsters CU1800 3rd Ave61201(309) 793-4639
R I D1500 Rock Island Drive Bld 20561204(309) 794-5431
R.I.A.PO BOX 475061204(563) 355-3800
R.I.A.Rock Island Arsenal61299(563) 355-3800
Ria Federal Credit UnionRock Island Arsenal Building 6161201(309) 355-3800
Rid Federal Credit UnionClock Tower Building61201(309) 793-1021
Rock Island Postal Employees CU1810 2nd Ave61201(309) 794-1414