Car Loan Chicago

In addition to helping people near Chicago buy a new or used car, AutoNet can help you get the best price on a used car. Our Chicago area used car inventory is kept updated evey 2 mins. from car dealers in Chicago. If you have had credit problems, however, we recommend completing the online vehicle finance application first.

Car Loans Chicago

With the economy slowly improving, car loan guidelines are loosening up a bit compared to 2009. At the same time, manufacturers have been keeping the line on dealer inventories, which are now at their lowest levels in many years. This means that although the manufacturers continue to offer rebates and incentives on many models, these rebates are much smaller than a year ago. Lower inventory levels also mean that dealers are less willing to sell their most popular models with big discounts.

Here are some tips to help you to get a car loan in Chicago in the current economy:

Before visiting a dealer and applying for a car loan, you should know your credit score and what is contained in your credit report. Your credit score and credit history are what banks and other Chicago are lenders look at in approving your car loan application and deciding which interest rate tier you qualify for. Obtaining a copy of your credit report a few months before you apply for a loan gives you the chance to correct any errors and can result in an increase in your FICO score.

If you have good credit - that is a FICO score of at least 640 - you should shop around for auto financing before you visit the dealer. Even if the dealer is offering lower interest rates, in many instances these are only available to the most qualified buyers – those customers with credit scores of 720 or better. If you don't qualify for the best Chicago car loan rates, the next-best rate might be higher than a pre-qualified loan you get from your credit union. It also may give the dealership the leverage they need to go back and negotiate a lower interest rate with their lender.

Even if you qualify for the best auto financing rates, sometimes these are in lieu of cash back offers. Combining a slightly higher auto financing rate with a bank or credit union and combining this rate with the Chicago area car dealer cash can sometimes result in a better deal than the lowest interest rate offered by the dealer, so take the time to compare the different offers before you commit to the lowest interest rate.

To help you out, we have calculators that can help you determine a budget for your new car as well as allow you to input various lending scenarios so you can determine what the least expensive loan might be for your particular situation. You can do this at home and print out the information so that you can take it with you when you go shopping.

One final suggestion: buy the vehicle, not the deal. A great car loan on a gas-guzzling vehicle with a poor resale record is not a good deal if gas prices hit $4.00 a gallon again and you can't afford to fill the tank. Likewise, a big rebate on a small car isn't a good deal if you plan on taking vacations with your car and your family can't fit into it comfortably.
Apply now for a Car Loan in Chicago