Bad Credit 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. The automobiles listed below are some of the best buys in the Windy City under $10,000. If you have had credit problems, however, we recommend completing the online vehicle finance application first.

Chi-Town Auto Loan Rates

Although Illinois has an extremely low interest rate cap - 9% - for banks headquartered in the state, finance companies and national lenders headquartered outside of Illinois can charge higher interest rates. Car loan in Chicago, for example, may have rates as high as in the 20% range.

At first glance, you may consider this a disadvantage for people with bad credit in Chicago. By allowing auto finance companies to charge a higher interest rate, however, more people are able to qualify for automobile financing. A higher rate ceiling also means that more lenders are willing to loan money in Chicagoland than in other cities.

More lenders equates to more competition. In the competitive Chicago area lending environment, most people are able to get a loan to buy a car, regardless of past credit, at a competitive interest rate.

If lenders were not allowed to charge the higher rates, the only alternative for car buyers with credit problems in the metropolitan Chicago area would be to buy a car from a local Chiczgo buy here pay here car lot. At buy here pay here car lots, also known as rent to own lots, the used car dealers provide the financing directly to the consumer. The typical vehicle purchased at a buy here pay here lot is 5 to 10 years old, has higher milesage, and has a price range of $3,000 to $8,000.

The AutoNet Financial network of dealerships includes new car, rent to own, and Chicagoland used car dealers. Each of the car dealers in our network has the vehicle inventory and lending resources to help nearly any special finance situation.

To find the perfect used car, try the Chicago Used Car Search.