Just one in four new vehicles are paid for with a single cash payment. If you aren’t one of the few buyers who can pay cash, you will need a car loan.
Sadly, now is one of the most challenging times to buy a car with sub-standard credit in Illinois history, due to the recession.
We are here for support. If you submit your application, our Approval Maximization Engine pings our network of Illinois loan companies to find you the one that is right for factors like your…
- Amount of Money Down
As long as you limit several rate quotes to only 30 to 45 days, then all of those credit inquiries should be filed as one inquiry on your credit file.
Simply click here to APPLY ONLINE!
Budgeting For Your Purchase
In Illinois, the average income is $47,685. Usually, we advise that you commit at most 10 percent of your total earnings toward automobile-related payments. These include not just your monthly payments, but gasoline, insurance, and upkeep.
Ten percent of Illinois average income equates to $397.
The size of the car loan this represents will depend on a range of variables: rate of interest, length of term, credit history, etcetera. That said, we are able to offer you several estimates. These estimates are for a 60 month new car loan in Illinois. Remember, used auto loans have slightly higher rates. The more expensive figure refers to bad or no credit car loans, while the less costly number refers to good credit car loans.
Amount Of The Loan
Payment Per Month
If your goal is to owe less per month, you could go with a 6 year auto loan or even longer.
At the same time, don’t forget that you can subtract any money you put down from your car’s selling price to calculate the amount borrowed.
Illinois Car Financing For Bad Credit
Have you noticed just how many people in Illinois have bad credit? Keep in mind, a credit score below 620 will be viewed as a bad credit score.
- 1,026,451 People: 550 to 600 Credit Score
- 641,532 People: 500 to 550 Credit Score
- 256,613 People: 300 to 500 Credit Score
When you need subprime car loans, our Approval Maximization Engine is ideal.
Apply online for bad credit auto loans with us, and you are optimizing your odds of auto loan approval.
The process is fast, easy, and totally free. Follow the link to Apply Online!
Credit Acceptance For IL Applicants
These are a couple suggestions to help you get a car loan that won’t break your budget.
- Select a Manageable Vehicle: In Illinois, the cost of gas is up from what it was a few years ago ($2.79 per gallon in ’08). Now more than ever, it’s critical to select a vehicle with solid fuel economy and low maintenance.
- Zero Down is Not Ideal: Offering a down payment of 5 to 20% will avert upside down equity and decrease the amount of the loan.
- Get a Cosigner: Finding a friend or relative who has favorable credit to cosign your IL automobile financing package enhance the odds of auto loan approval dramatically.
Click the link to Apply Online!
Buy a Car with Zero Down: Possible?
It depends. There are car lots in IL that offer no down payment cars for sale. Having said that, these aren’t always better.
The truth is, upside down loans are a big issue among our nation’s borrowers. Upfront cash is a guaranteed method for preventing the upside down car loan. When considering auto loans for people with adverse credit in IL, you may have to offer a down payment.
Beware of IL Buy Here Pay Here Dealers
Buy here pay here car dealers, which supply in house loans, have been cropping up in Illinois. This shouldn’t come as a surprise to anyone. These types of car lots serve people who require:
- Auto Loans with Bankruptcy
- Auto Loans with Repossession
- Auto Loans with Foreclosure
Buy here pay here dealerships, also referred to as tote the note, we finance, or your job is your credit dealerships, provide no credit check auto loans in IL. But you’ve got to use caution. The rates of interest are inflated, and the potential risk of negative equity is fairly significant. For people who need car loans with 550 credit ratings and less, no credit check financing may be the only option. Nonetheless, we can connect you with lenders that finance individuals with subprime credit all of the time.
Just click here to Apply Online!
Auto Finance Documentation
In order to finance a car, you have to provide some records, which may include proof of income, proof of residence, and proof of insurance, as well as your drivers license.
- Evidence of Earnings
- Evidence of Residence
- Evidence of Insurance Coverage
- Vehicle Details
- Illinois Driver’s License