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Auto Loans in Champaign (IL)

Financing a car got quite a bit trickier following the credit crunch, but we help people get approved everyday. It’s a good idea to work with a lending company who can offer you the funds you need at a rate that won’t break the bank. We’re very proud to have access to a wide-ranging network of lenders and dealers that want to finance you, even if your credit isn’t the best.

An auto finance agent will be there to guide you through the purchasing process, helping you finance the car you want at a reasonable rate. Go here to apply online.

Car Loans Champaign IL

Champaign Dealerships That Accept Bad Credit

Low credit scores have been a bigger problem ever since the economic crisis, and many dealerships now have finance departments that specialize in financing people who have adverse credit. As compared to a BHPH car lot, such dealers are able to offer less expensive rates and better terms. You may not meet the criteria to finance all the cars in the showroom. Here’s an example based on an income of $1,727 per month, the average in Champaign:

  • Exceptional Credit: $17,270 (Income x 10)
  • Average Credit: $15,543 (Income x 9)
  • Below-Average Credit: $13,816 (Income x 8)
  • Bad Credit: $12,089 (Income x 7)
  • Really Bad Credit: $10,362 (Income x 6)

This is simply an approximation. You might not be qualified to finance this much, especially if you’ve got a lot of existing debt.

Apply online to speak with an auto lending specialist about how much car you can afford.

Champaign Auto Finance Rates: How to Reduce Them

Locking down the lowest interest rate possible is vitally important. Case in point: a 60 month car loan of $15,543 would cost you $1,422 in interest at 3.50% APR, $2,923 at 7.00% APR, and $4,734 at 11.00% APR.

Some 4 out of every 5 Illinois consumers are estimated to have mistakes on their credit report. So it’s a good idea to check yours, the fixing of which could result in a more affordable interest rate. Have you got a whole lot of credit card debt? Paying some of it off could lower your debt-to-income ratio and therefore your rate of interest. Opting for a shorter-term loan will also keep your rate more affordable, and it will also help you avoid negative equity. Down payments are also worthwhile. The less The smaller the percentage of your vehicle that has to be financed, the lower your rate of interest is going to be.

Tote The Note Car Lots in Champaign, IL

Champaign Buy Here Pay Here

Have you thought about getting a car loan through a buy here pay here dealership in Champaign? These Champaign bad credit car dealerships don’t depend on banks or credit unions to fund their loans, so they can service a larger selection of customers.

If you’ve got terrible credit, Champaign buy here pay here car dealers are often the only real option, despite the fact that the loan rates are much higher than you’d be given by a traditional lender. On top of that, they don’t often report payments to the credit reporting agencies, which means the consumer’s credit score won’t go up even if they pay off the loan as scheduled.

How Much You Should Spend on a Car

It really is tempting to purchase a more expensive vehicle than you can actually afford. The following table demonstrates how much the Champaign consumer ought to spend based on an income of $1,727 each month, a payment of $138, and a term of 5 years–the longest term you should consider.

Exceptional Credit Fair Credit Subprime Credit
Payment $138 $138 $138
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $1,899 $1,744 $1,589
Interest Paid $695 $1,312 $1,935
Total Paid $10,188 $10,034 $9,878
Vehicle Price $9,493 $8,722 $7,943

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