Shopping for auto loans in Illinois? Whether you want a new car or a used one, it’s our mission to help you get behind the wheel after as little as 24 hours. We have the technology and industry connections to make this happen. All you have to do is submit your application. Our approval platform is one of the most sophisticated in the business. We have banks, dealerships, and lending companies standing by – companies who want to get you in the drivers seat. If your profile matches their approval criteria, you could be pre-approved before you know it. Best of all, it costs nothing, and if you don’t like the interest rate or terms you’re quoted, you don’t have to move forward.
The 3 Step System
Let’s look at how it works.
- For starters, you will need to apply online. This takes less than a minute for most users. You will have to include some personally-identifiable information – lenders need this in order to evaluate your application – but we use high-grade encryption to protect your privacy.
- Your application will enter our approval platform. We will attempt to place your application with the best company for your needs. This could be a bank, a credit union, a car dealer, or an auto finance company. We cannot guarantee your approval, but we do have some of the highest success rates in the state.
- Your dealer or lender will reach out to you directly with information about your new loan. This could include APR rate, terms, and vehicle restrictions. You may have to purchase your vehicle from a specific dealer lot, depending on the terms of the agreement. If you accept the offer, all you’ll need to do is complete the paperwork and pick your car from a nearby dealer.
Just click here to submit your application online.
IL Credit Scores and Income
When a lender assesses an applicant, the three most important factors are the consumer’s income, existing debt, and credit rating.
- Average IL Income: $3,974 Per Month
- Average IL Credit Score: 684
- Vehicles Registered: 8,836,631
Minimum Criteria For Approval
For the most part, Illinois lenders require that you make at least $1500 income a month, and your total monthly debt, including your new loan, should not exceed 50% of your income. For folks in Illinois, this comes out to $1,987, on average. Please keep in mind that we’re talking about pre-tax (gross) income here, not take-home pay. You may have to provide paystubs as proof of income. If you are self-employed, things could be more complicated, but you can typically provide tax returns or bank statements instead.
Even if your income doesn’t fulfill these conditions, you may qualify with a co-signer, larger down payment, or even with buy here pay here financing in IL.
Budget Advice For Illinois Consumers
Let’s take a moment to discuss your budget. If you’re in the market for a new car, this should be your number one priority. Too many car shoppers get in over their heads by buying a vehicle that’s simply too expensive, and that’s a bad place to be. However, with prudent planning, you can finance a vehicle that won’t break the bank. First off, you should invest only 18 to 20 percent of your monthly income for things like:
- Car Payments
For your typical Illinois car owner, this comes out to $715-$795 each month. Forking out in excess of this will endanger your financial future. Additionally, you might want to choose an affordable car with solid gas mileage. In many cases, getting a used car in Illinois is smart. Used cars are much less expensive to buy and to insure, and they lose value much less rapidly than brand new vehicles. This is an especially important consideration for people with less than perfect credit. Go here for cheap used cars here.