Illinois Auto Refinancing

Learn about refinancing your car in Illinois including how to qualify, the steps you need to take to complete the refinance process, aligning financial goals, and Illinois refi FAQs.*

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Car Refinancing in Illinois

Are you seeking to refinance your car or truck in your state? You have arrived at the right page! We deal with vehicle loan providers all around the country including in your state and can help you find a car loan refinancing deal near you. Submit your personal and vehicle information to see if you are approved for automobile loan refinancing pre-approval shown in the table below.

We’re honored to partner with vehicle owners who call Illinois home and focus on supplying refi info for brand-new and previously owned car owners all over the state. Whether you stay in Chicago, around Rockford, nearby Round Lake Beach, or in another city in Illinois, contact our lending partners to see if refinancing your auto will pay back into your monetary situation.

Find Auto Refinancing near Chicago, Illinois

The Illinois Auto Refinance Process

The auto refinancing procedure in your state can be pretty straightforward. You also have to satisfy specific criteria for both your automobile and yourself before you can finish your freshly refinanced car loan.

Auto Refinance Qualification

Your car in Illinois has to be approved for the refinancing lending institution’s terms. These terms can vary by lending institution and normally include automobiles which are physically stored in Illinois, were made within the last 10 years old with clean titles, have lower than 100k mileage, and have a favorable loan-to-value (LTV) ratio. Check with specific lenders servicing Illinois for more information.

Personal Refi Qualification

Similar to your automobile qualification, you also will have to get approved for refinancing by supplying your personal info like co-borrower, income, address, employer, and details when refinancing in your state. Lenders want to know your home address in Illinois, where you work, what amount of money you make, your credit report, info about other personal debt you may have, and other associated details. They record this info for things like finishing a lending hazard analysis concerning how likely you are to repay the refinanced car loan.

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Illinois Auto Loan Refinance Calculator

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Credit Score Qualification

Your credit score plays a part in your capability to refinance your car. Your score is a pointed measurement of your ability to pay back your outstanding debt. It is a number which can fluctuate as low as 300 to as high as 850. A great credit rating is generally thought to be over 650ish. You can similarly have industry-specific credit reports which are different from your general credit rating.

The particular credit rating you need to have for an auto loan varies by lending institution. They consider numerous things when identifying your loan suitability consisting of both the industry-specific score, basic score, resources, liabilities, income, and other details. To get the most beneficial automobile loan rate of interest, you may wish to keep your credit rating as high as possible and possibly take advantage of a co-borrower.

Lenders might need a credit rating of 700 or greater if you are looking for a loan on a new car or truck. If you are financing or refinancing a used or pre-owned vehicle, a credit score of over 600 might be enough.

About Credit Score Brackets in Illinois

Credit RatingPoints
Excellent780 to 850
Very Good720 to 779
Good680 to 719
Average580 to 679
Poor300 to 579
Credit rating brackets and point ranges come from various credit reporting sources including Experian, TransUnion and Equifax, but are not endorsed or certified by them.

Credit ranting numbers like the ones shown above can be lender specific. However, Experian also provides information on overall financing and origination trends as part of their quarterly State of the Automotive Finance Market presentation. The following categories were presented for the 2021 Q3 automotive credit vertical and lending channels. 

Credit Score CategoryPoint Range
Super Prime781 to 850
Prime661 to 780
Nonprime601 to 660
Subprime501 to 600
Deep Subprime300 to 500
These credit rating categories and point ranges come from the Experian State of the Automotive Finance Market, but are not endorsed or certified by them.

About Credit History

Credit history is a really big subject. There is too much info to get into here, but we can cover a few of the essential concepts. Your credit history is a record of your liabilities and financial obligations together with determining your capacity to repay them. Lenders check with credit bureaus to measure the uncertainty of loaning you money. The lower your credit score, the greater the lending risk to lenders.

Equifax, Experian, and TransUnion are the three primary credit reporting bureaus. These bureaus record and track your credit information. While the credit-related information is somewhat identical, your credit rating might vary by bureau. Lenders run credit checks called pulls through these bureaus to check your history if you make an application for a loan.

The two kinds of inquiries are called soft credit checks and hard credit checks. Soft pulls determine your preliminary suitability. This report pulls your credit info to see your history. Soft pulls do not influence your credit report. Hard pulls are executed in the final stages of the financing process. This indicates you are actively trying to find a new personal credit line and will affect your credit report. Take a look at a few of our other credit related resources to read more.

Vehicle Refinance Steps in Illinois

There are several specific things you can do to start the car refinance process in Illinois. You can usually refinance your car loan by owning a truck, SUV, car, or other qualifying vehicle in Illinois, having a loan on that motor vehicle, meeting lending institution requirements, and supplying your loan and individual information. While these building blocks are the basics of what is needed for refinancing, there may be extra steps as well. Check out the additional things listed below:

  1. Own a car or truck in Illinois.
  2. Have a car loan on your automobile
  3. Meet qualifying vehicle-related requirements like a recent year of manufacture and great car valuation
  4. Meet individual certifying criteria which include your credit history and salary
  5. Request car refinancing with a different loan provider in Illinois
  6. Once your information checks out, they can help you find a new loan that includes a new annual percentage rate (APR) or interest rate and repayment term
  7. Finish the car refi process for the different lender to take over your old loan
  8. Make auto payments to your updated automobile loan lending institution
  9. Done!

Top-Selling Vehicles in Illinois

Ford F-Series F-150 best selling truck in Illinois

Did you know the best selling automobiles in Illinois are Ford F-Series trucks? These popular Ford trucks are the top-selling and most financed. Do you have a Ford F-Series yourself? Do you also have a truck loan on it? Are you okay with your monthly truck payments and rate of interest? Find out about Ford refinancing opportunities in Illinois.

First Time Car Buyer Financing In Illinois

Is it your very first time purchasing a vehicle in your state? You might have funded your new car through the dealer, financial services division, bank, or local credit union. Take advantage of any special financing offerings at the time of your purchase. Dealers will sometimes offer incentives like zero interest car financing opportunities, zero-down financing incentives, cashback offers, and staff rates.

Later after you have owned the car or truck for a while, you may possibly save money by refinancing your automobile and start saving money or pay your automobile loan off quicker by adjusting the payment term and rate of interest. This depends upon your monetary objectives and refinance choices offered by lending institutions.

If your objective is to start saving money every month, lowering the rate of interest or APR can possibly help you save money on your regular monthly payments. On the other hand if your objective is to work towards paying off your auto loan debt, shortening your loan payment term can increase your payments in the near term but allow you to pay off the loan faster.

Illinois Auto Refinancing Rates and Trends

It’s never been a better time to refinance your car, truck, SUV, or other automobile while residing in Illinois. Historical vehicle value trends can allow you to take advantage of increased equity in your car and can result in more desirable car loan terms and interest rates. Use our car refinance calculator to see projected cost savings between your present monthly vehicle payment and approximated new refinanced payment costs.

About Auto Refinancing Pre-Approval in Illinois

Vehicle refinancing pre-approval helps you search for and see potential refi rates more efficiently. The pre-approval method suggests financial institutions may have performed actions like checking your credit report and info, deciding on preliminary loan viability, and knowing who you are. A soft credit inquiry is often performed before you receive pre-approval status. As we learned earlier, soft credit inquiries do not impact your credit rating.

Ready To Start The Refinance Process?

Start by thinking about your refinance goals, consider what you want to change about your auto loan, and connect with lenders.

About Loan Repayment Assistance

There are very few methods available for automobile loan payment assistance in Illinois. If you are having trouble paying off your car loan or making monthly payments think about the following options:

  • Refinance the loan on your car or truck with the objective of saving money in mind
  • Sell your present car or truck and search for a more cost effective car or truck with a budget-friendly monthly payment

Illinois Car Refinancing and Financial Goals

Everybody usually has specific financial objectives for refinancing their automobile. Your financial goals are usually related to your financial planning, retirement, or taking care of your kids and family. They can include saving money for important things, qualifying to purchase a house, and becoming debt free.

  • Is your month-to-month vehicle payment or APR or interest rate expensive?
  • Does it feel like you have high-interest financial obligations holding you back?
  • Do you intend to be debt free and repay your vehicle earlier than the stated loan term?
  • Would saving more money help you pay the bills?
  • Are car prices rising in Illinois leading to more car equity?

If you answered yes to any of the above questions or believe that you need to better align your personal financial goals, consider learning more about refinancing your automobile and reaching out to any of our refi partners to find out more. You might have the ability to save money. Use resources like our automobile refinance calculator, learn more about the advantages of car refinancing, and potentially start saving $100s in savings on month-to-month car payments.

Find Illinois Serving Lenders for Refinancing**

Refinance your vehicle with our Illinois serving partner lenders. Learn how you can save money on your car payments.

Find Car Insurance as a Illinois Driver

Learn about insurance coverage options as a Illinois driver and vehicle owner. Bundling insurance may save money.

Auto Refinancing near the St. Louis Arch in Illinois

Love Your Car Like You Love Illinois

Do you love where you live? If you love your state, ask yourself the following question. Do you love your auto loan as much as where you live? Are you content with your loan’s month-to-month vehicle payments and interest rate? If you are disappointed with any of the above car loan factors, there may be things you can do. Learn about options from refinance firms if you responded yes to any of these things.

Learn About Refinancing

State Census Driver and Vehicle Facts

Have you speculated how many individuals live in Illinois or how many licensed vehicle drivers there are on the streets in the state? The U.S. Census Bureau offers insight around these data points and other connected vehicle stats. We can use the reported census numbers to answer these questions. This information comes from Census Bureau Data for 2019-2020, however it is not supported or accredited by the Census Bureau. For example, there were 8,546,932 licensed drivers in the state of Illinois. There were also 4,322,850 motor vehicles registered. Using the 12,671,821 population, we can determine per capita ratios like 674.48 vehicle drivers and 341.14 registered cars per capita (1,000 people). Overall, there are 1.98 registered vehicle drivers per automobile.

Illinois by The Numbers

Estimated Population: 12,671,821Registered Automobiles: 4,322,850
Automobiles Per Capita: 341.14Licensed Drivers: 8,546,932
Drivers Per Capita: 674.48Drivers Per Automobile: 1.98
Data comes from Census Bureau Data for 2019-2020, but is not endorsed or certified by the Census Bureau.
Auto Refinancing Near Chicago, Illinois

Illinois Car Refinancing FAQs

Looking for info about auto refinancing in Illinois? Be informed and find answers to frequently asked questions! It is important to do your homework and be aware of how choosing to refinance your motor vehicle affects your financial situation. These FAQs can help you understand what is related to refinancing your truck, car, or SUV in Illinois.

Can I refinance my automobile in Illinois?

Yes, you can refinance your car or truck in Illinois if you work with an auto refi lender who services your state.

Will refinancing my vehicle in Illinois save me money?

Possibly. The amount you may save while refinancing your car in Illinois depends on lots of factors like being able to qualify for a lower rate of interest and terms, your credit history, debts, motor vehicle details, where you live in Illinois and other variables.

Is automobile refinancing pre-approval certain if I have a good credit rating and live in Illinois?

No, being able to refinance is not guaranteed when refinancing in Illinois even if you have great credit. You have to provide your individual information consisting of your address, employer, and income in Illinois for refinancing pre-approval and check loan options with specific lenders.

What are ideal goals to have when refinancing my vehicle?

Your car refinancing end goals mainly depend upon your financial situation. They can be financially related like starting to save money on payments or getting out of personal debt. Your goals can also be personally targeted like wanting to do what is optimal based upon household vehicle needs. Refinancing your car can be situationally inspired and include wishing to adjust your car loan details.

How do I find out if refinancing my auto in Illinois will help me?

You usually want to apply through the automobile refinancing process to see related refinancing rates in Illinois. Until then, you can use tools like our car refinance calculator to estimate financial benefits or modified car loan payment rates. Go to Auto Loan Refinance Calculator

Why are auto payments in Illinois so costly?

Automobile loan companies and financial institutions calculate car payments based upon a number of factors including your credit report, available assets, owed liabilities, vehicle storage location, and projected lender risk likelihood. Your physical location or residence address can also be a factor. For example, you might be extended different lending offers depending if you are residing in the city of Rockford versus Chicago or Round Lake Beach.

What do I have to do to obtain an auto loan in Illinois?

To make an application for an automobile loan in Illinois, you are not required to be a member of any particular bank, cooperative credit union, or other lending institution. You can easily initiate the application. Keep in mind you will need to qualify to finish the car loan application process.

What credit score do I need to refinance my motor vehicle loan in Illinois?

You can oftentimes refinance your vehicle loan if you have a credit score of 680 or greater. You may be able to find vehicle loan refinance opportunities with a credit score in the low 600s or even 500s depending on your loan-to-value ratio. Increasing your vehicle equity can improve your opportunity to refinance.

How do I refinance my vehicle loan in Illinois?

You can refinance your car loan by owning a car, SUV, truck, or other qualifying motor vehicle in Illinois, having a loan on that car, matching loan provider requirements, and furnishing your loan and personal information. Refinancing your car, suv, or truck can be a great solution to decrease your vehicle loan APR or interest rate and the amount you pay towards regular monthly payments.

To finish the refinance process in Illinois, you will have to have state-provided identification like your valid driver’s license, an earnings confirmation document, car or truck documents and pictures of the vehicle’s mileage and VIN number, and your present vehicle loan info. You’ll need to supply these things to the credit union during the course of the loan application process.

The bank or credit union you choose will evaluate your personal and car information, assess your credit rating, and let you know of the readily available new loan deals. You may receive a lower rate of interest. If you have any questions, you can usually speak to your loan officer or business agent to see if you can lower your monthly motor vehicle payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Illinois.**