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 considering refinancing your truck, SUV, or car in your state? We work with auto loan companies all around the country including in your state and can help you locate a vehicle refinance deal near you.

We’re proud to partner with car and truck owners who call Illinois home and concentrate on offering refinance info for previously owned and new automobile owners all over the state. Whether you reside in Chicago, around Rockford, near Round Lake Beach, or in another city or town in Illinois, contact our lending partners to see if refinancing your car or truck will serve to help your personal financial circumstance.

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The Illinois Auto Refinance Process

The vehicle refinancing procedure in your state can be rather straightforward. You also have to meet a number of requirements for both your vehicle and yourself prior to when you can finish your freshly refinanced car loan.

Motor Vehicle Refinance Qualification

Your vehicle in Illinois needs to qualify for the refinancing loan provider’s terms. These terms can vary by lender and generally involve automobiles which are physically operated in Illinois, newer than 10 years old with clean titles, have less than 100k mileage, and have a positive loan-to-value (LTV) ratio. Get in touch with specific lending institutions servicing Illinois to learn more.

Individual Refi Qualification

Along with your motor vehicle qualification, you also have to qualify for refinancing by supplying your personal information and details when refinancing in your state. Lenders want to know your home address in Illinois, where you work, how much money you make, your credit report, information about other financial debt you may have, and other related details. They use this information for things like finalizing a lending hazard analysis as to how likely you are to make payments on the refinanced car loan.

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Illinois Auto Loan Refinance Calculator

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Credit Rating Qualification

Your credit score plays a part in your capacity to refinance your automobile. This score is a number between 300 and 850. Most lenders require a specific score to qualify for a loan. You can even have industry-specific credit scores which are different from your basic credit score.

The particular credit score you need to have for an auto loan varies by lending institution. They take into consideration many things when identifying your loan viability consisting of both the industry-specific score, overall rating, resources, liabilities, earnings, and other information. To get the most beneficial vehicle loan interest rate, you may wish to keep your credit rating as high as possible and potentially apply with a co-borrower.

Loan providers may require a credit rating of 700 or greater if you are looking for a loan on a new car. If you are financing or refinancing a pre-owned or used car, a credit rating 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 topic. There is too much info to get into here, but we can cover a few of the basics. Your credit history is a record of your liabilities and financial obligations in addition to measuring your ability to repay them. Lenders check with credit bureaus to measure the uncertainty of lending you money. The lower your credit rating, the higher the financing danger to financial institutions.

TransUnion, Equifax, and Experian are the three leading credit reporting bureaus. These bureaus record and track your credit information. While the credit-related information is relatively identical, your credit score might be different by bureau. Lenders run credit inquiries called pulls through these bureaus against your history during the loan application process.

Hard credit inquiries and soft credit inquiries are the two kinds of credit inquiries. Soft pulls do not impact your credit rating. They are performed during early loan application steps like pre-qualification. Hard pulls do impact your credit score. These pulls are performed later in the loan application process during the loan approval and finalization. This means you are actively looking for a brand-new line of credit and, therefore, the hard pull will affect your credit rating. Check out some of our other credit related resources to discover more.

Auto Refinance Steps in Illinois

There are certain things you can do to refinance your vehicle in Illinois. You can attempt to refinance your car loan by owning a truck, car, SUV, or other qualifying vehicle in Illinois, having a loan on that automobile, matching lending institution requirements, and producing your loan and individual information. While these building blocks are the basics of what is needed for refinancing, there may be extra steps you encounter before you can complete the refi process. Check out the additional steps listed below:

  1. Own a vehicle in Illinois.
  2. Have a car loan on your automobile
  3. Meet qualifying vehicle-related criteria like a current production year and excellent car valuation
  4. Meet personal qualifying criteria which include your credit rating and salary
  5. Make an application for vehicle refinancing with a different lender in Illinois
  6. Once your application is accepted, they can help you find a different loan which includes an updated rate of interest and payment term
  7. Finish the car refi process for the replacement lender to replace your old loan
  8. Make monthly payments to your updated vehicle loan financial institution
  9. That is all – your auto loan is refinanced!

Top-Selling Vehicles in Illinois

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

Did you know the best selling motor vehicles 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 happy with your monthly truck payments and APR? Discover Ford refinancing opportunities in Illinois.

First Time Car Buyer Financing In Illinois

Is it your first time buying a car in your state? You might have financed your new automobile through the dealership, financial services department, bank, or regional credit union. Maximize any finance offerings at the time of purchase. Car dealerships will sometimes offer incentives like 0% interest car loans, no down payment car loans, cashback specials, and staff prices.

In the future once you have had the automobile for a while, you may be able to save money by refinancing your car and save money or pay your auto loan off sooner by adjusting the payment term and APR or interest rate. This depends upon your budgetary objectives and refinance choices offered by lenders.

Lowering the interest rate can potentially save you money on your month-to-month payments if your objective is to start saving money each month. On the other hand if your objective is to work towards being free of debt, reducing your loan repayment term can increase your payments in the near term but enable you to settle the loan faster.

Illinois Auto Refinancing Rates and Trends

It has never been a more suitable time to refinance your car, truck, SUV, or other vehicle while living in Illinois. Historic price trends can enable you to capitalize on increased equity in your motor vehicle and might cause more desirable car loan terms and APR or interest rates. Use our auto refinance calculator to see estimated cost savings when comparing your current vehicle payment and expected new refinanced payment costs.

About Auto Refinancing Pre-Approval in Illinois

Vehicle refinancing pre-approval serves to help you search for and see potential refi rates much faster. The pre-approval system suggests lenders might have completed steps like reviewing your credit report and personal info, identifying loan suitability, and knowing who you are. A soft credit pull is often performed before you receive pre-approval status. As we learned earlier, soft credit checks do not affect 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 not many opportunities available for vehicle loan repayment support in Illinois. If you are having trouble repaying your vehicle loan or making payments consider the following options:

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

Illinois Car Refinancing and Financial Goals

Everyone generally has particular financial goals for refinancing their motor vehicle. Your financial goals are often specific to your financial planning, retirement, or taking care of your children and family. They can take into account saving for essential things, pre-qualing to buy a house, and paying off debt.

  • Is your monthly car payment or interest rate excessive?
  • Does it feel like you have high-interest financial obligations holding you back?
  • Do you desire to be free of debt and pay off your car earlier?
  • Would saving more money help you pay the bills?
  • Are vehicle estimates rising in Illinois resulting in more auto equity?

If you responded yes to any of the above questions or feel like you want to better align your personal financial objectives, consider learning more about refinancing your automobile and reaching out to any of our refinance partners to find out more. You might manage to save money. Use resources like our automobile refinance calculator, learn more about the benefits of automobile refinancing, and potentially save $100s by reducing your month-to-month auto loan 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 your state? Are you content with your loan’s month-to-month automobile payments and rate of interest? If you are disappointed with any of the above car loan factors, there might be things you can do. Learn about options from refinance firms if you replied yes to any of these questions.

Learn About Refinancing

State Interesting Driver and Automobile Info

Do you ever consider how many people reside in Illinois or how many licensed vehicle drivers there are on the highways in the state? The U.S. Census Bureau offers insight for these metrics and other relevant driving statistics. We can use the reported census numbers to identify answers. This information is tracked by Census Bureau Data for 2019-2020, but it is not endorsed 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 vehicles registered. Using the 12,671,821 population, we can work out per capita ratios like 674.48 vehicle drivers and 341.14 registered cars per capita (1,000 people). In total, there are 1.98 registered drivers per car.

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 Automobile Refinancing FAQs

Looking for information about vehicle refinancing in Illinois? Be informed and find answers to commonly asked questions! It is essential to do your research and understand how deciding to refinance a vehicle changes your life and finances. These FAQs can help you begin to understand what you can do to refinance your car, SUV, or truck in Illinois.

Can I refinance my automobile in Illinois?

Yes, you can refinance your vehicle in Illinois if you consult with an auto refi lender who services your region.

Will refinancing my vehicle in Illinois save me money?

Possibly. The amount you might save while refinancing your automobile in Illinois depends on several aspects like being able to qualify for a lower rate of interest and terms, your credit score, debts, automobile details, where you live in Illinois and other things.

Is automobile refinancing pre-approval guaranteed if I have an excellent credit rating and live in Illinois?

No, refinancing is not guaranteed when refinancing in Illinois even if you have excellent credit. You need to submit your personal details consisting of your address in Illinois for refinancing pre-approval and check loan alternatives with specific lenders.

What are the best end goals to have when refinancing my car?

Your automobile refinancing goals primarily depend on your situation. Refinancing your car can be situationally encouraged and include desiring to adjust your car loan details.

How do I understand if refinancing my vehicle in Illinois will help me?

You typically want to start the auto refinancing process to see related refinancing rates in Illinois. Until then, you can use tools like our automobile refinance calculator to roughly calculate savings or revised auto loan payment rates. Go to Auto Loan Refinance Calculator

Why are car and truck payments in Illinois so costly?

Vehicle loan lending institutions and financial institutions calculate vehicle payments based upon a number of factors including your credit report, available investments, outstanding liabilities, automobile physical location, and calculated lender risk. Your physical location or address can also be a factor. For example, you might be offered various loan offers depending if you are dwelling 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 look for a car loan in Illinois, you do not need to be a member of any particular bank, credit union, or other provider. You can quickly start the application. Keep in mind you will need to qualify to complete the car loan application process.

What credit rating do I need to have to refinance my car loan in Illinois?

If you have a credit rating of 680 or greater, you can oftentimes refinance your car loan. Your ability to refinance depends on the lender and your motor vehicle. You may have the ability to obtain car loan refinance opportunities with a credit score in the low 600s or perhaps 500s depending upon your loan-to-value ratio. Having higher equity built up in your motor vehicle can make this possible.

How do I refinance my auto loan in Illinois?

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

To finish the refinance process in Illinois, you will need state-issued documents like your valid driver’s license, an income verification document, car or truck documents and pictures showing mileage and VIN number, and your current car loan details. You’ll have to provide these things to the credit union during the course of the loan application process.

The bank or credit union you select will evaluate your individual and car or truck info, examine your credit history, and let you know about the offered new loan offers. You might get approved for a lower interest rate. If you have any questions, you can normally speak to your loan officer or business representative to see if you can lower your month-to-month car or truck payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Illinois.**