Illinois consumers interested in reducing their monthly payments can sometimes benefit from refinancing their current auto loan. Your refinance payment may be higher or lower depending upon the type of car you drive, the age of the car, the state you live in, and your existing loan terms (payoff amount, months remaining on your current loan, etc.). The only way to tell if refinancing in Illinois is right for you is to simply apply and let myAutoloan (my-auto-loan) do the rest of the work.
How does refinancing an existing car loan work? Refinancing involves getting a new "replacement" loan on your current auto. By filling out our Illinois application we will attempt to find up to four lenders that will give you refinance loan terms on your current vehicle. Refinancing an existing car loan may help reduce your monthly out-of-pocket cash flow, but refinancing might not always make sense. The biggest factors affecting the feasibility of refiancing your current car include the age and type of car, the payoff amount you owe on the car, and the actual value of the car.
How do I know if auto refinancing is right for me? If you bought your car from a dealer and are paying a high interest rate (15-25%), then refinancing may be right for you. Auto refinance is very similar to refiancing a home loan. It works like this: 1) you apply for a refinance loan with my auto loan (or any other lender), 2) if your new loan payment is lower (with a lower APR) than your current payment/loan (and that is consistent with your financial goals) then you pay off your current higher APR auto loan lender with the new refinancing car loan from one of our lenders.
Does this really help me? Refinancing is a good decision if your current loan has a high APR and your payments are high. This is especially true if you need to improve your monthly cash flow by reducing your monthly out of pocket expense. If refinancing works for you, be sure to use the additional money you are saving to pay off other debt that you may have such as credit card debt. If you have poor credit, the only way to improve your credit situation is to systematically work toward reducing other debt. Every state has different guidelines for consumer lending, but in most cases yoy have certain rights and protections against predatory lending practices. For your convenience we've included a link to the Illinois regulatory agency at the bottom of this page.
Illinois application for refinancing your current car If you currently own a car in the State of Illinois and would like to explore refinancing your current auto loan, then myAutoloan.com (my auto loan) can help. We provide both refinancing on existing car loans as well as regular financing and auto loans in Illinois and nationwide.
Illinois Auto Refinance Amount Calculator Calculate your refinance loan amount for the state of Illinois. This calculator allows you to input the payment amount you can afford and an interest rate, then tells you the refinance amount you can borrow. Illinois Refinance Amount Calculator
Illinois Refinance Payment Calculator Calculate your refinance payment amount for the state of Illinois. This calculator allows you to input the amount you need to borrow to payoff your current car loan and an interest rate, then tells you what your new payment is going to be. Illinois Refinance Payment Calculator
Illinois Direct Lending Regulatory Agency If you have other questions about issues dealing with auto loans in the state of Illinois, you can write or call the following State agency:
Illinois Department of Financial Institutions Consumer Credit Division James R. Thompson Center 100 West Randolph, Suite 15-700 Chicago, IL 60601 (312) 814-5145 http://www.state.il.us/dfi/
