Car loans in Illinois are available from banks, credit unions, online financial institutions and auto dealerships. These options have positive and negative sides, so your decision on where to get a loan should be based on your financial status and vehicle purchasing requirements. Banks and credit unions generally have low rate plans available, but they are not negotiable and must be accepted as is.

Financial institutions often have higher rates, but are more willing to work with customers who do not have a good credit rating. Car dealerships frequently deal with businesses that do not have much credit and they offer the advantage of taking care of the entire auto purchasing process in one location. They usually have higher rates than other sources of auto financing in IL.

The amount of credit your business has, annual profit margin and the size of your down payment are factors when deciding the best venue to seek out vehicle financing in Illinois. There are a few things you should do before requesting a loan:

1. Determine your monthly budget prior to requesting Illinois auto financing.

2. Decide if your Illinois car loan will go toward new or used automobiles.

3. Pick the features you must have.

Action Steps
The best contacts and resources to help you get it done

Obtain car loans in IL from banks or credit unions

Businesses with good credit may benefit from turning to a bank or credit union when in need of car financing in Illinois. Borrowers may receive a lower rate if they can prove they will be able to pay a set invoice amount each month, but this payment is usually a non-negotiable rate. By acquiring Illinois automotive financing through a bank, you will reduce the length of time spent at a car dealership when making the final purchase. When you already have the money to pay for a company vehicle, you will not have to go through their qualification process and work out details for the loan.

I recommend: Talk to the people at Fifth Third Bank, First Savings Bank of Hegewisch or Scott Credit Union.

Request automotive financing in Illinois from an auto dealership

Getting a car loan in Illinois from the same location where you purchase the automobile can be more convenient, because it allows you to complete the entire process at one time. Auto dealerships are often more willing than banks to work with business owners who have lower credit scores as well as with companies that are making their first major purchase such as investing in a fleet of vehicles. In exchange for the convenience, you may be faced with higher interest rates and end up paying more in the long run.

I recommend: Work with auto dealers such as Velde Ford, Bachrodt Lou Automall or Toyota On Western.

Browse online financial institutions for Illinois car loans

Online finance companies usually have higher rates than banks or auto dealers, but they are more likely to deal with businesses that have bad credit or none at all. This gives business owners with poor credit ratings a chance to obtain a loan and purchase a car. Online lenders also provide the benefit of working out the financing details from your office.

I recommend: Deal with online financial institutions like BCU or Wescom Credit Union. Donlen offers fleet leasing services for businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Investigate how much the car you want is actually worth and negotiate with the dealership to get the best price for your business.
• •  Be sure the Illinois auto financing policy you choose has an affordable monthly rate.
• •  Get all the details of the Illinois vehicle financing plan you choose in writing before signing anything.
• •  Put down as much money as possible to lower your monthly payments.
• •  Pay more than the minimum monthly fee to lessen your interest charges.