Car Loans First - Car Loan Chicago

Car Loan Rate Calculator - Pre Quailify

Use the car loan calculator below to estimate the amount you can finance .

1.)Select a credit profile

Good Credit

700

Fair Credit

625

Sub Prime Credit

575

Bad Credit

525

Really Bad or No Score

NA

2.) Enter monthly income

Monthly Income before taxes:

3.) Enter monthly re-occurring debts

Rent or Mortgage:

Min. Card Payments:

Garnishments:

Other Loan Payments:
(Exclude utility bills and Car Loan)

Qualified Auto Loan Amount*

Enter your postal code:

USA    Canada

Car Financing

If you live in the Windy City and you’re thinking of buying a new or used car, there are a couple of things you should do before you go shopping for your next vehicle.

As a Chicagoan, you might ask why you shouldn’t just jump in your current car and drive down to 95th Street on the South Side, the Edens Expressway to the north or Ogden Avenue in Westmont to get a car loan Chicago instead of trying something different. In reality, whether or not you can do these things really depends upon your credit history and your FICO score.

If you have a FICO score over 640 and a fairly extensive credit history, you should be able to purchase a vehicle with a traditional prime or near-prime auto loan. But even if this is the case, you should still do some research on the internet for vehicle pricing and current loan rates.

If you have less than perfect credit, however, you may want to hold off driving around Beverly (or Oak Park, Glencoe, West Chicago or Rosemont) for a car loan Chicago. Here’s why: the bad credit car buying process is much different. And just as the bad credit buying process is different, so is the dealer that can help you with a bad credit car loan.

The fact is, many Second City dealers choose not to deal with subprime lenders. Subprime loans require more effort than regular loans. If anything goes wrong in the documentation process, the contract is sent back to the dealer and the dealer holds the contract for the car. This means the dealer must collect the monthly payments from the customer and most car dealers do not want to do this.

As a bad credit car buyer who wants a car loan Chicago, it’s important to realize that just because a dealer happens to sell cars near I-55, or even the Dan Ryan Expressway, does not mean that dealer has the right kind of cars. A dealer’s new and used car inventory also has to be adjusted for subprime lending. Cars in inventory have to meet lender guidelines in terms of mileage and year.

The used cars also need to be purchased at or below NADA or Kelley wholesale, since subprime lenders base their “advance” (how much they will finance) on these figures. New cars also have to be within a certain price range, since bad credit lenders are very strict about keeping your car payment within a budget range. Without the correct inventory, the dealer can’t sell any of the cars on the lot to subprime customers.