Auto Refinance in Illinois (August 2025)

Paying Too Much on Your Illinois Auto Loan?

Nothing hurts more than being stuck with expensive monthly car payments. You'll end up wishing you hadn't taken a car loan in the first place!

Stop overpaying today! By refinancing your car with Way.com, you could:

• Lower your Annual Percentage Rate (APRs)
• Lower your monthly car loan payments
• Take a vacation from your payment schedule
• Change your loan's terms and conditions
• Finance lease buyouts
• Add or remove a co-borrower or co-signer
• Sign up for easier plans like bi-weekly payments

Auto Refinance in Illinois - Start Saving Money Today

When you buy a car in Illinois or anywhere in the country, there will be several things going through your mind. In the midst of this, you might not pay attention to the details - like how much your auto loan APR will cost you in the long run!

• Suppose you are locked into high monthly auto loan payments; Illinois auto refinancing lets you get out of the bad loan easily by helping you take a new loan with better terms and conditions.
• The new lender pays off your expensive original loan, and you get to lower your monthly payments easily!
• Besides a lower APR and lower monthly payments, refinancing gives you the benefit of choice. You can choose from multiple refinance lenders after comparing rates and additional benefits.

Why Should You Refinance Your Illinois Auto Loan?

It's unlikely for most people to shop around for different loans when financing a car in Illinois. You might look at a few different banks, but finally end up with a dealership loan - which is likely to be expensive! You may only realize the folly of a high APR many months later.

However, if your credit score has improved since then, you can refinance your Illinois auto loan and get the following benefits:

• Lower your APR: Even a 1-2% reduction in interest rate can save you hundreds of dollars annually. A great credit score can reduce your APR even more.
• Lower your monthly payment: You can reduce your monthly amount to save money every month and organize your finances.
• Include more benefits in your loan: Add GAP, Vehicle Service Contract, and other benefits you missed in the original loan.
• Add or remove a co-borrower/co-signer: Having someone take a loan with you reduces the risk of default.
• Get cash-out refinancing: You can take out a loan for immediate expenses based on the equity you own in the car.
• Buyout your lease at the end of the term.

When Should You Refinance Your Illinois Auto Loan?

You might feel like rushing to refinance your Illinois auto loan when your credit score has risen by a few points. But it's always best to wait - refinancing has the most benefit if you meet several of the following criteria simultaneously:

• If at least three months have passed since your existing loan
• If your credit score has increased - ideally several points above what it was earlier
• If you've become eligible for a better loan because of consistent payments
• If your monthly expenses have increased and you want to save more
• If you want to add a co-signer or co-borrower to your loan to reduce your APR
• If your car has become old and is not worth the high monthly payments

What Documents Do You Need to Refinance Your Auto Loan?

Before applying for auto refinancing in Illinois, get all your official loan documents and personal financial details ready. This will smoothen the process and help you get a quick quote from your lender.

The most important details to have ready include:

• Your credit score: A score above 660 will get you good rates, and one above 740 will get you an excellent deal. Ideally, you should have
• 14-day payoff amount: Call your lender and ask for the remaining loan balance, including the next 14 days' principal and interest.
• Car Loan-to-value ratio: The LTV will tell you if you are 'underwater' on your car loan (i.e., owe more than the car is worth). Refinancing isn't worth it if you are underwater.
• Loan term remaining: Ideally, you should have at least a year left to pay on your current loan, and at least 3-6 months should have passed since you took it.
• Prepayment penalty: Make sure that your existing loan provider does not penalize you for paying off the loan early.
• Vehicle information: Have your Vehicle Identification Number, title details, registration, and mileage details ready
• Income information: Most lenders accept recent salary slips, pay stubs, or tax returns as part of income details
• Personal information: Driver's license, Social Security Number, and address proof

Auto Refinance in Illinois: Eligibility Requirements

Refinancing your car in Illinois is a pretty straightforward process. Your car will likely be eligible

• You have a verifiable income source
• You have a valid driving license
• You have a valid registration
• You have full coverage insurance
• The car is less than 10 years old (varies depending on the lender)
• The car has a mileage of less than 150,000 (varies depending on the lender)
• You have a consistent payment history on your current loan

Average Auto Loan Refinance Rates in Illinois

*The above rates are averages: individual rates may vary based on credit scores, risk profile, payment history, loan balance, and more. Borrowers with excellent credit may get even lower rates than shown.

How to Refinance Your Illinois Auto Loan with Way.com

Step 1:Find your estimated savings

You can find your estimated monthly payment by entering just a few basic details about your current loan into an online auto refinance calculator. If it is lower than your current payment, refinancing makes perfect sense.

Step 2: Compare offers from multiple lenders with Way.com

Refinance lending platforms like Way.com help you compare rates from multiple lenders - that way, you're spoilt for choice. You can also pre-qualify for offers using a soft credit pull.

Step 3: Choose an offer and start saving

Once you choose an offer and complete the application, there will be a hard credit inquiry that will temporarily affect your credit score. However, if you are consistent with your payment, you can easily build your score to above what it was.

How to Refinance Without Hurting Your Credit

Your credit score will be impacted by a few points when you apply for refinancing. However, you can reduce the magnitude of the impact in the following ways:

• Pre-qualify for offers using a soft credit pull and shortlist the ones you like before applying
• Try rate shopping within a certain window (usually 30-45 days depending on the credit bureau) to reduce the effect of multiple hard credit inquiries
• Check your credit score regularly using the one free annual report provided by bureaus and build it accordingly
• Try to build your score to above 700 so that even a fall of a few points will not affect you much
• Be consistent in your current payments

Why our Illinois Auto Loan Refinance Program is Great For You

At Way.com, we understand that rising vehicle costs can make it hard to finance and maintain your vehicle - whether it's in Illinois or any other state. You don't deserve to bleed money on your auto loan, no matter how much you cherish your car!

Way.com is simplifying car ownership across the country -starting with car payments! With our auto super app, you can easily:

• Get connected to the best refinance lenders
• Compare offers and rates from multiple lenders
• Refinance lease buyouts
• Include additional benefits like insurance, extended warranty, etc
• Refinance with a bad credit score

... and much more!

What is Way.com?

Way.com is the country's leading car services marketplace and auto super app, making car ownership affordable to millions of Americans. You can save more than $1500/year through our auto services like:

• Auto insurance and refinance
• Airport parking and city parking
• Car wash services
• Roadside assistance and Cashback on gas

Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.