Are you wondering when the right time to buy a new car is? When you apply for an auto loan from Dieterich Bank, anytime is the right time to purchase a new or used vehicle. Get pre-approved so you can shop online or visit dealerships with confidence, knowing exactly how much you can spend. Obtain financing from a true community bank that won’t try to haggle with you. With our competitive interest rates and flexible terms, you already know you’re getting a good deal.

 

Auto Loan Benefits

  • Refinance a higher interest auto loan to reduce your monthly payment
  • Keep money in savings to cover emergencies instead of paying for your car in cash
  • Establish a good credit history
  • Fixed monthly payments make it easy to budget
  • Swift and local decision-making

And if you’re searching for “auto loans near me,” there are many benefits to choosing a community bank like Dieterich Bank. You’ll love our genuine customer service and dedication to meeting our customers’ needs. Plus you can feel good about the fact that all of our profits are re-invested in your community.

 

How do vehicle loans work?

When you finance the purchase of a car or truck, you borrow a lump sum of money upfront that is then repaid over a pre-determined period of time. Thus, vehicle loans are also known as term loans. Your auto loan is also secured to the vehicle itself, which is why interest rates tend to be lower than on unsecured debt like a credit card balance. 

The three factors that determine your monthly payment amount are the loan itself, the annual percentage rate, and the loan term. For example, a longer loan term will result in a lower monthly payment but increase the amount of interest you pay overall. At Dieterich Bank, our experienced lenders can help you weigh the pros and cons of different options. It helps to think through how much of a monthly payment you can reasonably afford before you start looking and fall in love with a particular vehicle. We recommend completing your auto loan application to know how much you can afford before you go shopping. 

 

What can I use an auto loan for?

Auto loans must be used to refinance an existing auto loan or to purchase a new or used car or truck. If you’re interested in financing a recreational vehicle purchase, we have a separate loan program for that. Dieterich Bank can also help you with the paperwork if you wish to purchase a used car from a private seller.

 

Contact us to learn more about auto loans

Looking for the best auto loans in Central and Western Illinois? Since 1909, Dieterich Bank has been committed to the communities we serve. To start your car loan application, contact us today for more details or visit your local Dieterich Bank branch in Dieterich, Teutopolis, Effingham, Newton, Lake Sara, St. Elmo, Belleville, or Red Bud, Illinois. Our staff is ready and eager to help you find the best loan option to meet your needs.