Are you wondering when the right time to buy a new (or new-to-you) car is? Or maybe you're searching for refinance options for your current vehicle to get a better rate or monthly payment?
At Dieterich Bank, anytime is the right time to apply for an auto loan. Here, you can obtain financing from a true community bank that won’t try to haggle with you. In fact, we work hard to get you as low car payments as possible, making us one of the best places to get a car loan. With our competitive interest rates and flexible terms, you already know you’re getting a good deal.
And when you're ready to shop online or visit dealerships with confidence, consider an auto loan pre-approval. When you're pre-approved, you know exactly how much you can spend, which in turn makes it easier to avoid dealership "deals" and keep yourself in budget.
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 by 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 (APR), 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. Your rate is also affected by the type of car you get -- a used car loan will typically have a higher rate from a new car loan, because a used car is less likely to depreciate as rapidly as one you just drove off the lot.
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 and getting pre-approved to know how much you can afford before you go shopping.
Auto Loan Benefits
- Refinance loan options for your existing 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, and our local decision-making means you get fast auto loans, too. Plus you can feel good about the fact that all of our profits are re-invested in your community.
You can count on us to be a car buying resource for you. We even have a variety of calculators, including an auto loan interest calculator, to help you envision your auto loan options.
What can I use an auto loan for?
Auto car loans are used to refinance an existing auto loan or to purchase a new or used car or truck from a dealer or individual.
If you’re interested in financing a recreational vehicle purchase, we have a loan program for that!
Contact us to learn more about auto loans
Ready to apply for a car loan 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 Breese, Chester, Waterloo, Columbia, Dieterich, Edwardsville, Effingham, Lake Sara, Newton, Red Bud, St. Elmo, or Teutopolis, Illinois. Our staff is ready and eager to help you find the best loan option to meet your needs.