How to Get an Auto Loan

Published on February 28th, 2018

If you’re in the market for an auto loan in Elmhurst, it may seem like a big undertaking.  Don’t worry; Leyden Credit Union is here to help.  We’ve outlined a step-by-step process of getting an auto loan in Elmhurst.

  1. Know Your Credit

The better your credit, the easier the process will be. Higher credit scores often translate to lower interest rates and lower payments as well. If your credit score isn’t as high as you’d hoped, try to dispute any errors with the credit bureaus and pay off smaller loans and balances.

  1. Set a Budget

Your car budget should always be in line with your long-term financial goals. If you don’t have a simple way to figure out your budget, it can be as simple as making a spreadsheet to figure out your monthly expenses. Factor in other future expenses like vehicle registration, auto insurance and car maintenance.

  1. Determine What You Can Afford

Try not to spend more than 10 percent of your monthly take-home income on a monthly vehicle payment. From there, use an auto loan calculator to figure out the largest down payment and loan you can afford.

  1. Get Preapproved

Research different lenders and compare different factors to find the best deal for your situation. Once pre-approved, the lender will let you know what interest rate you qualify for and your maximum loan amount. If you’re having trouble getting approved, try making a larger down payment to reduce the loan amount or try to secure a cosigner.

  1. Go Shopping!

This is the most exciting part, but don’t forget to do some research beforehand so you don’t get ripped off.

Shopping for a new car is an exciting process and getting an auto loan in Elmhurst can be a helpful step. Leyden Credit Union can help answer your questions, address your concerns along the way, and also get you preapproved.  Save time at the dealer.  By knowing your rate and what you’re approved for, you won’t have to play any games.  Apply online at or call 847.455.8440 and ask to speak to a Loan Officer.

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