Who regulates auto loans in Illinois?

The Illinois Department of Financial and Professional Regulation (DFPR) licenses consumer auto lenders under the Illinois Consumer Installment Loan Act. Visit idfpr.illinois.gov for license lookup.

Does Illinois's 36% APR cap apply to auto loans?

Illinois enacted a 36% APR cap on consumer loans (effective January 2021) under CILA. This broadly applies to consumer installment loans. Verify current applicability with the DFPR at idfpr.illinois.gov.

What credit score do I need for an auto loan in Illinois?

Most bank and credit union lenders start at 620 FICO. Illinois's 36% cap limits lenders that charge above it, so the market is concentrated in mainstream mid-to-prime credit lending.

Are credit unions a good option for auto loans in Illinois?

Yes — Illinois has many large credit unions in the Chicago metro. Credit union auto loan rates are frequently 0.5–1.5 percentage points below bank rates for the same borrower profile.

How do I file an auto loan complaint in Illinois?

File with the Illinois DFPR at idfpr.illinois.gov or with the CFPB at consumerfinance.gov. Both accept complaints about loan disclosures, unfair terms, and servicing issues.

Auto Loans in Illinois

Illinois's 36% APR cap protects auto loan borrowers from extreme high-rate financing, though standard bank, credit union, and manufacturer auto loan rates are well within this cap for most borrowers. Chicago's large metro market provides a highly competitive direct-lending environment.

Current auto loan rate benchmarks

National averages from the Federal Reserve G.19 (live data) — commercial banks, new car loans. Not state-specific rates — not a rate quote. Your actual rate depends on credit score, down payment, vehicle, and lender.

60-Month New Car

7.52%

National avg, commercial banks — February 2026

72-Month New Car

7.55%

National avg, commercial banks — February 2026

Credit Unions

Typically 1–2 pts below banks

NCUA rate comparison →

Illustrative example — not a rate quote or offer

$35,000 loan · 60 months · 7.52% APR (Federal Reserve G.19 (live data) national benchmark)

Est. monthly