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For anyone considering a car, used or new, you may well need an auto loan. Unfortunately, lining up this kind of loan can be a rather irritating process, making it awfully challenging to buy the vehicle you want. The good thing is, you can now request financing through our website, saving yourself a good deal of time and hassle.

This is particularly useful for consumers who have a low credit score, as a variety of dealerships and creditors will consider financing you, many of which are experts in credit problems.

Auto Loan Rates in Indiana

Please keep in mind that these rates should not be seen as advertisements, but rather estimates at the time of publication. Exact interest rates differ.

FICO Rating New Car Used Car
Excellent 3.4% 3.7%
Good 4.6% 5.2%
Average 6.2% 6.9%
Subprime 8.1% 8.5%
Bad 10.8% 11.7%
Very Bad 11.5% 12.8%

Used Car Financing in Indiana

Options such as zero percent car loans and zero down payment are available on new cars when you have perfect credit. Nevertheless, financing a used car or truck is a better value, given that the overall cost will be significantly less. Have a look at the table below.

Age Price Rate Months Payment Interest Total
New $29,250 6.00% 60 $565.48 $4,679 $33,929
1 Year $23,400 7.50% 60 $468.89 $4,733 $28,133
2 Years $19,890 7.50% 60 $398.55 $4,023 $23,913
3 Years $16,907 7.50% 60 $338.77 $3,420 $20,326

For the majority of us, a second hand car is the best option. Most lenders will permit you to finance a pre-owned vehicle up to a decade old, sometimes a bit less, and some cap the miles at 100K miles.

Bad Credit Car Loans in Indiana

For the most part, deals such as 0% financing are unthinkable if your credit score is less than 700. Realistically, assuming you have credit problems, a single digit interest rate isn’t in the cards. Fortunately, we know of banks and lenders who meet the needs of consumers with less-than-perfect credit. In-house financing is a second option, supplied by Indiana’s buy here pay here car lots. The interest rates are very high, and the cars and trucks are likely to be price over market value. Whenever feasible, you want to obtain your loan through one of the following loan providers:

  • Bank.
  • Credit union in your area.
  • Auto finance company.

A dealership or local finance specialist will help you get financed through one of these loan providers. The down payments are cheaper, the same as the loan rates, and the service is considerably superior.

Contact an auto finance professional in your town today.

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