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Auto Loans in Hammond (IN)

A bad credit score does make it tougher to buy a new car, but getting approved for a car loan in Hammond is possible. We feel that car loans should not be so challenging for people in Hammond, Indiana with bad credit. Advantages we provide include:

  • Advanced Credit Approval System
  • Extensive Financing Network
  • Extensive Purchaser Instruction

Auto Loans Hammond Indiana

Hammond Car Dealers That Accept Bad Credit

Some bad credit car dealerships look into your income rather than your credit. Many of them market themselves as no credit check dealers, because they do not require credit checks. That sounds all well and good, but most likely they don’t report to the credit bureaus, which means they will not be helping you re-establish your credit. Your best option is to find a dealership that can finance your bad credit through an off-site lender. Yes, they’ll pull your credit, but they also work with Transunion, Equifax, Experian, which is uncommon among small car lots that offer financing on-site. In any sub-prime lending scenario, expect:

  • Interest rates that are steeper.
  • Down payments that are larger.
  • Loans that are modestly-sized.

On the other hand, it’s a lot better than not having a new car at all, and if you make your payments each month, you can increase your credit score while doing so. We work with many such dealerships, and they want to get you in the car you want. Go here to apply online.

New or Used: Making the Right Decision

It’s a big question: is a used car a better deal than a new one? You’re able to finance new cars for longer terms, and at lower rates, but you spend far more in terms of purchase price and down payment.

New Car Used Car
Years Old 0 3
Price $29,690 $14,845
Down Payment $5,938 $1,485
Loan Rate 5.00% 7.50%
Months 60 48
Payment Amount $448.23 $323.04
Finance Charge $3,142 $2,146
Total Spend $32,832 $16,991

Hammond Buy Here Pay Here Dealerships

The BHPH industry keeps growing, largely because so many people’s credit ratings were impacted by the housing market and slow economy. Most of the time, dealer finance is indirect, in that dealers go through various lenders to finance the loans. In contrast, buy here pay here dealers provide car loans themselves. Issues include ridiculous rates, money down, and vehicle prices If improving your credit score is important to you, and it ought to be, you should submit your application through us, since buy here pay here dealers won’t aid you in boosting your credit.

Will This Help You Rebuild Your Credit?

If your credit isn’t very good, you’re probably interested in ways to boost it. Believe it or not, an auto loan is one of the most effective ways to repair your credit. Credit improvements aren’t instant, but after 6-8 months of on time payments, you ought to notice your credit score start improving. Of course, the opposite is also a risk: you can make things even worse if you go into default on your payments. In order to ensure you never miss a payment, consider online options like automated payments.

New and Used Cars in Hammond for Sale

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