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Auto Loans in Indianapolis (IN)

Financing a car became a good deal trickier following the recession, but helping you get the car loan you need is our primary goal. It’s important to find a lender that has experience with subprime auto loans. We work with a vast network of dealers and finance companies that can serve a varied range of credit scores, not just the highest echelons.

Just complete your online application, and you could be behind the wheel of your new car by end of day.

Indianapolis Car Dealerships That Accept Bad Credit

If you’ve got unfavorable credit ratings, dealer financing is likely your best and only option, seeing as most all the banks won’t be willing to finance you. Then again, there are dealers that want to work with you. Compared with a buy here pay here car lot, such dealerships can offer:

  • Reduced rates.
  • More reasonable down payments.
  • Potential to strengthen your credit score.

Your income and credit will determine which cars you can finance. Typically, if you have poor credit, you can borrow 6 to 8 times your monthly income. For residents of Indianapolis earning $2,394 a month, this is $14,364 to $19,152. However, not more than 10% of your income ($239) should be devoted to your car payment, which will almost certainly result in a more modest loan. Apply online to learn how much you can borrow.

Zero Down Car Loans in Indianapolis

You aren’t going to find many people who like to spend a big hunk of money in one go–it hurts! But it’s sometimes necessary to offer money down on the vehicle you are financing–this is especially the case if you have a bad credit score. Lenders and dealers prefer that you supply a down payment, since doing so lessens the risk inherent in the loan, translating to a lower interest rate and possibly better terms. Although there are zero down car deals in Indianapolis, we usually encourage down payments, in particular when you’ve got a substantial interest rate.

In House Financing Dealers in Indianapolis, IN

Have you thought about getting a car loan through a buy here pay here car lot in Indianapolis? Such Indianapolis bad credit car dealers don’t rely on banks or lending companies for financing, so they can help an extensive array of consumers.

If you have horrible credit, Indianapolis buy here pay here dealerships tend to be the only real way to go. But the truth is, the cost of your vehicle will be inflated due to higher annual percentage rates. And if that weren’t enough, it is likely that your credit rating will not show improvements since these dealers have no relationship with the credit bureaus.

What Car Should You Buy?

Don’t purchase a car that stretches your finances. Check out the scenarios that follow, which reveal how much the Indianapolis consumer ought to spend based on an income of $2,394 per month, a payment of $192, and a repayment period of 60 months.

Great Credit Okay Credit Subprime Credit
Monthly Income $2,394 $2,394 $2,394
Payment Amount $192 $192 $192
Interest Rate 3.50% 7.00% 11.00%
Term 5 Years 5 Years 5 Years
Money Down $2,632 $2,418 $2,202
Total Interest $963 $1,819 $2,683
Price with Interest $14,123 $13,909 $13,693
Purchase Price $13,160 $12,090 $11,011

Used Cars for Sale in Indianapolis, IN

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