Auto Loans in Fort Wayne (IN)

Before the internet, you needed to visit one lender after another, searching for one who will fund your loan. At Hoosier Auto Finance, we have made it much easier to secure the auto loan you need. Our team serves shoppers in Fort Wayne on a regular basis, helping them get approved online for financing. You’ll enjoy working with a devoted finance professional who can help answer the questions you have and set up your loan. It’s great way to buy a car in The Summit City.

New and Used Car Loans in Fort Wayne

Key to your new carYou might be trying to decide whether a new or pre-owned vehicle is the right option. New cars afford you the latest technology and least maintenance headaches, but these days you can opt for a car a few years old and still have a trustworthy vehicle that offers good fuel economy.

Auto loans for used cars are often paid off more quickly than new ones. This typically means less interest paid, even when you’ve got a more expensive rate. Even if you’re upside down on a preowned car or truck, it typically won’t be for as long. Let’s look at a comparison of new and used auto loans in Fort Wayne, Indiana. These estimates rely on these assumptions:

  • New price of $14,350.
  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
New Car Used Car
Price $14,350 $7,175
Down Payment $2,870 $718
Loan Rate 5.00% 7.50%
Months 60 48
Monthly Payment $216.64 $156.14
Total Interest $1,519 $1,037
Total Paid $15,869 $8,212

Bad Credit Fort Wayne Auto Loans

There are all types of issues that bring about a bad credit score: medical bills, foreclosure, going bankrupt, and much more. No one likes to deal with being turned down for credit, and therefore it is essential to locate a dealer or lender in Fort Wayne that specializes in subprime credit. Chances are we can match you with a dealer or lender in your area who is ready to approve you for financing.

The main drawback is the rate of interest. This is a concern with any loan when your credit isn’t perfect, and in the case of auto loans in Indiana it could mean interest rates anywhere from 10-20+% APR. Given a high rate of interest, it is important to provide a down payment, to lessen the overall interest you pay, and to finance for the shortest length of time possible. Shorter loans come with higher payments, but they are paid off more quickly, meaning less interest is accrued.

Is Your Credit Report Accurate?

If you want to minimize your interest rate, be sure to look over your credit report for errors, which have become prevalent and can bring down your credit score. Issues may include:

  • Debts showing as unpaid, even though you paid them.
  • Debts or bankruptcies that are not yours, misreported due to human error or identity fraud.
  • Information from an ex-spouse showing up as yours.
  • Debts that should have been removed due to the SOL being reached, but haven’t been.

Each year, you can check your credit without spending a dime at, a site created by the leading credit bureaus. It is smart to do this in order to make certain you get the interest rate that’s as low as possible.

What Will Your Annual Percentage Rate Be?

Chances are you want to know what your interest rate will be. Do you know your credit score? This is the number one factor. If you have pretty good credit, you might get financed at 3.30% APR. Given a term of 60 months, you would end up paying $989 on a loan of $11,480. For the exact same loan, but at an elevated rate of 10.50% APR, on account of bad credit, you would pay $3,325! Loan companies need to know more before they can give you an interest rate, so make sure to submit your application.

Buy Here Pay Here Dealers in Fort Wayne, Indiana

When you’ve got overwhelming credit problems stemming from issues like bankruptcy or foreclosure, buy here pay here financing could very well sound like a good plan. Such dealers provide funding directly, in contrast to traditional dealers which utilize one of their affiliated lenders, and they typically don’t turn anyone away. Alas, you can expect high annual percentage rates, big down payments, and high mileage vehicles that are too expensive in light of their condition. And if that weren’t a problem, these dealers very rarely work with the credit reporting agencies, which means you could make every single payment as agreed without a lift in your credit score.

Purchasing a Car in Fort Wayne: Loan Amounts

The amount you can finance will be based on your income bracket and credit tier. The following amounts are based of of an income of $1,435 each month, which is typical of the average Fort Wayne resident.

Credit Multiplier Loan
Excellent Credit 10 $14,350
Average Credit 9 $12,915
Subprime Credit 8 $11,480
Bad Credit 7 $10,045
Terrible Credit 6 $8,610

The amount you can borrow, and the amount you should, should not be confused.

Financing a Car at $115 per Month

Have you considered how much car is feasable? Take a look at the chart below. The interest rates have been estimated, and the numbers presuppose an income of $17,214 a year, the Fort Wayne average. Repayment term is 5 years.

Good Credit Okay Credit Bad Credit
Monthly Income $1,435 $1,435 $1,435
Car Payment $115 $115 $115
Loan Rate 3.30% 6.50% 10.50%
Car Price $7,927 $7,334 $6,676
Down Payment $1,585 $1,467 $1,335
Borrowed Funds $6,342 $5,867 $5,341
Total Interest $546 $1,021 $1,547
Total with Interest $8,473 $8,355 $8,223

Submit Your Application Here!

We work with lenders and dealers who are prepared to fund your loan. We will match you with a dealer or lender located in Fort Wayne.