Auto Loans in Hammond (IN)

Financing a car is no small decision, so it’s crucial that you secure the most affordable rate of interest available for your credit. For years, we’ve been building a network of dealers and lenders across Indiana, and we have one of the best approval rates you’re apt to find. Let us match you with a lending professional who can help you obtain the loan needed for the vehicle you want.

Hammond Auto Finance Rates

Rate of interest is hugely important to most car shoppers, and it is determined by many different variables. Principal among these is your credit. As you can imagine, a better credit score means a less expensive interest rate. To illustrate how important your rate of interest is, look at the difference in total interest paid at 3.30% as opposed to 10.50% APR:

  • $23,752 financed at 3.30% APR for 60 months: $2,046 paid in total interest.
  • $23,752 financed at 10.50% APR for 60 months: $6,879 paid in total interest.

It is extremely tough to predict your interest rate without information such as your credit score and income. Simply complete your application, then see what rates you are eligible for.

Financing a Used Vehicle in Hammond

A preowned car or truck is the best approach for anyone intent on minimizing their debt. Preowned cars and trucks are financed at higher interest rates, but down payments are not nearly as high as what they are for brand new cars and trucks that cost the same. Worried there will be maintenance issues? This can be lessened by looking for a late model vehicle or buying an aftermarket warranty. To help you determine whether a new or used car you need, check out this helpful table. These numbers rely on the following assumptions:

  • New car costs $29,690.
  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • Fixed APR.
New Car Used Car
Price $29,690 $14,845
Down Payment $5,938 $1,485
Loan Rate 5.00% 7.50%
Months 60 48
Monthly Payment $448.23 $323.04
Interest $3,142 $2,146
Total Paid $32,832 $16,991

Bad Credit Hammond Car Loans

Credit score is a key variable when getting a loan for a car not just in Hammond, but everywhere. Has yours seen better days? You don’t want to deal with being turned away from a lending institution of any sort. Consequently, you have to get in touch with a lender or dealer in Hammond that finances subprime credit.

We can help. At Hoosier Auto Finance, we serve customers at every point on the credit spectrum, helping them secure the loans they need.

Tidying up Discrepancies on Your Credit Report

Mistakes on credit reports are getting to be relatively commonplace. Have you made certain your credit report is free from inaccuracies?

Make sure you inspect your credit report a minimum of once a year. Not doing this could lead to higher rates, scaled-down loans, and less chance for being approved.

Buy Here Pay Here Dealers in Hammond, IN

Most people in Hammond and all over Indiana turn to buy here pay here dealers, under the impression that they can only get financed at such a place. Not the case. They seldom check your credit, meaning bad credit ought not be an obstacle to approval, but you will end up paying more than you’d like for this. Issues include:

  • Exorbitant APR Rates
  • Exorbitant Down Payments
  • Steeply-Priced Cars and Trucks
  • GPS Tracking Devices

This is why these retailers have a dirty track record. We can place you in the hands of a reputable dealer who can get you behind the wheel of an excellent car, even if your credit is dreadful.

Hammond Income and Finances

  • Gross annual Income: $35,623
  • Monthly Income: $35,623
  • Typical Car Payment: $327
  • Ideal Monthly Payment: $238 (8% of monthly income)

Vehicle Budgeting in Hammond

Consider this chart, which shows what price car is within your budget based upon your credit score, provided an income of $2,969 on a monthly basis, 5 year term, and a down payment of 20%.

Good Credit Fair Credit Poor Credit
Payment $238 $238 $238
Interest Rate 3.30% 6.50% 10.50%
Sticker Price $16,401 $15,174 $13,813
Money Down $3,280 $3,035 $2,763
Note Size $13,121 $12,139 $11,051
Interest Paid $1,130 $2,112 $3,201
Total with Interest $17,531 $17,286 $17,014

Apply Online in 3 Minutes

Our company is your trusted source for auto financing in Hammond. Discuss your needs with a lending specialist in Hammond now.