Auto Loans in Jeffersonville (IN)

If you are searching for a new car, you probably will need a car loan to afford the car you want. Our network of lenders and dealerships is unrivaled, and we are dedicated to matching you to the lender who wants your business most. You will enjoy the convenience of having a devoted lending consultant to address the questions you have and arrange your loan.

Auto Loan Interest Rates in Jeffersonville

Your interest rate decides how much you end up spending on your new car or truck, and it’s based on many different things. Your credit profile is is the biggest factor. If your credit is top-notch, you will enjoy a low rate of interest. If it isn’t, you won’t.

Factor Lower Rate Higher Rate
Credit Score Higher Lower
FICO Profile Longer Briefer
Income Higher Lower
Time at Employer More Time Less Time
Loan Length Shorter Longer
Miles on Vehicle Lower miles Higher miles
Age of Vehicle Newer Older

To get a reliable estimate of your interest rate, you should consult a finance specialist.

Used Vehicle Financing in Jeffersonville

Today, cars and trucks can go thousands and thousands of miles before issues start cropping up, which means a used vehicle is hardly a concern.

Pre-owned vehicles are often paid off more quickly than new ones. This typically means less interest charged, even if you have a more significant interest rate. A great many lenders, however, will want you to find your car at a car dealership as opposed to a private seller. Below, you will find some data to help you decide if it’s best to get a vehicle that’s new or used. These estimations are based on these assumptions:

  • Used vehicle is two years old.
  • Prime credit score.
  • Simple Interest.
New Car Used Car
Price $6,940 $3,470
Down Payment $1,388 $347
APR 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $104.77 $75.51
Total Interest $734 $502
Total Paid $7,674 $3,972

Bad Credit Jeffersonville Car Loans

Most loan companies pull your auto industry credit score. This score is based on your history with car loans or leases, and it’s only for lenders. Even though poor credit might make it tricky to finance a car, you are not without options.

Fortunately, we specialize in serving consumers at every point on the credit spectrum, getting them approved for the loans they need.

Keep in mind that financing a car can improve your credit score by establishing a record of timely payments.

Indeed, many people wind up refinancing at a lesser rate after a year or two of payments under their belt.

Designate 8% of your monthly income, and no more, for your car loan. For those who live in in Jeffersonville and, like the average resident, make $8,330 per year, this would be $56.

Jeffersonville Buy Here Pay Here Dealerships

When you’ve got been through bankruptcy or repossession, a buy here pay here dealer may sound like a realistic approach. Such dealerships offer credit lines directly, while traditional dealerships make use of banks and lending companies, and they are more focused on your job than your credit.

Most often, higher-mileage autos are the only thing you can buy, and these are not no down payment cars. In most cases, the down payment is almost the same as what you would pay for the vehicle if you bought it from a local person selling it, and you could find yourself paying greater than 20% APR. And if that weren’t a problem, these car lots very rarely report back to the credit agencies, so you could make every single payment when they’re due without reviving your credit score.

Loan Amounts for Jeffersonville Residents

Curious as to how much you can finance given factors such as your credit and income? We’ve included a table that depicts loan pre-approvals for Jeffersonville residents with an income of $694 a month, the average in Jeffersonville.

Credit Income Factor Loan Amount
Great Credit 10 $6,940
Fair Credit 9 $6,246
Subprime Credit 8 $5,552
Bad Credit 7 $4,858
Very Bad Credit 6 $4,164

It’s smart to borrow less than you can. This enables you to keep your costs low. In the end, an appropriate auto loan incorporates a down payment of 20%, car payment of less than 10% of monthly income, and term length of 5 years or less. Given an income of $694 monthly, let’s find out how much car you could buy based on your credit.

Excellent Credit Fair Credit Bad Credit
Monthly Income $694 $694 $694
Payment Amount $56 $56 $56
Loan Rate 3.30% 6.50% 10.50%
Car Price $3,834 $3,547 $3,229
Down Payment $767 $709 $646
Amount Borrowed $3,067 $2,838 $2,583
Total Interest $264 $494 $748
Price with Interest $4,098 $4,041 $3,977

Complete Your Credit Application

We have lenders and dealers who are prepared to fund your loan. Connect with a lending professional near you now.