Auto Loans in Kokomo (IN)

If you’re looking for a car loan in Kokomo, rest assured we can help. Our network of lending specialists is first rate, and we have one of the highest approval rates in the business. We match you with a lending expert who will work tirelessly to get you the auto loan you need.

Bad Credit Kokomo Auto Loans

Traditional lenders like banks typically fund loans only for people with scores of 700 or more. A lot of consumers believe they have to purchase from a buy here pay here dealer in Kokomo, on account of credit problems, but it’s quite possible you can get a car loan at a better rate from a more reputable company. It’s likely that we can place your application with a lender or dealer in your area who is ready to approve your loan.

They are now estimating that 20% of Americans have inaccuracies on their credit report, which can trigger a reduced credit score. Luckily, it doesn’t take too long to challenge such discrepancies, and the process could result in:

  • More affordable loan rates
  • Smaller down payments
  • Extended financing

When you submit your application, we’ll send you information not only on how to check your credit score, but how to see what interest rates are competitive in your area, given your credit score. That way you can make sure you’re getting an interest rate that’s as low as possible.

Kokomo Buy Here Pay Here Dealers

Have you considered a buy here pay here dealer because of bad credit? Typically, there are more attractive options. These car lots provide financing on location, while the vast majority of dealers contract this, and they finance just about everyone. Unfortunately, you can look forward to excessive interest rates, expensive down payments, and cars and trucks that cost too much given the number of miles they have. There is a reason why these dealerships don’t have a very good reputation. Let us place you with a reputable dealer who can get your loan funded, regardless of your credit.

Used Car Financing in Kokomo

A preowned car is a good idea for the prudent buyer, especially those with credit problems. The finance rates for used cars are marginally more expensive, but other advantages, such as a lower purchase price and flatter rate of depreciation, more than compensate for these inflated rates. You can buy a one year old car for more than a third less than it cost new.

Worried there will be service problems? This can be reduced by buying a vehicle that is still under warranty or investing in a new warranty. You could also look into certified preowned programs, of which every major manufacturer now has. These cars have passed rigorous inspections to ensure their roadworthiness, and they generally come with some form of new warranty. In most cases, a used car is a better investment for the cost-conscious consumer.

Kokomo Auto Finance Rates

Lenders couldn’t remain in business if they approved people who failed to make their payments. As a result, the healthier your credit, the less expensive your auto loan rate is bound to be. Below we’ve got some interest rate estimates for Kokomo.

Credit New APR Used APR
Excellent Credit 3.3% 4.6%
Average Credit 4.5% 6.3%
Below Average Credit 6.5% 8.6%
Bad Credit 10.6% 14%
Really Bad Credit 14.3% 17%

Bear in mind that these are only estimates. It’s extremely hard to predict your rate of interest without more information. Simply submit your application, then discuss rates with a finance professional.

Kokomo Consumer Profile

  • Yearly Income: $21,190
  • Income Per Month: $21,190
  • Typical Car Payment: $194
  • Recommended Car Payment: $141 (8% of monthly income)

The amount you ought to devote to a car is based on a wide variety of factors. These estimates derive from payments of $141, which is 8% of the average consumer’s monthly income in Kokomo, along with a 20% down payment and 5-year loan. Lending rates are simply estimates.

Good Credit Decent Credit Bad Credit
Monthly Payment $141 $141 $141
Interest Rate 3.30% 6.50% 10.50%
Months 60 60 60
Car Price $9,756 $9,026 $8,216
Down Payment $1,951 $1,805 $1,643
Interest Paid $672 $1,256 $1,904
Total Investment $10,428 $10,282 $10,120