Auto Loans in Lafayette (IN)

If you’re thinking of financing a car in Lafayette, not many companies have simplified the experience like us. Our market experience is first rate, and we are dedicated to connecting you with the dealer who can get you in the car you want. We match you with a credit specialist who will work tirelessly to get you in the car you want. There’s no better way to get financed in Lafayette or Tippecanoe County.

New and Used Car Financing in Lafayette

In many cases, a vehicle with some mileage on it is a far better option than a new one. Sometimes people disregard used cars for having steeper interest rates, but remember that they are cheaper at signing and over time. Worried you’ll face maintenance issues? This can be lessened by looking for a vehicle that is only a few years old, or buying an aftermarket warranty. Let’s look at a comparison of new and used vehicle loans in Lafayette, Indiana. This is assuming a vehicle two years old, having lost one half of its value, and a buyer with a prime credit score.

New Car Used Car
Price $16,120 $8,060
Down Payment $3,224 $806
APR 5.00% 7.50%
Term 60 months 48 months
Monthly Payment $243.36 $175.39
Total Interest $1,706 $1,165
Total Paid $17,826 $9,225

Determining Interest Rates in Lafayette

Your annual percentage rate is based on a number of different factors, several of which include your credit history, your location, and the type of loan. As one example of how important your interest rate is, have a look at this comparison. Here is a table where we’ve analyzed the same $12,896 auto loan, but with different credit scores and interest rates:

Good Credit Subprime Credit
Loan $12,896 $12,896
Interest Rate 3.30% 10.50%
Length 60 months 60 months
Finance Charge $1,111 $3,735

Finance companies need to know more before they can offer you a rate of interest. Fortunately, it’s easy to submit your application and discuss rates with a finance specialist.

Lafayette Auto Loans for Bad Credit

Bad credit is not without consequences, which generally include:

  • Steeper interest rates.
  • More significant down payments.
  • Shortened finance terms.

Locating a loan provider in Lafayette who approves people with bad credit is vital. Otherwise, you could be declined or face an excessive rate of interest. This is where we can help. We are dedicated to serving consumers with credit problems of all kinds, getting them the loans they need.

Bad Credit Car Dealerships in Lafayette

Trying to find a car with reasonably priced monthly installments is critical, particularly when you have adverse credit. You probably won’t qualify for quite a few of the vehicles for sale. If you apply through us, you can set up your finance contract with a lending expert, then choose a date to visit the lot and purchase the vehicle you want. Regardless of your credit, there should be a vehicle for which you can get approved. You’d be smart to look for a payment that is around 5 to 10% of your monthly income. If you earn $1,612 per month, this would be a payment of $81 (5%) to $161 (10%).

Buy Here Pay Here Car Lots in Lafayette, Indiana

In house financing, better referred to as buy here pay here financing, keeps growing, largely because so many people’s credit scores were hit by the housing market and slow economy. Generally, dealer financing isn’t direct to the consumer, as dealers work with banks or credit unions to provide the loans. On the other hand, BHPH dealers make approval decisions on the lot, generally with no credit check. You will notice that used cars and trucks are the only models you can buy, and these are not no money down cars. Quite often, the down payment is set at the vehicle’s value at dealer auction. Lending rates that equal the Indiana’s maximum legal limit are not out of the ordinary. Is raising your credit one of your goals? If so, you are better off applying through us, as buy here pay here car lots can’t help you increase your credit.

Lafayette Income and Finances

  • Yearly Income: $19,344
  • Income Per Month: $19,344
  • Recommended Monthly Payment: $81 to $161 (5-10% of monthly income)

Lafayette Car Loan Rates and Payments

Check out this table, which shows what price car you can finance based on your FICO score, along with an income of $1,612 each month, 5 year loan, and a down payment of 20%.

Great Credit Fair Credit Poor Credit
Monthly Installment $129 $129 $129
Interest Rate 3.30% 6.50% 10.50%
Months 60 60 60
Vehicle Price $8,905 $8,239 $7,500
Money Down $1,781 $1,648 $1,500
Interest Paid $614 $1,147 $1,738
Total with Interest $9,519 $9,385 $9,238

We also assist clients in West Lafayette, just over the river, including students of Purdue University.