Auto Loans in Merrillville (IN)

If you need a car loan in Merrillville, your search is finished. Our network of lenders and dealers is second to none, and we have agents hoping to finance your purchase. Experience the convenience of working with a devoted lending consultant who can address your questions and set up your loan.

New versus Preowned Car Loans for Merrillville Consumers

We all like that new car smell, but there are a few things to consider when shopping for a new car or truck. New cars and trucks are susceptible to higher rates of depreciation, which means you may wind up owing more on the car than it is worth. That said, a new car might be easier to finance with no down payment, due to automaker discounts and so on. In any case, you are better off meeting with a vehicle finance professional to decide whether a new our used vehicle is right for you.

Auto Loans for Used Cars in Merrillville

Used cars and trucks are a good idea for the cost-conscious shopper. Preowned vehicles come with higher rates of interest, but down payments are not nearly as high as what they are for brand new vehicles of around the same price. Not surprisingly, lenders won’t fund the purchase of that don’t meet certain conditions: Vehicle must have less than 100,000 miles and not be more than 7 years old. If you want to combine the good value of a preowned vehicle with the reliability of a new one, consider getting a used vehicle that has been inspected and certified by the car maker itself.

Bad Credit Merrillville Auto Loans

Bad credit is not without consequences, which typically include:

  • Higher interest rates.
  • Bigger down payments.
  • Shorter repayment terms.

Many shoppers head for one of the buy here pay here car dealers in Merrillville, because of problematic credit, but most likely you can get a car loan at a more affordable rate from a subprime auto lending company.

Through us, you can contact an auto lending expert from a lender or dealer in your zip code who is ready to approve you for financing.

Keep in mind, a car loan, if paid as agreed, can boost your credit score and show lending companies that you are a creditable borrower. To prevent missed payments, look into options like automated payments.

Designate 8% of your monthly income, that’s it, for your car payment. For people in Merrillville who earn $2,008 per month, this is $161.

Merrillville Buy Here Pay Here Dealers

If you have experienced bankruptcy or foreclosure, buy here pay here financing may well sound like a good idea. Yes, they don’t perform credit assessments, meaning bad credit ought not be a hurdle to approval, but chances are you’ll pay more than you should by the time you have paid off your vehicle.

You will notice that higher-mileage cars and trucks are the only models offered, and these Merrillville dealers may expect you to pay weekly, at the lot. Repossession rates are astronomical, as are the interest rates. Is raising your credit one of your goals? Then you are better off applying through us, seeing as buy here pay here car lots won’t aid you in restoring your credit.

Merrillville Consumer Profile

  • Per-Year Income: $24,095
  • Income Per Month: $24,095
  • Typical Car Payment: $221
  • Ideal Monthly Payment: $161 (8% of monthly income)

Auto Financing in Merrillville Based on Credit Tier

Financing a Car with $161 Monthly Payment

In summary, the recommended funding arrangement is as follows: down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 5 years or less. With an income of $2,008 each month, let’s take a look at how much you could spend based upon your credit.

Exceptional Credit Decent Credit Poor Credit
Monthly Installment $161 $161 $161
APR 3.30% 6.50% 10.50%
Years 5 5 5
Vehicle Price $11,093 $10,263 $9,342
Money Down $2,219 $2,053 $1,868
Loan $8,874 $8,210 $7,474
Total Interest $764 $1,428 $2,165
Total with Interest $11,857 $11,691 $11,507

Apply Online in 3 Minutes

No matter your credit, it’s our mission to help you get the funds you need. There’s no fee to apply, and you could be pre-approved for financing within 24 hours.