Auto Loans in Noblesville (IN)

Financing a car is often a labor-intensive process, and securing an inexpensive interest rate is often a stress filled experience. Rather than waiting until you’re in a high-pressure situation at the dealership, we allow you to line up financing ahead of time. Most of the time, we can match our clients with an appropriate dealer or lender in real time.

Auto Loans in Noblesville for New Vehicles

Do you have your eye on a new car, truck, or SUV? Buying a new car is typically easier than buying a used one, as you don’t have to worry about how it was treated by the previous owner. But bear in mind that the majority of the low interest car deals advertised on TV are subject to credit approval, meaning only people with outstanding credit meet the requirements. In any case, it’s best to consult an auto finance specialist to establish if a new vehicle is best for you.

Used Car Loans in Noblesville

Preowned vehicles are less expensive, that goes without saying. What this means is the payments, as well as the cost of insurance, are less expensive on a per-month basis. As they have experienced that initial depreciation, preowned autos call for reduced down payments, generally half of what you’d be required to pay for an equally priced new vehicle. For anyone who is concerned about repairs and maintenance, make sure you go with 1-2 year old vehicle with solid ratings when it comes to reliability. Below, we have assembled the following figures that will help you figure out if it’s best to buy a vehicle that’s new or used. These estimations are based on the following assumptions:

  • 50% depreciation in the initial 24 months of ownership.
  • Prime credit score.
  • 20% down payment for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $16,970 $8,485
Down Payment $3,394 $849
Loan Rate 5.00% 7.50%
Years 5 4
Monthly Payment $256.20 $184.64
Total Interest $1,796 $1,226
Total Paid $18,766 $9,711

Buying a Car with Bad Credit in Noblesville

Have you got below-average credit on account of delinquent debts, company layoffs, divorce, or bankruptcy? Even though low credit scores could make it challenging to purchase a car, it is not hopeless. Fortunately, we are experts in serving customers who have credit problems of all kinds, helping them secure the loans they need.

If you have a favorable credit record, the first thing you will do at the dealership is have a look at all of the cars and trucks that are for sale. If you have bad credit, however, you will concentrate more on your interest rate, lending terms, and down payment. Dealers are notorious for charging higher rates than they have to. In order to get a reasonable rate, you’ll want to ask the dealer the buy rate, or the rate offered by the lender before the dealer adds on extra points for sourcing the loan. If at all possible, your monthly payment should be equal to just 5-8% of your gross income on a monthly basis. As an example, a typical Noblesville consumer who gets paid $1,697 every month, the average, should plan to commit no more than $85 to $136.

Noblesville Buy Here Pay Here Dealerships

Buy here pay here car dealers normally do business with people with serious credit problems like:

  • Filing bankruptcy
  • Involuntary Repossession
  • Debt Settlement
  • IRS Liens

Nearly all dealer finance is outsourced, as car dealers go through banks or credit unions to provide the loans. By contrast, BHPH dealers act as both lender and dealer. That’s where we get the term buy here pay here. Regrettably, you should expect high annual percentage rates, big down payments, and cars and trucks that are too expensive for their age and condition. This is why these car dealers have a lousy reputation. Let us match you with a reputable dealer who can get you approved, not matter your credit.

Noblesville Consumer Profile

  • Yearly Income: $20,365
  • Monthly Income: $20,365
  • Recommended Car Payment: $85 to $170 (5-10% of monthly income)

How Expensive a Car Can You Afford?

Auto Loans with $136 Monthly Payment

The total amount you can devote to your new car is determined by various variables. These numbers are derived from a monthly payment of $136, which is 8% of the average consumer’s monthly income in Noblesville, combined with a 20% down payment and 5-year repayment terms. Lending rates are simply estimates.

Great Credit Okay Credit Poor Credit
Monthly Installment $136 $136 $136
APR 3.30% 6.50% 10.50%
Years 5 5 5
Sticker Price $9,374 $8,673 $7,895
Money Down $1,875 $1,735 $1,579
Note Size $7,500 $6,939 $6,316
Interest Paid $646 $1,207 $1,829
Total Investment $10,020 $9,880 $9,725

Ready to Get Financed?

At Hoosier Auto Finance, we take great pride in getting behind the wheel of a new car. There is absolutely no fee to apply, and you could be purchasing your new vehicle within 24 hours.