Auto Loans in Speedway (IN)

There are quite a few ways to get an auto loan in Speedway, but few companies have optimized the experience like us. We enable you to apply for financing through our extensive network of dealers and lenders. It truly is difficult to imagine a better way to purchase your next car.

Car Loan Rates in Speedway

Locking down the least expensive rate of interest you possibly can should be your main concern, given that it will dictate how much your vehicle ends up costing over the life of the loan. As one example of prime versus subprime credit, consider this scenario, given a 5-year, $23,688 loan:

  • 3.30% APR: $2,040 in interest.
  • 10.50% APR: $6,861 in interest.

Loan providers need to know more in order to give you an annual percentage rate, so make sure to apply online.

Financing a Preowned Vehicle in Speedway

Preowned autos are less expensive, that goes without saying. This means the payments, as well as the cost of insurance, are more affordable on a monthly basis. The rates of interest 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 elevated rates. Remember, however, that there are vehicle limitations which vary from one lender to another, but typical criteria are the following:

  • Mileage: at most 70,000 to 100,000 miles.
  • Year of Production: less than 7 years old.

Below, we have assembled some figures to help you determine whether you ought to finance a vehicle that’s new or used. These estimates rely on these assumptions:

  • 50% depreciation in first Two years of ownership.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $29,610 $14,805
Down Payment $5,922 $1,481
Loan Rate 5.00% 7.50%
Months 60 48
Monthly Payment $447.02 $322.17
Finance Charge $3,133 $2,140
Total Paid $32,743 $16,945

Financing a Car with Bad Credit in Speedway

There are all sorts of complications that lead to poor credit: delinquent bills, repossession, going bankrupt, etc. Far too many consumers think they have no choice but to finance through a buy here pay here dealership in Speedway, due to bad credit, but it’s best to stay clear of these car lots.

We can help. At Hoosier Auto Finance, we serve customers with credit problems of all kinds, helping them secure the loans they need.

A car loan can certainly result in an increased FICO score. That is, provided that you make all the payments when they are due.

Just be certain to not ever miss a payment, as it can reduce your score considerably.

Commit 8% of your monthly income, and no more, for your auto loan. For consumers in Speedway who earn $35,536 per year, this is $237.

Buy Here Pay Here Car Lots in Speedway, IN

In house financing, better referred to as buy here pay here financing, has grown in recent years, largely due to the fact that so many people’s credit ratings were impacted by the economy. These dealers will approve pretty much anyone, regardless of their credit, but there are issues.

You will notice that higher-mileage autos are the only models for sale, and these aren’t no money down car deals. Quite often, the down payment is what the dealer paid for the vehicle, and interest rates that border the Indiana’s maximum legal limit are not unheard of. There is a reason that these car dealers don’t have the best track record. We can connect you with dealer finance professional who will work with you, even if you’ve had to file bankruptcy.

Speedway Income and Finances

  • Annual Income: $35,536
  • Monthly Income: $35,536
  • Recommended Car Payment: $148 to $296 (5-10% of monthly income)

Auto Financing in Speedway for Various Credit Tiers

How Much Car You Can Afford with $237 Monthly Payment

The amount you should shell out on a new car or truck hinges on a wide variety of factors. These estimations derive from payments of $237, which is 8% of the average consumer’s monthly income in Speedway, along with a 20% down payment and 5-year repayment terms. Rates of interest are approximate.

Prime Credit Fair Credit Bad Credit
Monthly Income $2,961 $2,961 $2,961
Monthly Installment $237 $237 $237
Loan Rate 3.30% 6.50% 10.50%
Purchase Price $16,357 $15,133 $13,776
Down Payment $3,271 $3,027 $2,755
Loan Amount $13,086 $12,107 $11,021
Total Interest $1,127 $2,106 $3,192
Total Paid $17,484 $17,239 $16,968