Auto Loans in West Lafayette (IN)

Buying a car is a time-consuming process, so it’s crucial for you to get the cheapest rate of interest possible. We work with a wide network of dealers and lenders, and we have finance professionals approve you for the financing you need. More often than not, we’re able to place our applicants with the right lender or dealer within seconds of application.

West Lafayette Car Loan Rates

The key danger for lending institutions are people who fall past due on their loans. Therefore, the better your credit, the better your auto loan rate is going to be. Let’s pretend you finance $7,016, and because of your top-notch credit, your lender gives you a rate of 3.30% APR. You would wind up paying $604 in interest. Alternatively, if you have a bad credit score and a rate of 10.50%, you would pay $2,032 in interest. For an exact rate quote, you need to contact a finance professional.

Auto Loans for Preowned Cars in West Lafayette

More often than not, smart investors avoid new cars and trucks in favor of preowned ones. As they have already gone through that first drop in value, used cars call for less expensive down payments, normally 10% of the vehicle’s purchase price. A lot of loan providers, however, will only finance cars from actual dealerships, not from individual sellers. It is smart to hire an auto mechanic to check the vehicle before buying it, or consider a used car that has passed an official evaluation, meaning a certified preowned car or truck.

Bad Credit Car Loans in West Lafayette

If you have unfavorable credit ratings, getting your auto loan financed by a bank normally isn’t an option. There’s good news, though: there are loan companies and dealers in West Lafayette that have experience serving credit-challenged consumers.

Luckily, we serve people who have credit problems of all kinds, getting them approved for the loans they need.

Checking for Errors on Your Credit Report

If you want to minimize your APR rate, you must look over your credit report for discrepancies, which are quite common.

You should look at your credit report no less than once a year. Not doing it could lead to higher rates, scaled-down loans, and less chance for approval.

West Lafayette Buy Here Pay Here Financing

For people who have major credit problems on account of issues like bankruptcy or debt settlement, a buy here pay here dealer could possibly sound like a good plan. Yes, they rarely check your credit, so your credit problems ought not be an impediment to approval, but you will really pay for this down the road.

You will see that higher-mileage vehicles are the only models you can buy, and these are not zero down cars. Usually, the down payment is almost the same as what you would pay for the vehicle from a private seller, and you could find yourself paying in the neighborhood of 20% APR. Is boosting your credit one of your goals? Then you are better off applying through us, since BHPH dealerships won’t help you in restoring your credit.

West Lafayette Income and Finances

  • Yearly Income: $10,518
  • Income Per Month: $10,518
  • Typical Car Payment: $96
  • Suggested Car Payment: $44 to $88 (5-10% of monthly income)

How Much Car Can You Afford?

Wondering how much car you can finance? Take a look at the numbers below, but bear in mind the rates are only estimations, and the figures are based on $10,518 in annual income, the average in West Lafayette. Loan length is 60 months.

Prime Credit Decent Credit Poor Credit
Monthly Payment $70 $70 $70
Rate 3.30% 6.50% 10.50%
Vehicle Price $4,845 $4,482 $4,080
Money Down $969 $896 $816
Interest Paid $334 $624 $945
Total Investment $5,179 $5,106 $5,026