Indy Auto Man
Indy Auto Man
Closed. Opens Monday at 9:00 AM
Closed. Opens Monday at 9:00 AM

Financing at Indy Auto Man: Car Loans in Indianapolis

auto car loan Indianapolis

Financing a Used Auto: Car Loans with No Problems

With a car loan at Indy Auto Man, you can purchase your dream car in Indianapolis on the most favorable terms. We partner with 30 banks to guarantee that you will get the optimal financing plan and a suitable monthly payment.

You can apply for a loan at the dealership, 4031 S East Street, Indianapolis, IN , or online from the comfort of your home. The fast and smooth pre-approval process will help you get financed quickly and hassle-free..

To get an auto loan in Indianapolis, you need to choose a car from the inventory and prepare a minimum package of documents . The Indy Auto Man managers and employees of the finance department undertake all further paperwork.

Benefits of Car Financing in Indianapolis

used car financing indianapolis

Car financing is a targeted loan for the purchase of a vehicle. It can be issued at the bank and the car dealership in-house. Auto loans are considered the easiest to get and the best to build your credit history in Indiana. Car financing is easy to receive because the loan is secured by a purchased vehicle, which acts as collateral. If the borrower cannot pay off the contract himself, the bank will seize and sell the car to compensate for its costs.

Features of a car loan are:

  • Opportunity to buy a car on the same day. When you come to a car dealership in Indianapolis, you can make a preliminary decision while choosing a car. And as soon as you pick the model, you can get financed and drive home behind the wheel of your new car.
  • Low rate, high limit. A financed car actually belongs to the bank, and the lender faces fewer risks. So credit organizations can offer a lower rate and a larger credit limit. For used cars, a higher rate may apply than for new ones due to the lower liquidity of pre-owned vehicles.
  • Car insurance for the entire loan term. The bank needs guarantees on the car’s safety and full compensation of its value in case of damage. Different lenders may have requirements not only for the list of risks for which the policy is issued but also for the beneficiary. In addition, they may claim gap insurance , which increases the cost of the policy.
  • Down payment affects the rate. It is not available in all car loan programs, but the amount of the down payment may affect the rate. If the borrower has a bad credit history, the down payment can be from 15%, which allows the bank to be sure of the borrower’s reliability. When financing a car at Indy Auto Man, you use your trade-in as a down payment and get more beneficial loan conditions.

Is it better to get a car loan from your bank or a dealership in Indianapolis?

Dealing with banks requires a lot of time and paperwork. When addressing a car dealership for an auto loan, you get a team of finance specialists at your side. They will negotiate with banks for you to find the best credit terms and conditions, which is especially vital when you don’t have a perfect credit history.

Get Prepared for Your Auto Loan

A detailed study of your financial capabilities allows predicting the car loan the bank can provide you and reduce the risk of refusal even if you have a bad credit history .

Try to consider three budget options:

  • Realistic – based on actual monthly income and expenses.
  • Pessimistic – it suggests a deterioration in the financial situation (for example, an increase in tuition fees for a child, a growth in car maintenance costs, additional expenses for summer family vacations, etc.)
  • Optimistic – when the borrower expects a reduction in cost or an increase in income (say, as a result of a promotion).

Use our online estimator to simplify your calculations.

What is a good credit score for a car loan?

In general, you need a score not lower than 661 to qualify for most car loans. However, with convenient used car financing at Indy Auto Man, you can be preapproved for an auto loan even with bad credit .

How Profitable Is an Auto Loan for a Used Car in Indianapolis?

profitable used auto loans Indianapolis

The conditions and rates depend on the bank, customer category, and vehicle characteristics. But anyway, an auto loan for a used car is a perfect way to get behind the wheel as soon as possible and even afford a better vehicle that perfectly suits your needs.

To get the best car loan offer, we recommend you to:

  • make a down payment of 20% of the cost of the car or more;
  • apply for the shortest possible term;
  • use early repayment.

Check our used car inventory in Indianapolis to compare your options and get the most advantageous auto loan offer!