Posted Thursday, December 15, 2022
Don’t let your credit score affect your choice of a used car in Indianapolis – you have a good chance to receive approval with an attractive interest rate at Indy Auto Man. We can offer multiple financing options regardless of your credit score thanks to our partnership with 24+ banks and credit unions in Indiana. Start your journey with our online car loan estimator and find a pre-owned vehicle in a couple of clicks.
We make banks fight for your deal, no matter the good or bad credit you have for an auto loan. Keep reading to discover more about financing options available with a low credit score.
Bad credit does not mean you can’t get a car loan in the US. In general, there are several ways:
Today, US borrowers in need have a wide choice of financing services they can afford. However, even if there are many options, research and choose wisely. Many companies try to lure their customers into quick loans, but they can turn out unprofitable in the long run. Getting a quick response on the loan approval is important, but you shouldn’t be satisfied with the first offer.
Taking out a bad credit auto loan is a three-step process:
In addition to bad credit auto loans, you should consider other financial opportunities. Banks in Indianapolis offer a variety of options, often at lower interest rates than many fast cash businesses. Depending on the proposed budget, you may set up a monthly payment plan with your bank, lender, or agent.
The best way to save money on your used car financing is to choose the right dealership in Indianapolis. Independent dealers, like Indy Auto Man, are ideal because they don’t pay transfer fees to franchise owners or large corporations. Here, you will get clear prices with no hidden fees.
Reliable and reputable dealerships make it easy to find quality vehicles within your price range.
Most dealers use the FICO Score 8 scale to determine the customer’s eligibility for an auto loan. The FICO score is considered the most accurate assessment of credit standing and is the most widely used. A FICO score includes assessments of all three major credit bureaus.
In general, you need at least 600 points to qualify for an auto loan, but the minimum credit score for car financing varies by lender. You may need to search for a bad credit car loan if your score is lower or you don’t have a credit history.
If you have around 500 credit scores, you may expect a minimum down payment of $1000 or 10% for your vehicle price, whichever is the lower amount. If you’re going to get a high-risk car loan, you may have to prepare a higher down payment.
Indy Auto Man in Indianapolis offers curated inventory that is carefully inspected and evaluated before the sale. We provide excellent customer service and make the car financing process smooth and simple. Our qualified sales assistants are dedicated to finding the right used car, no matter your credit score, so rest assured you’ll find one in your price range.