New & Used Auto Loans for Bad Credit
Find new and used cars in your neighborhood for bad credit or no credit.
Buying a car with poor credit can be hard because the only loans that might be available to you is a subprime auto loan and those can be at a high-interest rate like 19% and that’s a lot for just a used car.
Used car buying with poor credit in Indianapolis
So what we recommend that you do is see if a friend or a family member will co-sign for you on a used car that has a good credit score this can help with the payments on the used car.
You need to have someone that really can trust you with a car payment for a long time. Some people won’t co-sign at all because they are liable when you don’t pay on the auto loan.
Seeking a subprime auto loan car dealership in Indianapolis might be your best bet even though the rates are going to high just make sure you have a good down payment. Start saving now for that used car.
Work on saving for that down payment
A down payment is like paying on the loan to reduce the interest you pay over the time of the auto loan. It’s not the cost of the used car that gets you it the cost of the auto loan that the rate is so high.
This is why low-income car buyers in Indianapolis get stung so much is because they can’t get the interest rates down to three or four percent.
Buy here pay here car dealerships in Indianapolis might be able to get you a used car but at what interest rate should be the first question if you have poor credit.
If you have a $500 down payment for a used car in Indianapolis that might be good for some buy here pay here car dealers but you honestly want to shop around for the car deal.
It works like this higher down payment the less you have to finance. The more cash in hand the better for a used car purchase but you might be waiting for a while with poor credit.