The Best Car Financing Deals at Indy Auto Man, Indianapolis

Table of Contents

What Is the Smartest Way to Finance a Car in Indiana?
Check Your Credit Score Before Visiting the Dealership
Can you Get a 0% Interest Rate on a Car?
Keep the Term as Short as Possible
Buy a Car You Can Really Afford
Can You Negotiate an APR car?
Increase Your Down Payment for the Best Deal in Indianapolis
Financing F.A.Q.
1. How to get pre-approved for a car loan?
2. Can I get more than one car loan pre-approval?
3. What is a good car loan rate?
4. How to sell a car with a loan?
5. What happens to my car loan if interest rates drop?
6. How to refinance a car loan?
7. How common is a prepayment penalty on a car loan?
8. Can I keep my auto loan and change the car?
9. How to trade in a car with a loan?
10. When does a car loan fall off your credit report?

With the Indy Auto Man dealership, you can get the best car financing deal in Indianapolis and buy a used car with no hassle. We guarantee secure financing with one of the 24 local or state banks and credit unions. Get a fast and simple car loan pre-approval online:

Get pre-approved online

What Is the Smartest Way to Finance a Car in Indiana?

Take advantage of online pre-approvals from dealerships to compare their best offers, make a down payment of not less than 20%, and keep loan terms as short as possible to save significant money on your auto financing deal. Read these points explained and make your used car financing in Indianapolis even more beneficial.

Check Your Credit Score Before Visiting the Dealership

The first step in getting the best car financing deal in Indianapolis is to check your credit scores. Many online resources offer online credit report checks .

Buyers with a credit score of around 750 have good chances for a decent interest rate and qualify for better promotions. And if the score is below 700, interest rates rise quickly. Banks and credit unions still give out auto loans. For borrowers with a below-average score (less than 650), the rates are often at 10% or higher. But if you finance with Indy Auto Man, we strive to get the best deal for you, whatever the score. If you have bad credit, this guide will help you decide on your further strategy: Bad credit car loans.

Can you Get a 0% Interest Rate on a Car?

You can qualify for a 0% APR car deal if you have an excellent credit score of 800 and above. Many banks often reserve zero percent financing deals for such borrowers in Indiana. Address the Indy Auto Man dealership to check what deals we can offer right now.

Keep the Term as Short as Possible

While it’s tempting to get a more comfortable monthly payment by extending your financing deal for five or six years, it means you will be paying more interest in total. Moreover, banks often charge higher interest rates on such loans, further increasing the general cost of the credit. If you want to avoid the risks of overpayment, try our online car payment estimator to get a clue of what to expect from the deal in advance.

Car payment estimator

Buy a Car You Can Really Afford

Unless you buy a rare Ferrari, your vehicle is a depreciating asset, not an investment. Most cars lose half their value within five years. This is why you usually want to pay off the creditfor your auto as soon as possible.

The longer it takes to pay off the loan, the more likely your car goes “underwater”. This means getting negative equity when you owe more than the car is worth. Because even if you sell your vehicle tomorrow, you will still have to pay some amount of dollars for it to the financing organization.

Can You Negotiate an APR car?

Yes, the interest rate is negotiable, as is the price of the car. The first loan rate you get from a bank may not be the lowest you qualify for. And our main goal is to make banks fight for you as a client.

How to get a car loan with a low APR

Increase Your Down Payment for the Best Deal in Indianapolis

used maserati to finance in Indianapolis

You can reduce the principal and total interest by paying a minimum of 20% down on a car. If you can’t afford to pay the 20% down payment before getting a loan, chances are you won’t be able to cover your monthly payments plus interest over the life of the loan.

Selling or trading in your current vehicle to the dealership is an excellent way to increase your down payment.

Financing F.A.Q.

1. How to get pre-approved for a car loan?

To get pre-approved for a car loan, you need to provide your employment details and the information about the vehicle you want to buy. You can apply online, by phone, or in person with banks, credit unions, or online lenders. By submitting your request to Indy Auto Man, you can get the rates/feedback from one of the 25+ lenders who best suits your credit situation. Preapproval request.

2. Can I get more than one car loan pre-approval?

You can shop rates and get car loan pre-approvals with multiple lenders, and it will not influence your credit score. Some banks may offer a better interest rate if your credit is good enough. This gives you a picture of the loans you qualify for and helps you focus on the best financial propositions for a future car loan.

3. What is a good car loan rate?

A car loan rate depends on your credit score and the vehicle you're buying. For new cars, 3% is considered a good rate if your credit is excellent. For a used car loan, 4% will be a good rate for the borrower with an excellent credit history.

4. How to sell a car with a loan?

Selling a car with a loan is possible, but needs some extra steps. First, check how much your car is worth. Then, find out how much you still owe on the loan and if you have any equity. Lastly, work with your lender to finish the sale. Or just come to the IAM dealership, and we will guide you through the process with no headache.

5. What happens to my car loan if interest rates drop?

If interest rates drop, car loan rates may follow suit. So, you should monitor the market situation and consider refinancing your current loan.

6. How to refinance a car loan?

To refinance a car loan, you can pre-qualify with several lenders and potentially receive funding from your chosen one within a few days to a week after formal approval. This process might help you lower your monthly payments or pay off your loan faster. Review your current auto loan and credit situation, then explore different lenders to find the best offer.

7. How common is a prepayment penalty on a car loan?

Prepayment penalties on car loans are less common now, but they can still happen in some states like Indiana. If your loan has a penalty for paying it off early, it can't be more than 2% of what you pay off within 60 days. If you have this penalty, there are ways to deal with it. First, talk to your lender and ask if you can change how your payments are applied. If that doesn’t help, think about refinancing your loan. Even with a penalty, you might save money on interest in the long run.

8. Can I keep my auto loan and change the car?

Yes, you can keep your auto loan and change the car using a trade-in. If you owe more than your car is worth, a dealer might let you add that amount to a new loan.

9. How to trade in a car with a loan?

First, you should find out how much your car is worth and what you still owe. If the amount you owe is less than your car value, you have a so-called positive equity. You can easily trade in your car and apply the difference toward a new car purchase. If you owe more than your vehicle is worth, you’ll have to pay the difference in cash or roll it into a new car loan.

10. When does a car loan fall off your credit report?

A paid-off car loan can stay on your credit report for up to 10 years, provided there are no negative payment history. However, if there were any late payments during the loan term, those negative marks can remain on your credit report for up to seven years.

With qualified support and financial consulting from the Indy Auto Man, you will get the best car financing deal in Indianapolis and drive your dream car already today without saving every penny for a future purchase. Check our used car inventory online and contact us to discuss your budget and needs!