Auto Loan
Best Auto Loan Rates in Indiana
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
Many factors influence the annual percentage rates of auto loans in Indiana. While credit score is one of the major factors, there are other factors, like whether it is a new or used car, the term length, and even the amount you pay as a downpayment.
Banks, credit unions, and national lenders offer the best auto loan rates in Indiana—the current auto loan rates in Indiana range between 6.56% to 7.25%. Here, we look at the best auto loan rates in Indiana.
Like every other state, your credit score, the length of the loan term, and the type of vehicle you are financing influence the auto loan rates in Indiana. Here are the options with the best auto loan rates available in Indiana that offer competitive rates that suit your budget.
In Indiana, the average APR rate is not less than 6%. While Community First Bank offers APR in the state at 6.56% it gradually increases to 7.10% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| First Merchants Bank | 6.80% | 6.80% | 6.80% | 7.00% |
| Ameriana Bank | 6.80% | 6.80% | 6.80% | 7.00% |
| Community First Bank of Indiana | 6.56% | 6.81% | 7.06% | 7.10% |
| PNC Bank, National Association | 7.00% | 7.00% | 7.15% | 7.20% |
Some of the best credit unions in Indiana that give the best interest rates include Harvester Financial Credit Union and Mount Zion Financial Credit Union. The other credit unions that offer the best auto loan rates in Indiana are PenFed Credit Union and Indiana Members Credit Union, with rates not more than 7% for a term length of 72 months.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Energy Plus Credit Union | 5.81% | 6.06% | 6.56% | 7.06% |
| Financial Center Federal Credit Union | 6.05% | 6.05% | 6.05% | 6.55% |
| Harvester Financial Credit Union | 5.55% | 5.80% | 6.05% | 6.55% |
| Indiana Members Credit Union | 5.30% | 4.80% | 5.30% | 6.05% |
| Indiana University Credit Union | NA | NA | 4.55% | 6.05% |
| Link Federal Credit Union | NA | 5.80% | 6.05% | 6.55% |
| Mount Zion Financial Credit Union | 5.96% | 5.96% | 5.96% | 5.96% |
National institutions may offer lower rates but often have stricter credit score requirements. This can make them a good option for borrowers with excellent credit. Navy Federal Credit provides good rates in the states. While comparing the offers from different lenders, you can also see that Wells Fargo Bank offers APR as low as 3.43% for 36 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Motorola Employees Credit Union | NA | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.05% | 6.05% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 4.60% | 5.05% | 5.05% | 5.35% |
| USAA Federal Savings Bank | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA | NA | NA |
For used cars, the lowest APR rates are found with Community First Bank of Indiana, with an APR as low as 6.56% for 32 months. However, as the term length increases, the APRs run above 7% for most local banks in Indiana.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| First Merchants Bank | 6.80% | 6.80% | 6.80% | 7.00% |
| Ameriana Bank | 6.80% | 6.80% | 6.80% | 7.00% |
| Community First Bank of Indiana | 6.56% | 6.81% | 7.06% | 7.10% |
| PNC Bank, National Association | 7.00% | 7.00% | 7.15% | 7.20% |
Credit unions that offer the best rates in Indiana for used cars include Harvester Financial Credit Union and Link Federal Credit Union. The APR rate for these ranges between 5.55% and 6.55%.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.00% | 7.05% |
| Energy Plus Credit Union | 6.31% | 6.56% | 6.56% | NA |
| Financial Center Federal Credit Union | 6.05% | 6.05% | 6.05% | NA |
| Harvester Financial Credit Union | 5.55% | 5.80% | 6.05% | 6.55% |
| Indiana Members Credit Union | 6.05% | 6.05% | 6.05% | 6.30% |
| Indiana University Credit Union | NA | NA | 4.55% | 7.71% |
| Link Federal Credit Union | 5.55% | 5.80% | 6.05% | 6.55% |
| Mount Zion Financial Credit Union | 6.81% | 6.85% | 6.81% | 6.96% |
Motorola Employees Credit Union and JP Morgan Chase Bank are good options for your used car loan if you are opting for a national institution. The lowest APR for 36 months is 3.60%, and the highest is 7.25% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.01% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.85% | 5.91% | 6.31% |
| Motorola Employees Credit Union | 3.60% | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | 6.30% | NA |
| JP Morgan Chase Bank | 3.60% | 3.60% | 3.50% | 3.45% |
| Navy Federal Credit Union | 5.50% | 6.05% | 6.05% | 6.15% |
| USAA Federal Savings Bank | NA | NA | NA | 6.75% |
Improve Your Credit Score
Firstly, pay your bills on time and regularly monitor your credit report. Consequently, it will help build a solid payment history, thereby improving your credit score.
Loan Term and Down Payment
If your budget allows it, it is better to choose a shorter loan term to secure lower interest rates, even though this will result in higher monthly payments. Similarly, making a larger down payment reduces the amount you need to borrow, leading to lower monthly payments.
Shop Around
Compare quotes from banks, credit unions, and online lenders to find the best rates and terms. Getting pre-approved by multiple lenders helps you understand the rates you qualify for without impacting your credit score. This will also help you negotiate better.
There are several factors you need to consider while researching your car loan rates.
A good car loan interest rate varies based on your credit score and other factors. Typically, rates begin around 6.56% for new cars in Indiana. However, some banks, like JP Morgan Chase Bank, offer APR rates as low as 3.60%. By checking the average interest rates for your specific credit score category, you will help you compare offers from lenders and determine if you're getting a good deal.
Maintaining credit scores is the best way to secure a good loan rate, may it be new or used cars. JP Morgan Chase Bank, Navy Federal Credit Union, Indiana Members Credit Union, and Harvester Financial Credit Union are some of the national institutions that offer the best auto loan rates in Indiana.
JP Morgan Chase Bank, Navy Federal Credit Union, Indiana Members Credit Union, and Harvester Financial Credit Union are some of the banks and unions that offer the best car loan rates in Indiana.
If you have an excellent credit score, then the best rates for auto loans now stand at 3.60% in Indiana. Lenders like JP Morgan Chase Bank Motorola Employees Credit Union offer auto loan rates in the range of 3.60% for 36 months. However, for banks like Community First Bank of Indiana, the rate starts at 6.51%
Your location, your credit history, and your down payment amount will influence the loan rates. It will vary with the person and the lender and the criteria they weigh for providing loans.
JP Morgan Chase Bank, Motorola Employees Credit Union, Indiana Members Credit Union, and Harvester Financial Credit Union are the credit unions that provide the best auto loan rates in Indiana.
The range of auto loan interest rates for used cars in Indiana is between 6.56% to 7.25%. Some credit unions and banks provide auto loans at 3.60%.