Auto Refinancing in Indiana (August 2025)

Lower your APRs with the best auto refinancing in Indiana

Every Hoosier's dream is to have a car that's inexpensive to maintain. However, the skyrocketing car loan payments in Indiana tell a different story! Thousands of Americans are caught in bad auto loans - paying high car loan amounts with high APRs they don't deserve.

If you don't want to overpay on your auto loan, then refinancing your Tucson car loan is the best deal you can get!

Refinancing can help you:

• Lower your Annual Percentage Rate (APRs)
• Reduce your monthly payments
• Change your loan term
• Payment Vacations/defer a payment
• Refinance to buy out a lease
• Add a co-signer/co-borrower to your loan
• Plans with bi-weekly payments

Auto Refinance in Indiana - Start Saving on Car Payments

With the average auto loan payment in America nearing $650, car owners in Indiana cannot risk overpaying on their car loans! And yet, you may feel like there's no way out except continue with your bad auto loan. However, that needn't be the case!

Indiana auto refinancing allows you to pay only what is necessary on your car loan.

• Auto refinancing in Indiana allows you to replace your current loan with a new one from a new lender.
• This new loan will usually have better terms and conditions - like a lower APR and monthly payments - based on your credit score.
• Your old loan balance will be paid off by the new lender , freeing you of your bad loan and letting you pay more reasonable amounts every month.
• Most importantly, if you shop around for multiple lenders, you get the benefit of choice. You can compare several Indiana refinance rates and choose the best offer.

Why Should I Refinance My Indiana Auto Loan?

If you're currently paying high car loan payments, it could be because you slipped up when you financed the car.

• Your bank/dealership could've charged you a high APR
• Your credit score might not have been great to get the rate you wanted
• You may have signed on for the first loan offer you got - without comparing rates

However, if you've been consistent in your payments, then your credit score and financial position will have improved since then. In that case, you can refinance your Indiana auto loan and get the following benefits:

• Get lower APRs: Reduce your interest rates by 1-2% and save thousands in the long run.
• Reduce your monthly payment: Save between $50-150 every month and save more money for your other expenses.
• Add or remove a co-borrower/co-signer : Pay off your loan sooner by getting a co-borrower on your loan.
• Get cash-out refinancing: Refinance your Indiana car loan and borrow an amount equal (or more) than the car's current resale value while getting a portion in cash.
• Include more benefits in your loan: Add Guaranteed Asset Protection, Vehicle Service Contract, and other benefits to your refinanced loan.
• Buy out your lease at the end of the term.

How Much Can You Save Through Auto Refinance in Indiana?

On average, Hoosiers who refinanced their car loans reduced their APRs by at least 1-2%. This resulted in average savings of $800-$1850 annually!

However, the exact amount may vary for each individual, since Indiana auto refinance rates depend on many other factors. These include:

• Your credit score
• The loan amount to refinance
• Your debt-to-income ratio
• Car's loan-to-value ratio

When Should You Refinance Your Indiana Auto Loan?

Even if you find that you're overpaying on your car loan, you shouldn't rush to refinance until the time is right. To make things easier, we've listed certain situations when you can go ahead and refinance:

Apply for Indiana auto refinancing only if:

• At least 6-12 months have passed since you took your current loan
• Your credit score has increased above what it was a year ago
• If you desperately want to reduce your monthly payments and save money
• You want to change some loan terms/clauses
• You want to add/remove a co-signer or co-borrower

What Documents Do You Need to Refinance Your Auto Loan?

Before you apply for auto refinancing in Indiana, keep these official documents ready. Here's what you need:

Personal Financial Information

• Driver's License
• Credit score
• Social Security Number
• Proof of Income: Pay stubs, bank statements, or tax returns can serve as income proof.
• Proof of Residence: Property tax bills, mortgage statements, auto insurance policies, or utility bills can serve as residence proof.

Current Loan Information

• 14-day payoff amount: Call your lender and ask them for the remaining loan balance - including the next 14 days' interest.
• Car Loan-to-value ratio : The LTV is important to determine if you are 'upside-down' or 'underwater' on a loan. Refinancing will be hard with an underwater loan.
• Loan term remaining : Ideally, you should have more than a year left on your current loan for refinancing to benefit you.
• Prepayment penalty : Some lenders can penalize you up to 2% of the loan for closing it early.

Vehicle Information

• Make and Model
• Year (Age)
• Title
• Vehicle Identification Number (VIN)
• Proof of Car Insurance

Auto Refinance in Indiana: Eligibility Requirements

The exact eligibility requirements vary depending on the lender. However, your vehicle will likely qualify for auto refinancing in Indiana if:

• The car is less than 10 years old (varies depending on the lender)
• The car has a mileage of less than 100,000 (varies depending on the lender)
• You have a verifiable income source
• You have a valid driving license
• You have a valid registration
• You have full coverage insurance
• You have a consistent payment history on your current loan

Average Auto Refinance Rates in Indiana

*The above rates are averages: individual rates may vary based on credit scores, risk profile, payment history, loan balance, and more. Borrowers with excellent credit may get even lower rates than shown.

How to Refinance Your Indiana Auto Loan with Way.com

Step 1: Estimate your savings

Use our online auto refinance calculator to input your desired rate and loan term. For refinancing to work, the new estimated payment must be lower than your current payment.

Step 2: Shop around and pre-qualify with multiple lenders

Pre-qualify for several lenders in just minutes , compare rates, and pick the one with the best rates!

Step 3: Choose an offer and start saving

Once you pick an offer, complete your application, submit a few simple documents, and get ready for savings!

How to Refinance Without Hurting Your Credit

When you apply for auto loan refinancing in Indiana, the lender will run a hard credit inquiry on you. It will impact your credit score by at least 4-5 points and cannot be avoided.

However, there are ways to reduce the impact on your credit score, like:

• 'Rate shopping' within a window: Credit bureaus will allow several inquiries for the same purpose to be considered as one - provided they are within a certain date range. For example, FICO allows a rate-shopping window of 45 days, and VantageScore allows 14 days.
• Pre-qualify for offers using a soft credit inquiry: Pre-qualification allows you to shortlist several lenders without damaging your credit score.
• Build your credit score before applying: A credit score above 700 is a bigger flex than you think. At that level, the credit drop will be significantly less. You can track your score with the one free annual report provided by credit bureaus.

Why our Indiana Auto Loan Refinance Program is great for you

At Way.com , we understand that Hoosiers are feeling the heat of rising costs - of everything from gas prices to insurance premiums. It's best not to add car loan payments to the list of things you're overpaying for!

We're here to help - Way.com is simplifying car ownership across the country, starting with car payments! Our AI-enabled fintech marketplace allows you to:

• Find the best refinance lenders
• Pre-qualify for multiple offers and compare rates
• Refinance lease buyouts
• Include additional benefits like GAP, Extended Warranty, etc
• Refinance your car with bad credit

... and much more! Every dollar saved on your car can go towards repaying student debt, household finances, and daily necessities.

What is Way.com?

Way.com is the country's #1 auto super app and fintech marketplace for car services. More than 3 million satisfied customers have been able to get great savings of up to $1850/year through our auto services like:

• Auto insurance and refinance
• Airport parking and city parking
• Car wash services
• Roadside assistance and Cashback on gas

Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.