English
SpanishYour Guide to Simple Interest Loans
At Indy Car Financing, we offer a number of convenient loan products to help you get the financing you want at a payment you can afford. One of our most popular is the simple interest loan we offer to our Zionsville and Brownsburg-area customers. It’s a great way to build credit and can even save money when you make extra payments or pay it off early. Learn about how these affordable loans work, then fill out our convenient finance application to get yours started today.
What is a Simple Interest Loan?
With a simple interest loan, your interest payment is calculated by taking the outstanding amount of your loan and multiplying it by your daily interest rate. So the interest you pay is determined by how much you owe on your loan. By making additional payments, or even paying a little extra each month, you can reduce your principal amount, thus reducing the amount of interest you have to pay on your loan.
Like any loan, however, failing to make your payments on time can affect how much you owe. Paying late will add late fees to the interest charge, which must be paid before the principal payment is made. This means that when your payment is applied, more is going to fees than principal, so on the next payment, you’ll have a higher interest payment than you would if you’d paid on time. Paying late can also affect your credit and make it more difficult for you to get financing in the future.
How Can Indy Car Financing Help?
At Indy Car Financing, we offer a number of finance products, including simple interest loans, to help you make that new or used car purchase more affordable. Even if you have less than perfect credit, our skilled finance team can help you get behind the wheel of a car that’s right for you at a payment you can afford.
Learn About Simple Interest Loans Available to Zionsville and Brownsville Buyers Indy
Contact Indy Car Financing at (855) 468-6215 or stop by Speedway Chevrolet at 5252 W 38th St in Indianapolis to learn how you can save with the simple interest loans available to Zionsville and Brownsburg car buyers.