Bad Credit Auto Loans in Anniston (AL)

At Alabama Auto Finance, we get you the loan you need in less time, with fewer headaches. Applying through us is fast, secure, and effective. Applicants with sufficient income have a 90% chance of approval. Submit your application, and our lenders compete against one another to fund your loan.

Bad Credit Car Dealerships in Anniston

Less-than-perfect credit is rarely a deal-breaker. There are several primary credit tiers in the auto finance industry, and we work with dealers and lenders that accept applicants in each of them. As you know, low credit scores result in increased rates of interest, which means it’s vital that you finance a cost-effective car or truck with affordable payments. And, keep in mind, paying off a car loan can boost your credit ratings. So let us find you a lender or dealer that funds car loans for people with subprime credit. Apply Now!

FICO Rating and Loan Size

Loan creditors decide how much to lend you based on your income and credit score. This chart displays how much applicants of varying credit scores can borrow, based on the average monthly income in Anniston, $1,711. Keep in mind, these are only estimations.

Credit Income Factor Sum
Great Credit 10 $17,110
Average Credit 9 $15,399
Slow Credit 8 $13,688
Poor Credit 7 $11,977
Horrible Credit 6 $11,977

Simply because you’re able to borrow a particular amount, doesn’t mean you ought to. A smaller loan is recommended, because it will lower the risk of repossession.

No Money Down Auto Loans in Anniston?

We do have lenders in our network who don’t require applicants to supply a down payment. However, supplying a down payment is recommended because it decreases your payment amount, the amount of interest, and risk of being upside down. The ideal down payment would be 20% for a new vehicle, and 10% for a used one.

With that said, our lenders and dealers realize that down payments take a lot more time and energy in this economic climate. Simply enter your down payment amount when you submit your application, and our system can often help you find a dealer or lender who can accept your down payment, or lack thereof.

In House Financing Car Dealers in Anniston

Keep in mind that buy here pay here car lots will want you to provide a down payment, often a large one. Shoppers who cannot get approved for a loan due to major credit problems like bankruptcy often resort to dealerships like these. The annual percentage rates are typically high, but acceptance is generally guaranteed.

If possible, steer clear of such car lots, instead securing a car loan from a bad credit dealer in Anniston offering interest rates that aren’t so exorbitant. Apply online – there isn’t any fee or commitment.

Anniston Consumer Profile

Dealers and lending companies are worried about more than just your credit rating. Lenders check such things as:

  • Ability
  • Employment History
  • History of Payments

Here are some average statistics for Anniston residents.

  • Gross Salary: $20,528 Per Year
  • Average Monthly Payment: $188 (11% of Income)
  • Suggested Monthly Payment: $137 to $171 (8%-10% of Income)

Poor credit. It’s quite common in Anniston and across Alabama. This chart shows the estimated number of Anniston consumers at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 1,361
500-549 5% 3,402
550-599 8% 5,444
600-649 12% 8,166
650-699 15% 10,207
700-749 18% 12,249
750-799 27% 18,373
800-850 13% 8,846