Bad Credit Auto Loans in Auburn (AL)

You need to get approved for financing, and we can help. The advantages of our system are numerous:

  • Submit an application just once, and have it evaluated by multiple dealers
  • Instant decisions for most candidates
  • Subprime, zero credit not usually an issue

Apply online, and our loan companies compete against one another for your business.

Special Financing Considerations for People with Bad Credit

Special Finance is our primary focus. There are several credit tiers when it comes to auto financing, and we have dealers and lenders that service each of them. A down payment and monthly income of $1500 per month is often required for a bad credit car loan in Auburn. Fortunately, many applicants are approved right away. We can get you approved for financing from a bad credit car dealership in your area – and because we’re reimbursed by the dealers for referrals, it’s free!

Auto Loans for Students and Employees of Auburn University

auto loan AuburnAs you know, Auburn is a college town, and in addition to the sizable student population, the university employs about one quarter of the city’s non-student residents. Some dealers and lenders may provide rate discounts for university faculty and employees, and with at least one year of employment and $1500 per month in income, approval should not be a problem.

For students, auto loans can be slightly more challenging. That’s because college students are typically lacking in the two areas that interest lenders most:  credit and income. Fortunately, we work with many companies that are willing to work with borrowers with minimal to no credit history. However, income is still a concern. An income of $1500 per month is traditionally required for approval. For many students, earning $375 per week from a part-time job, whether on campus or off, is difficult. If you earn this much, you should not have a problem securing a loan. However, if you do not have sufficient income, a co-signer will be required. This is typically a parent who agrees to repay the loan if you run into financial trouble and miss payments.

Qualify? Go here to submit your application – it takes less than 3 minutes.

What Size Loan am I Qualified to Secure?

The chart below shows how much you can borrow, derived from a monthly income of $817, the average in Auburn. These amounts are merely estimates. You may be eligible for a different amount. Speak to a vehicle finance agent for details.

Credit History Income Factor Loan
Excellent Credit 10 $8,170
Fair Credit 9 $7,353
Temporary Bad Credit 8 $6,536
Bad Credit 7 $5,719
Terrible Credit 6 $5,719

Just because you can borrow a particular amount, doesn’t mean you should. A smaller loan is recommended, because it will lower the risk of default.

Auburn Auto Loans, No Down Payment?

We can assist you in finding dealers who fund loans for people who don’t have a down payment. However, a down payment is a good idea because it lowers your payment per month, interest, and risk of being upside down. The best down payment would be 20% for a new vehicle, and 10% for a pre-owned one.

With that said, modern day lenders and dealers understand that down payments are especially problematic in today’s economic climate. We get consumers approved everyday, even with issues such as lack of credit or down payment. Get approved today!

In House Financing Car Dealers in Auburn

Nearly all buy here pay here dealerships consider down payments obligatory. These dealers do their own financing, instead of outsourcing this to banks or lenders. Of course, the rates are higher than average, but there are a lot fewer obstacles to getting approved.

If possible, avoid these kinds of dealers, going instead with a car loan from a bad credit car dealership in Auburn which has cheaper interest rates. Submit your application – we have dealers awaiting your application.

Auburn-Specific Credit, Income Numbers

The average income per capita of the Auburn residents is quite low, largely because of the dominant student population. Listed below are some average statistics for residents of Auburn.

  • Gross Income: $9,798 Per Year
  • Average Car Payment: $90 (11% of Income)
  • Ideal Monthly Payment: $65 to $82 (8%-10% of Income)

Consumer Credit in Auburn

If you’ve got bad credit, you’re not alone. This table depicts the estimated number of Auburn residents at each credit level.

FICO Score % of Population Residents
300-499 2% 959
500-549 5% 2,398
550-599 8% 3,837
600-649 12% 5,756
650-699 15% 7,195
700-749 18% 8,634
750-799 27% 12,951
800-850 13% 6,236

No matter where you find yourself on this chart, we’re here to help. We work with borrowers of all credit scores and income levels. That’s our primary goal.