Bad Credit Auto Loans in Decatur (AL)

Whether you have good credit or bad, getting a car financed in Decatur – or anywhere for that matter – can be a stressful process, but we’ll direct you each step of the way. We have a vast network of dealers and lenders who are standing by, ready to approve you for financing. Here’s how the process works:

Decatur auto loan

  1. Apply for your Decatur auto loan online.
  2. Log in to your inbox for your approval status.
  3. Speak with your lender about your APR and terms.
  4. Wrap up any additional paperwork.
  5. Go purchase the car or truck you want.

To start, just submit your credit application.

Restoring Your Credit Through Financing

Less-than-perfect credit can be a real challenge when it comes to financing, but not when you apply through us. There are three different credit tiers typically classified as “bad credit,” encompassing credit scores from 250 up to 660.

Regardless of your score, there are lenders that want to give you a second chance at financing. Yes, low credit scores translate into increased interest rates, meaning it’s crucial for you to opt for a budget friendly vehicle with affordable payments. And, as you may know, making regular payments on a car loan is an excellent way to increase your credit ratings. So let us find you a lender or dealer that finances bad credit.

How much will you be able to borrow? That will depend on your income and credit history. In the table that follows, we’ve quoted loan amounts for people of various credit ratings, given an income of $1,358 monthly, which is the average for Decatur residents. Don’t forget, these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $13,580
Fair Credit 9 $12,222
Slow Credit 8 $10,864
Bad Credit 7 $9,506
Very Bad Credit 6 $9,506

Again, these are estimations. For a precise quote, please submit your application.

Down payments can be paid in cash or via trade-in, and typically cover anything from 5-20% of the vehicle’s price. They are often required of individuals who have a subpar history of debt payment. That is because financing customers with poor credit is a much riskier proposition, and a down payment ensures that at least a percentage of the vehicle has already been paid for in advance. That said, we have companies that provide auto loans with no down payment.

We get consumers into a new car everyday, even with credit and down payment issues. Apply today!

In House Financing Car Dealers in Decatur

If you have been through bankruptcy or foreclosure, you’ve probably considered working with one of the buy here pay here car lots in Decatur. These dealerships make credit decisions themselves, instead of outsourcing this to banks or finance companies. Payments are made to the dealer, sometimes in person, and the vehicles they sell typically cost $10,000 or less.

Having said that, most in house financing dealers aren’t able to help consumers re-establish their credit. Normally, it is better to apply online, so we can find you a car loan in Decatur that can help your credit.

Decatur Consumer Profile

Decatur boasts the busiest port on the Tennessee River, and as a result, the city is home to more than 20 Fortune 500 plants in various industries. Listed below are average statistics for residents of Decatur.

  • Average Income: $1,358 Monthly
  • Average Monthly Payment: $149 (11% of Income)
  • Suggested Car Payment: $109 to $136 (8%-10% of Income)

Ever wondered about the credit ratings of your neighbors? We have estimated how many Decatur consumers fall into each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,220
500-549 5% 3,049
550-599 8% 4,879
600-649 12% 7,318
650-699 15% 9,148
700-749 18% 10,977
750-799 27% 16,466
800-850 13% 7,928

Regardless of what your credit rating is, we can help. We help credit-seekers of all credit scores and income levels. That’s our primary goal. It’s easy to apply online.