Bad Credit Auto Loans in Dothan (AL)

Did you know that Dothan boasts one of the lowest costs of living of any city in the US? Let us keep your costs down by helping you secure a Dothan car loan that meets your needs without breaking the bank. Our service is fast, safe, and effective. We work with clients across the credit spectrum, and both new and used vehicles can be financed.

Dealerships That Accept Bad Credit in Dothan

auto loanLess-than-perfect credit? Not to worry. We make it easier to find a lender who wants to fund your loan, even when your credit history is problematic. There are six main credit tiers in the auto finance industry, and we have companies that service each of them. Sure, your APR would be lower if you had a perfect credit score, but we can help you secure a competitive rate for your individual credit score. What’s even better, car loans are a powerful way to boost your credit – as long as you pay them as agreed, of course. Go here to submit your secure application.

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor associated with your credit score. We’ve included a sample, based on the average income of Dothan residents, $1,902.

Credit Score Income Factor Sum
Excellent Credit 10 $19,020
Average Credit 9 $17,118
Temporary Bad Credit 8 $15,216
Bad Credit 7 $13,314
Really Bad Credit 6 $13,314

Keep in mind, the numbers above are estimations. For an accurate quote, please submit your application.

Will I have to provide a down payment? We get this question all of the time. Plenty of our dealers approve people with no down payment. However, a down payment is a good idea because it lowers your monthly payment, total interest, and problems with being upside down. Listed below are the suggested down payments for new and used vehicles.

  • Used Vehicle: 10% ($1902 for $19,002 car)
  • New Vehicle: 20% ($3804 for $19,002 car)

Even so, this era’s lenders and dealers understand that down payments take a lot more time and effort these days. Many will give you trade equity in exchange for your existing vehicle, which can be used toward your down payment.

Buy Here Pay Here Dealers in Dothan

If you’ve been through bankruptcy or foreclosure, you’ve perhaps considered going to a buy here pay here car dealership in Dothan. Customers who have been unable to get approved for a loan due to serious credit problems often find themselves at dealerships like these. Payments are made to the dealer, often in person, and the vehicles are usually $10,000 or less.

Having said that, most buy here pay here car lots cannot help people re-establish their credit. More often than not, you would be happier applying online, so we can find you an auto loan in Dothan that has better rates and terms.

Dothan Consumer Profile

Dothan, encompassing Houston, Dale, and Henry counties, has a largely agriculturally-based economy. In fact, you may have heard it called “The Peanut Capital of the World.” Below are some average stats for Dothan residents.

  • Gross Salary: $22,818 Per Annum
  • Average Car Payment: $209 (11% of Income)
  • Suggested Monthly Payment: $152 to $190 (8%-10% of Income)

For more on the city itself, visit Dothan.org, the official website.

Consumer Credit in Dothan

Subprime credit. It’s quite pervasive these days in Dothan and across the state of Alabama. This chart depicts the estimated number of Dothan consumers at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,396
500-549 5% 3,490
550-599 8% 5,584
600-649 12% 8,376
650-699 15% 10,470
700-749 18% 12,564
750-799 27% 18,847
800-850 13% 9,074

Let us help you secure the good or bad credit auto loan in Dothan you need. It’s easy to submit your application.