Bad Credit Auto Loans in Enterprise (AL)

Do you live in Enterprise, Alabama, and need funding for a car? Here at Alabama Auto Finance, we pride ourselves on getting our customers approved for financing with no fees, no hassles, and no obligations. Our loan-finding system makes it easy to get approved. The actual application takes less than three minutes to complete, and there is no obligation to accept the offer you’re given. We’ve been helping clients in Enterprise and nearby Ft. Rucker for years. Give us a chance to get you in the driver’s seat of the new (or used) car you deserve – today!

Dealerships That Finance Bad Credit in Enterprise

It was over a century ago that the boll-weevil decimated cotton crops in this part of the state. The people of Enterprise, however, were resilient, turning to peanuts as a staple crop that led to years of prosperity. Fast forward to present day, and Enterprise have continued that legacy of resilience in the face of economic turmoil from the recession, agricultural decline, the housing bubble, the tornado devastation, and other issues. However, a lot of families in the area are dealing with credit problems that can make it difficult to finance a car.

Less-than-perfect credit? Don’t worry. We help people with bad credit get financed each and every day. There’s no minimum credit score involved, and we can help borrowers who fall fall into any of the lower credit tiers. The primary requirement is an annual income of $18,000 per year or more, and this income must be verifiable through pay slips, income tax returns, or other such documentation. If you cannot demonstrate an income of least this much, then you will need a cosigner for approval.

As you know, poor credit scores translate into higher interest rates – typically in excess of 10% APR. Over the life of a loan that lasts 36 to 72 months, this amount to several thousand dollars, so it’s crucial that you choose a budget friendly car or truck with affordable payments. A good rule of thumb is to divide your monthly income by 10. You shouldn’t have a car payment that’s higher than this number. If you do, you will risk delinquency, default, repossession, and severely wrecked credit.

Let us find you a lender or dealership who funds loans for people in Enterprise with subprime credit – online! Apply Online!

Credit Rating and Amount Borrowed

The table that follows shows how much you can borrow, given a monthly income of $1,552, the average in Enterprise. These numbers are only estimations. You may qualify for a different amount. Talk with an auto finance agent for additional information.

Credit Rating Income Factor Loan Amount
Good Credit 10 $15,520
Average Credit 9 $13,968
Temporary Bad Credit 8 $12,416
Bad Credit 7 $10,864
Really Bad Credit 6 $9,312

To determine how much you can borrow, multiply your monthly income by the corresponding income factor.

Can I Finance a Car with No Money Down?

Buyers with good credit can typically get a car loan without providing a down payment. But if your credit is a problem, your dealer may require you to supply a down payment. At this point, the Loan-to-Value ratio becomes one of the most important factors. Divide the amount borrowed by the wholesale value of the vehicle being financed. This is the LTV.

Amount Borrowed Vehicle Value LTV
$12,000 $15,000 80%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $25,000 80%
$20,000 $30,000 67%

The lower the LTV, the less risk for the lender. That’s not to say dealers don’t ever approve people who don’t have a down payment. We get people approved everyday, even with issues such as lack of credit or down payment. Apply now!

Buy Here Pay Here Dealerships in Enterprise

If you have serious credit problems, chances are you know about buy here pay here sales. These dealerships specialize in helping consumers who can’t get approved by a traditional lender. They work with people with problems like bankruptcy, foreclosure, or repossession in the last year. Unfortunately, these dealers charge very high interest rates, require hefty down payments, sell higher-mileage vehicles, and they are notorious for preying upon military personnel, especially young enlisted men and women. We recommend that you eschew these Enterprise buy here pay here car lots, going instead with a bad credit car loan we help you arrange. Apply today – it’s fast and free.

Auto Loans for Military Personnel:  Fort Rucker

Are you serving in Army Aviation or in another military capacity at nearby Ft. Rucker? If so, you may be eligible for one of two types of discounts:

  • Cash Back Rebates
  • Interest Rate (APR) Discounts

When you speak to your lending specialist, be sure to alert them of your military status – whether you are active-duty, a reservist, a veteran, or retired. In many instances, Enterprise-area dealerships will provide discounts to show appreciation for your service. What’s more, active-duty military service is often viewed as a positive for lenders, since the pay and job security are both so stable.

Enterprise-Specific Credit, Income Numbers

Contrary to popular belief, there’s more to the approval process than just your FICO score. Lenders review your income, employment history, and history of credit.

Listed below are some average stats for Enterprise residents.

  • Pre-Tax Salary: $18,627 Per Annum
  • Average Monthly Payment: $171 (11% of Income)
  • Ideal Monthly Payment: $124 to $155 (8%-10% of Income)

Bad credit is quite common in Enterprise and across the state of Alabama. The chart below depicts the estimated number of Enterprise residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 573
500-549 5% 1,431
550-599 8% 2,290
600-649 12% 3,435
650-699 15% 4,294
700-749 18% 5,153
750-799 27% 7,730
800-850 13% 3,722

Let us help you secure the Enterprise bad credit auto loan you need. Go here to apply online.