Bad Credit Auto Loans in Gadsden (AL)

Need a car loan in Gadsden? We can help. We’ve been in the industry for years, helping people in Gadsden and Etowah County purchase the cars of their dreams. The benefits of our service are myriad:

Citizenship Monument on the Coosa River
  • Vast Network of Lenders
  • Hassle-Free Application Process
  • No Fees or Commitments
  • Zero Down Payment Needed
  • Subprime Credit Approved
  • Same Day Financing for Qualified Applicants
  • Online Status Updates

When you apply online, we’ll find you an auto loan that meets your needs. Apply today!

Bad Credit Car Dealerships in Gadsden

Gadsden has long been one of Alabama’s leading centers of commerce and industry, but the industrial decline of recent decades has taken its toll on the city’s finances, as well as that of its residents. Unemployment is not so much of an issue as it once was, but up to 12,00 residents (around 30% of the city’s population) is thought to be underemployed. That often means strained finances, and consequently, credit problems. Do you have subprime credit? No problem. We help credit problems get approved each and every day. There are three subprime credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

Regardless of what tier you’re in, there are lenders that want to get you into a new car. If your credit score is low, your rate of interest might be higher, which means it’s crucial that you finance a cost-effective vehicle with affordable monthly payments, typically no more than one-tenth of your monthly income before taxes. If you have subprime credit, you’ll be matched with a lender or dealer in Gadsden that finances bad credit. You will have the opportunity to work with a dedicated finance manager at your dealer, working out such details as your preferred lender, interest rate, down payment, loan term, and available vehicles. By the time you go to the dealership, you will be able to pick out your vehicle of choice, then simply “sign and drive.”

Be sure to confirm that your lender does report payments to the credit bureaus. This is crucial to rebuilding your credit.

Car Loan Pre-Approval in Gadsden: How Much?

The chart that follows shows how much you can borrow, based on a monthly income of $2,565, the average in Gadsden. These numbers are simply approximations. You may be entitled to a larger or smaller sum, depending on other factors. Talk to a vehicle finance specialist to find out more.

Credit History Income Factor Sum
Good Credit 10 $25,650
Fair Credit 9 $23,085
Temporary Bad Credit 8 $20,520
Poor Credit 7 $17,955
Horrible Credit 6 $15,390

To figure out how much you can borrow, multiply how much money you make on a monthly basis by the applicable income factor.

Down Payment: Do I Need One?

We do have lenders in our network who offer car loans with zero down payment, even for people with credit problems. That said, providing a down payment affords you considerable advantages:

  • Shortens loan, meaning less is paid in interest.
  • Reduces payment amount.
  • Reduces negative equity.

Still, we realize that down payments are harder to come by in today’s economic climate. Submit your application. We will strive to match you with a dealer or lender willing to offer you the loan you need, no down payment necessary.

No Credit Check Dealers in Gadsden

Buy here pay here auto sales in Gadsden now constitute a large percentage of market, thanks to the recession. These dealerships finance people that wouldn’t be approved by a traditional lender. The rates of interest are typically expensive, but approval will likely be guaranteed.

It’s usually best to avoid such dealerships in favor of an auto loan from a bad credit car dealership in Gadsden with better rates and terms. Apply now – no minimum credit score required.

Gadsden Consumer Profile

Below are some average statistics for Gadsden residents.

  • Gross Earnings: $2,565 Per Month
  • Average Monthly Payment: $282 (11% of Income)
  • Recommended Car Payment: $205 to $257 (8%-10% of Income)

If you have bad credit, you aren’t alone. This chart depicts how many people in Gadsden are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,519
500-549 5% 3,798
550-599 8% 6,077
600-649 12% 9,115
650-699 15% 11,394
700-749 18% 13,673
750-799 27% 20,509
800-850 13% 9,875

As you can see, 25 percent of Gadsden residents have a credit score of 650 or lower, which is generally considered subprime. If you’re in one of the lower ranges, don’t fret. We can still help you get approved.

Let us help you get bad credit auto loan in Gadsden you need. Go here to submit your application.