Bad Credit Auto Loans in Helena (AL)

Here at Alabama Auto Finance, we’ve streamlined the approval process. The benefits of our service are numerous:

  • Extensive Network of Lending Companies
  • Secure Application
  • No Fees or Obligations
  • No Down Payment Needed
  • Any Credit Accepted
  • Convenient Status Updates

This is how it all works:

  1. Take a couple of minutes to complete your loan application.
  2. Sign in to your new account to check your placement status.
  3. Speak with your dealer rep about your interest rate and terms.
  4. Sign your agreement.
  5. Go select the vehicle you want from a dealer in the area.

Join the many other Helena residents who’ve applied for financing through us!

Apply Now!

Bad Credit Car Dealerships in Helena

Bad credit can be a problem when trying to finance a new vehicle, but not with us. There are several main credit tiers when it comes to auto financing, and we have lenders that service each of them. Many finance companies require borrowers with credit problems to have an income of a minimum of $1500 monthly, but most people who apply through us are approved within minutes. Allow us to find you a dealership that funds auto loans for people with credit problems.

Credit Score and Loan Size

How big of a loan will you be able to obtain? That will be dictated by your income and credit history. Below, we’ve quoted how much consumers of differing credit scores can borrow, given the average monthly income in Helena, $4,144. Please bear in mind that these are only estimations.

Credit Income Factor Sum
Good Credit 10 $41,440
Fair Credit 9 $37,296
Subprime Credit 8 $33,152
Bad Credit 7 $29,008
Terrible Credit 6 $29,008

Remember, the numbers above are estimations. For an accurate quote, you must submit your application.

Do I Need a Down Payment?

We have many lenders in our network who offer car loans with no money down, even for people with credit problems. However, a down payment is a smart choice because it reduces your monthly payment, interest, and problems with being upside down. The optimal down payment would be 20% for a new vehicle, and 10% for a pre-owned one. With that being said, you no longer need a down payment to submit an application. Just enter your down payment amount on your application, and our system can often help you find a dealer, bank, or finance company who wants to get you behind the wheel, regardless of whether you can put money down or not.

In House Financing Dealerships in Helena

If you are considering working with one of the buy here pay here dealers in Helena, thanks to bad credit, bear in mind that they will most likely require you to provide a substantial down payment. Dealers like these work with consumers that have been turned down by traditional financial institutions. Of course, the annual percentage rates are high, but there aren’t many hurdles to approval.

Having said that, most buy here pay here dealers don’t help customers repair their credit. Often, it is advisable to apply online, so we can find you a car loan in Helena that can help improve your credit.

Credit and Income: Helena

Though important, your FICO score is only part of the equation. Loan companies consider such things as:

  • Debt to Income Ratio
  • Employment History
  • History of Credit

The following are average stats for residents of Helena.

  • Gross Income: $49,722 Per Year
  • Average Monthly Payment: $456 (11% of Income)
  • Recommended Monthly Payment: $332 to $414 (8%-10% of Income)

Helena Population by Credit Score

Below-average credit is pretty pervasive in Helena and across the state of Alabama. This table shows the estimated number of Helena consumers at each credit tier.

FICO Score % of Population Residents
300-499 2% 516
500-549 5% 1,289
550-599 8% 2,062
600-649 12% 3,093
650-699 15% 3,867
700-749 18% 4,640
750-799 27% 6,960
800-850 13% 3,351

Your credit score will have a significant effect on your annual percentage rate. However, as long as you have sufficient income, we can normally find a lender or dealer for you, even when you need an auto loan in Helena with bad credit.