Bad Credit Auto Loans in Huntsville (AL)

You need an auto loan in Huntsville – Alabama’s “Rocket City” – and we’re here to help. We’ve been in the automotive industry since 2009, long enough to develop an extensive network of lenders and dealers, many of whom are standing by, ready to approve you for financing. Just submit your application, and we’ll begin working to get you approved from a lender or dealer that suits your needs.

Huntsville-AlabamaHave you got a credit score of 620 or less? Not to worry. Less-than-perfect credit isn’t an issue. There’s no minimum credit score for applying, and we’re able to get 90% of our qualified clients approved. We work with lenders and bad credit car dealerships in Huntsville who specialize in this type of financing. The application requirements are minimal:

  • Alabama resident 18 years of age or older.
  • Gross income of $375/week ($1500 per month).
  • Gainfully employed for at least 12 months
  • No repossession in past year.

Your interest rate will depend upon your lender, location, and of course credit score. Generally, Huntsville borrowers with bad credit can expect rates of 10-16% APR. For an accurate quote, simply submit your application online.

FICO Rating and Amount Borrowed

Things such as credit and income influence the amount you qualify to borrow. Below, we’ve listed how much people of varying credit scores can borrow, given the average monthly income in Huntsville, $1,510. Don’t forget, these are only estimations. In order to calculate your own maximum loan, simply multiply your monthly income by the corresponding income factor.

Credit Rating Income Factor Amount Borrowed
Great Credit 10 $15,100
Fair Credit 9 $13,590
Slow Credit 8 $12,080
Poor Credit 7 $10,570
Terrible Credit 6 $10,570

As we stated previously, these are estimations. For a detailed quote, you must submit your application.

Zero Down Sign and Drive – Possible?

We do work with lenders who offer auto loans in Huntsville with zero money down. However, a down payment is a smart choice because it decreases your payment amount, interest, and problems with being underwater. This is especially important if you have a high interest rate as a result of bad credit. How much is enough?

Vehicle Type Purchase Price Down Payment Percentage
New $15,000 $3,000 20%
Used $15,000 $1,500 10%

Keep in mind, a down payment does not necessarily have to be made in cash. Do you have a vehicle you can trade in? This can be turned into trade allowance by your dealer, serving as a form of down payment. To gain a better idea of what your trade in will be worth, check its trade-in value at Kelly Blue Book (KBB.com).

Buy Here Pay Here Car Lots in Huntsville

If you are thinking about working with one of the buy here pay here car lots in Huntsville, on account of a really low credit score, keep in mind that they will most likely require you to provide a significant down payment. Customers who have been unable to secure a loan due to seriously bad credit often turn to dealerships like these. They work with people with issues like open bankruptcy, foreclosure, or repossession within the last 12 months. If possible, eschew these Huntsville in house financing dealerships in favor of a more traditional bad credit car loan, such as the type we can help you secure. Apply today – finance specialists are ready to review your application.

Huntsville-Specific Financial Profile

Huntsville, known as the “Rocket City,” has one of the highest concentrations of aerospace engineers per capita in the nation. However, nearly 13% of the population lives below the poverty line, and the average income per capita is not very impressive relative to the rest of the state.

  • Average Salary: $18,122 Annually
  • Average Monthly Payment: $166 (11% of Income)
  • Ideal Car Payment: $121 to $151 (8%-10% of Income)

Huntsville Population by Credit Score

Curious about the credit scores of your neighbors? We’ve estimated how many Huntsville residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 3,477
500-549 5% 8,693
550-599 8% 13,908
600-649 12% 20,863
650-699 15% 26,078
700-749 18% 31,294
750-799 27% 46,941
800-850 13% 22,601