Bad Credit Auto Loans in Madison (AL)

Looking for the best auto loan in Madison? Excellent, we’re here to help. Our extensive network of lenders and dealers is standing by, awaiting your application. When you apply online, our lenders compete against each other for your business.

Madison Bad Credit Car Dealers

Poor credit is rarely a problem. There are six principal credit tiers in the auto finance industry, and we have lenders that support each of them. A down payment, as well as income verification may be expected for a bad credit car loan in Madison. Fortunately, people who apply through us are approved right away. Let us find you a lender or dealership that approves auto loans for people with credit problems – online! It’s a simple process. Just apply online, and we’ll find you a bad credit auto loan in Madison that won’t break the bank.

Things such as credit and income determine the amount you qualify to finance. In the table that follows, we’ve outlined how much consumers of varying credit ratings can finance, based on the average monthly income in Madison, $4,463. Keep in mind, these are only estimations.

Credit Income Factor Loan
Excellent Credit 10 $44,630
Average Credit 9 $40,167
Temporary Bad Credit 8 $35,704
Bad Credit 7 $31,241
Really Bad Credit 6 $31,241

To calculate how much you can borrow, multiply your pre-tax monthly income by the applicable income factor.

Getting Approved with No Down Payment

Down payments can be made in cash or trade equity, and typically are priced between 5-20% of the vehicle’s price. They are frequently required of consumers who have a disappointing history of debt repayment. The reason is simple: loans to such consumers pose a greater risk for the finance company. Delinquency is more common, and a down payment helps to ensure that at least a percentage of the vehicle’s value is not at stake. That being said, we have companies that approve financing for people with no money down.

Submit your application. We’ll strive to place your application with a lender or dealer willing to provide you with a loan, zero down payment required.

Buy Here Pay Here Car Dealers in Madison

If you’ve got really bad credit, then you most likely know about buy here pay here dealers. Dealers like these work with people who wouldn’t be approved by a traditional lender. They approve people with issues like open bankruptcy, foreclosure, or repossession on their records.

We recommend that you steer clear of these Madison buy here pay here dealers, going instead with a bad credit auto loan we help you arrange. Submit your application – no minimum credit score required.

Madison Consumer Profile

Truth be told, there is more to the approval process than just your credit score. Loan companies consider your income, stability, and individual credit history.

Listed here are average stats for residents of Madison.

  • Gross Earnings: $4,463 Per Month
  • Average Car Payment: $491 (11% of Income)
  • Suggested Monthly Payment: $357 to $446 (8%-10% of Income)

Madison’s Credit Spectrum

Have you ever wondered about the credit scores of your friends and neighbors? We’ve calculated how many Madison residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 843
500-549 5% 2,107
550-599 8% 3,371
600-649 12% 5,056
650-699 15% 6,320
700-749 18% 7,584
750-799 27% 11,376
800-850 13% 5,477