Bad Credit Auto Loans in Mobile (AL)

Need to get approved for a car loan in Mobile or the surrounding area? You’ve come to the right place. Each and every lender has their own approval criteria, so it’s very important to find one that matches your needs. Simply apply online, and we’ll work to get you the car loan you need.

Auto Loan MobileBad credit is often a challenge when trying to finance a new vehicle, but not with us. There are six main credit tiers when it comes to auto financing, and we have lenders that accept applicants in each of them. Yes, the APR on your loan would be lower if you had a FICO score of 700 plus, but at least we can get you behind the wheel of a new car.

Let us help you find a bad credit car dealer or lender in Mobile willing to approve you for a loan – and since we’re reimbursed by the dealers themselves, it’s free! It’s easy. Go here to submit your application online.

It’s easy to estimate the amount you can borrow. Just multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included an example, based on Mobile’s average per capita income: $1,144.

Credit Income Factor Loan
Great Credit 10 $11,440
Average Credit 9 $10,296
Subprime Credit 8 $9,152
Bad Credit 7 $8,008
Horrible Credit 6 $8,008

Just because you can borrow a particular amount, doesn’t mean you ought to. A smaller loan is a wise idea, because you’ll be able to pay it off more quickly.

Good credit? Then you probably won’t have to worry about a down payment. If you have a bad credit score, however, your dealer may want you to offer a payment in advance. At this point, the Loan-to-Value ratio becomes one of the most important factors. Divide the amount you borrow by the wholesale value of the car or truck. This is the LTV.

Amount Financed Vehicle Value Loan-to-Value
$10,000 $15,000 67%
$15,000 $17,500 86%
$15,000 $20,000 75%
$20,000 $25,000 80%
$20,000 $30,000 67%

Lenders who finance bad credit generally favor lower LTV ratios, because these offer less risk. The good news is, as the economy improves, more and more lenders and dealers will be approving car loans in Mobile with zero down. Our approval platform can probably find you a dealer or lender who wants to fund your loan, whether you have a down payment or not.

In House Financing Dealers in Mobile

If you’ve considered working with a buy here pay here dealer in Mobile, on account of a really low credit score, then bear in mind that they will most likely require you to provide a large down payment. Dealers like these approve people for financing in-house, rather than working with a network of lenders. Everything is paid to the dealer, often at the lot, and the vehicles they sell are typically $10,000 or less. Having said that, most of these dealers don’t help people re-establish their credit. In most cases, it is better to apply online through us, so we can find you an auto loan in Mobile that can help you re-establish your credit.

Mobile Consumer Profile

Largely founded on aerospace and shipbuilding, the Mobile economy grew by leaps and bounds in the early 2000’s. The recession, however, was difficult on the credit and income of many consumers. Listed here are average statistics for Mobile residents.

  • Gross Earnings: $1,144 Monthly
  • Average Monthly Payment: $126 (11% of Income)
  • Suggested Car Payment: $92 to $114 (8%-10% of Income)

Mobile Consumers by Credit Tier

Have you ever wondered about the credit scores of your friends and neighbors? We have estimated how many Mobile consumers fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 5,713
500-549 5% 14,283
550-599 8% 22,853
600-649 12% 34,279
650-699 15% 42,849
700-749 18% 51,419
750-799 27% 77,128
800-850 13% 37,136