Bad Credit Auto Loans in Montgomery (AL)

At Alabama Auto Finance, we get you the financing you need in Montgomery with no hassles, and no obligations. The benefits of our service are numerous:

  • One application, multiple lenders
  • Instant placement for most applicants
  • Bad or no credit seldom a major issue

Apply online, and the dealers and lenders in our network compete against one another for your business.

Bad Credit Dealerships in Montgomery

Our system is a great choice for applicants with low credit scores. We have lenders and dealers who work with credit scores of 620 and lower, and they want to approve you for financing. Most lenders want people with poor credit to earn a minimum of $1500 monthly; however, most people who apply through us are approved right away. Let us get you approved by a bad credit car dealer in your area – today! It’s a simple process. Just submit your online credit application.

The chart below shows you how much you can borrow, based on a monthly income of $1,012, the average in Montgomery. These sums are just estimates. You may be eligible for a larger or smaller sum, depending on other factors. Contact a vehicle finance agent for details.

Credit Score Income Factor Sum
Good Credit 10 $10,120
Average Credit 9 $9,108
Temporary Bad Credit 8 $8,096
Poor Credit 7 $7,084
Horrible Credit 6 $7,084

To work out your own loan amount, multiply your monthly income by the most suitable income factor.

No Money Down Auto Loans in Montgomery?

We do work with lenders who don’t require consumers to provide a down payment. Having said that, a down payment affords you considerable advantages:

  • Reduces the length of the loan, meaning less is paid in interest.
  • Lessens payment amount.
  • Decreases the risks of an underwater loan.

With that said, you no longer need a down payment to apply. We help consumers get financed all the time, even with no money down.

Buy Here Pay Here Dealers in Montgomery

In Montgomery, buy here pay here dealers have become a necessary evil for many consumers, because of the downturn. Shoppers who have been unable to secure financing due to seriously bad credit often wind up at car lots like these. Without a doubt, the interest rates are higher than average, but there aren’t many hurdles to credit acceptance.

Having said that, most in house financing car lots are unable to help customers improve their credit. Often, you would be better off applying online, so we can find you a car loan in Montgomery with better rates and terms.

Montgomery-Specific Credit, Income Numbers

Auto Loan MontgomeryThough important, your FICO rating is just part of the picture. Lenders evaluate your income, history of employment and residence, and debt repayment history.

Here are average statistics for residents of Montgomery.

  • Average Income: $12,143 Annually
  • Average Car Payment: $111 (11% of Income)
  • Ideal Monthly Payment: $81 to $101 (8%-10% of Income)

Consumer Credit in Montgomery

Montgomery has long been an agricultural powerhouse, serving as a processing center for everything from cotton to peanuts to lumber grown in the rich topsoil of the state’s interior. However, this agriculturally-based economy hasn’t spared the city – and its residents – from financial hardship. Nearly 22% of the population is reported to be under the poverty line, and slightly more than that are thought to have bad credit.

FICO Score % of Population Residents
300-499 2% 4,208
500-549 5% 10,519
550-599 8% 16,831
600-649 12% 25,246
650-699 15% 31,558
700-749 18% 37,869
750-799 27% 56,804
800-850 13% 27,350