Bad Credit Auto Loans in Opelika (AL)

There are a wealth of factors that go into financing a car – income, credit, down payment – which can make it a stressful process to be sure. However, we’re here to guide you each step of the way. Our system is fast, secure, and effective. Applicants who meet the minimum criteria have a 90% chance of approval. The application itself is simple to understand, and we’ve made sure it requires fewer details than other services. Enjoy having a local finance specialist guide you from beginning to end, helping you arrange the best interest rate, lending terms, down payment and vehicle for your money.

Dealerships in Opelika That Work with Bad Credit

For years, Opelika endured the economic hardships of industrial decline that impacted much of the nation. In the last decade, the city has experience an economic resurgence in a number of areas, but there are still a lot of people and families with credit problems. Credit scores of 620 or lower are often deemed subprime or poor credit, but our service is perfect for applicants with less-than-perfect credit. There isn’t a minimum credit score involved, and we can help consumers at each of the lower credit tiers.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

A down payment, as well as proof of income may be required for a bad credit car loan in Opelika. Typically you will need an income of at least $18,000 per year, and a down payment of at least $500. The bigger your down payment, the better your interest rate and odds of approval. Unlike BHPH dealers, your lender will most likely submit payment data to the credit bureaus. This is great when you need to re-establish your credit, as steadily paying off a vehicle loan on time can boost your credit score by 5-10% a month. Apply Now!

Estimating how much you can borrow is pretty easy. All you need to do is multiply your monthly income by the income factor associated with the state of your credit. We’ve included such an estimation, based on Opelika’s average per capita income, $1,459.

Credit Score Income Factor Loan Amount
Good Credit 10 $14,590
Average Credit 9 $13,131
Slow Credit 8 $11,672
Bad Credit 7 $10,213
Very Bad Credit 6 $10,213

Simply because it’s possible to borrow this amount, doesn’t mean you should. A smaller loan is recommended, because it will translate into less financial pressure.

Zero Down Auto Loans?

Quite a few of our dealers fund loans for people in Opelika who don’t have a down payment. Having said that, a down payment gives you significant advantages:

  • Reduces the length of the loan, meaning you pay less in interest.
  • Decreases monthly installment.
  • Minimizes the risks of an upside down loan.

Nevertheless, our lenders and dealers understand that down payments take a lot more time and effort these days. We get clients into a new car each and every day, despite issues with their credit and down payment. Apply now!

Buy Here Pay Here Dealers in Opelika

If you’ve got a very low credit score, then you most likely are at least aware of buy here pay here sales. Dealers like these work with people that have been declined by other firms. Everything is paid to the dealership directly, and the cars and trucks for sale are typically priced at less than $10,000.

Lamentably, most buy here pay here dealers don’t help buyers repair their credit. Often, you would be more satisfied applying online, so we can find you an auto loan in Opelika that can help improve your credit.

Opelika-Specific Financial Profile

Dealers and lenders are concerned with a lot more than just your FICO rating. Loan companies check your income, stability, and credit profile.

Listed here are average stats for residents of Opelika.

  • Pre-Tax Earnings: $17,510 Per Annum
  • Average Monthly Payment: $160 (11% of Income)
  • Suggested Monthly Payment: $117 to $146 (8%-10% of Income)

Opelika Population by Credit Score

Bad credit is fairly common in Opelika and across the state of Alabama. The chart below depicts the estimated number of Opelika residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 718
500-549 5% 1,796
550-599 8% 2,874
600-649 12% 4,311
650-699 15% 5,389
700-749 18% 6,466
750-799 27% 9,699
800-850 13% 4,670