Bad Credit Auto Loans in Prattville (AL)

You need to get approved for financing, and we can help. Our loan-finding system makes it easy to get a loan. Submit your application, and the dealers and lenders in our network compete for your business.

FICO rating of 620 or less? That is often deemed subprime or poor credit, but our service is especially beneficial to consumers with low credit scores. We have lenders and dealers who accept credit scores of 620 and lower, and they are ready and willing to fund your loan. As you know, low credit scores result in higher rates of interest, but at least we can get you in the driver’s seat of a new car. If you have subprime credit, you’ll typically be matched with a bad credit dealership or subprime auto finance company. Companies like these submit payment information to the credit reporting agencies, which is crucial to restoring your credit. Apply Online!

The chart that follows shows a range of loan amounts, based on a monthly income of $2,541, the average in Prattville. These amounts are merely estimations. You may be entitled to a greater or lesser amount, depending on other factors. Speak with a vehicle finance agent for more information.

Credit Score Income Factor Amount Borrowed
Good Credit 10 $25,410
Average Credit 9 $22,869
Temporary Bad Credit 8 $20,328
Poor Credit 7 $17,787
Very Bad Credit 6 $17,787

Just because you can borrow a particular amount, doesn’t mean you ought to. A smaller loan is highly recommended, because it will lower the risk of repossession.

Getting Approved with No Down Payment

Buyers with good credit can typically get a car loan without a down payment. If you have weak credit, however, your dealer may require you to offer a payment in advance. At this point, the Loan-to-Value ratio becomes a critical factor. This is the loan amount in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$17,500 $22,000 79%
$20,000 $25,000 80%

Most subprime lenders prefer lower LTV ratios. Because the lender doesn’t have as much tied up in the vehicle, they are in a stronger position to recover their losses if the vehicle has to be repossessed – a real risk when lending to subprime borrowers. No down payment? Don’t worry. We’ve been able to get a lot of applicants the loan they need with no down payment.

We help consumers get approved each and every day, even with no credit or down payment. Apply today!

In House Financing Dealerships in Prattville

Virtually all buy here pay here car lots consider down payments a requirement. Customers who cannot get approved for financing due to major credit problems like bankruptcy often end up at these types of dealerships. Payments are made to the dealer directly, and the vehicles are typically priced at less than $10,000.

Sadly, most of these dealers don’t help consumers repair their credit. Normally, you would be better off applying online through our website, so we can find you a car loan in Prattville that can help your credit.

Prattville-Specific Credit, Income Numbers

Lenders are concerned with a lot more than just your credit rating. Loan companies check such things as:

  • Ability
  • Employment History
  • History of Credit

Listed below are average statistics for Prattville residents.

  • Gross Earnings: $2,541 Per Month
  • Average Monthly Payment: $280 (11% of Income)
  • Recommended Car Payment: $203 to $254 (8%-10% of Income)

Prattville Population by Credit Score

Here we’ve divided up Prattville’s population by FICO score. These are just estimates, but they should give you a sense of where you stand in relation to other consumers in the area.

FICO Score % of Population Residents
300-499 2% 714
500-549 5% 1,784
550-599 8% 2,854
600-649 12% 4,281
650-699 15% 5,351
700-749 18% 6,422
750-799 27% 9,633
800-850 13% 4,638