Bad Credit Auto Loans in Sylacauga (AL)

At Alabama Auto Finance, we’ve been helping people get financed for years. Our industry-leading network of Alabama dealers and lenders is standing by, waiting for your application. When you apply online, we will find you a car loan that fits your credit and income.

Sylacauga Auto Loans with Poor Credit

FICO scores of 620 or less are generally regarded as subprime or bad credit, but our service is a great choice for applicants with credit problems. If you simply were to go from dealer to dealer, submitting your application by hand, you’ll probably get rejected once or twice. Our process is significantly easier: you can submit just one credit application, and we’ll find a bad credit car dealer who wants to get you in the driver’s seat, even if your credit isn’t perfect. A down payment and income verification will often be required for a bad credit auto loan in Sylacauga. Fortunately, people who apply through us are approved nearly instantly. You’ll typically have your application placed with a bad credit car dealer or auto lender. Companies like these do report to the credit agencies, which is imperative when you need to restore your credit. There are no obligations when you use our service, and no headaches. Go here to submit your secure application.

Financing Pre-Approval: How Much?

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included a sample, based on the average income of Sylacauga residents: $2,582.

Credit Income Factor Loan Amount
Great Credit 10 $25,820
Average Credit 9 $23,238
Subprime Credit 8 $20,656
Poor Credit 7 $18,074
Really Bad Credit 6 $18,074

Keep in mind, these are estimations. For a precise quote, you must submit your application.

Zero Down Car Loans in Sylacauga?

A number of our dealers approve people in Sylacauga with no down payment. However, a down payment is recommended because it minimizes your payment amount, total interest, and problems with negative equity. Here are the ideal down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

Even so, you no longer need a down payment to get pre-approved. Simply enter your down payment amount when you submit your application, and our system can often help you find a dealer, bank, or lending company who’s willing to accept your down payment, or lack of one.

Buy Here Pay Here Dealerships in Sylacauga

If you have been through a bankruptcy or foreclosure, you’ve probably thought about going to one of the buy here pay here car lots in Sylacauga. These dealers make credit decisions themselves, rather than relying on off-site finance companies. Payments are made to the dealer, sometimes in person, and the vehicles they sell are typically priced at $10,000 or less.

Unfortunately, most of these dealers can’t help buyers re-establish their credit. Often, you would be better off applying online through us, so we can find you an auto loan in Sylacauga that can help your credit.

Credit and Income: Sylacauga

Listed below are average stats for Sylacauga residents.

  • Average Earnings: $30,982 Annually
  • Average Monthly Payment: $284 (11% of Income)
  • Suggested Car Payment: $207 to $258 (8%-10% of Income)

Have you ever wondered about the credit ratings of your neighbors? We have calculated how many Sylacauga consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 537
500-549 5% 1,341
550-599 8% 2,146
600-649 12% 3,219
650-699 15% 4,024
700-749 18% 4,829
750-799 27% 7,243
800-850 13% 3,488