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Auto Loans in Chattanooga (TN)

Are you interested in a new or used vehicle, but you still need an auto loan? We’d be happy to help. We have access to a vast network of lenders and dealers, and we have some of the highest rates of approval in the market. You’ll be walked step by step through the lending process by a lending professional near you.

Bad Credit Car Dealerships in Chattanooga, Tennessee

Dealers that have departments dedicated to sub-prime auto loans are typically known as bad credit car dealers. As with all subprime loans, there are certain things to be expected increased rates of interest, more substantial down payments, and tighter lending requirements. On the plus side, the rates and terms are more favorable than you would get at a used lot that does in-house financing with no credit checks. We have a great number of dealers in our network, and they want to get you the car you need. Go here to submit your application.

Have You Got a Down Payment?

It’s often necessary to put money down on the vehicle you want, particularly if you have adverse credit. Generally, you need 10% down for a car or truck that’s used, and 20% for one that’s new.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Lost Value 0% 25% 40% 50%
Price $17,420 $13,065 $10,452 $8,710
Percentage 20% 10% 10% 10%
Money Down $3,484 $1,307 $1,045 $871

The good news is, your trade-in vehicle may be put toward your down payment. Basically, this means it’s possible to, finance a car without a down payment.

Chattanooga Buy Here Pay Here Car Lots

Most people in Chattanooga and throughout Tennessee turn to buy here pay here auto lots, also referred to as your job is your credit car dealers, convinced that they can only get approved without a credit check. Not true. These dealers approve auto loans on location, whereas most dealers work with banks and loan companies, and they are more concerned with your income than your credit. Unfortunately, you can expect exorbitant rates of interest, high down payments, and vehicles that cost too much given their mileage. If bettering your credit score is important to you, you should contact an auto finance specialist through us, since BHPH car lots won’t aid you in boosting your credit.

Budgeting Guidelines for Chattanooga Consumers

Your car payment, where to start? Take 10% of your monthly income, which is the absolute maximum you should allocate for this. To avoid equity issues and inflated finance fees, consider a loan of no greater than 5 years. If you abide by these guidelines, you will wind up buying a vehicle that costs around half of what you earn on an annual basis. Here in Chattanooga, where the average income is $20,905 annually, this would be $10,452 to invest in a new car or truck. Cars and trucks depreciate quickly, so you want to spend no more than you have to, in order to get a car that won’t leave you in need of a wrecker.

Used Cars for Sale in Chattanooga, TN

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