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Auto Loans in Clarksville (TN)

If you are shopping for a new car, you probably are going to need a car loan to afford the car you want. We’ve spent years building relationships with lenders and dealers across the nation, and we are dedicated to matching you to the dealer who wants your business most. Expect to be led step by step through the process by a finance specialist in your city.

Bad Credit Car Dealers in Clarksville, TN

It is advisable to stay away from buy here pay here lots, choosing instead to work with larger dealerships that arrange loans through banks and credit unions. Any time you have less-than-perfect credit, expect:

  • More expensive APR rates.
  • More money down required.
  • More modest loan amounts.

On the plus side, they will get your loan funded through banks and finance companies that submit information to the credit reporting agencies, which is crucial if you’re hoping to strengthen your credit score. We have many such dealerships in our network, and they want to get you the car you deserve. Just go here to apply online.

Clarksville APR Rates: Keeping Them Low

Getting a lower interest rate can pay off in a big way. To illustrate, an auto loan of $17,253, repaid in Five years, would cost the following in interest:

  • 3.50% APR: $1,579 in interest.
  • 7.00% APR: $3,245 in interest.
  • 11.00% APR: $5,254 in interest.

If you want to keep your interest rate affordable, be sure to review your credit report for any errors. If you find an inaccuracy, send a letter to the credit agency reporting the error. This is a fast and easy way to raise your credit score. Also, taking care of any existing debt can decrease your debt-to-income ratio (DTI), thereby reducing your rate of interest. Lenders charge less to finance cars for 36-48 months than for 60 months or longer, and shorter loans have less risk of negative equity. Loan amount, in relation to the vehicle’s value, is an additional factor. A larger down payment makes for a healthier ratio, effective in minimizing the interest rate your lender charges you.

Buy Here Pay Here Dealerships in Clarksville, TN

Sometimes referred to as buy here pay here, tote the note, or your job is your credit car dealerships, these businesses generally have a few key features. They…

  1. Offer auto loans direct to the consumer.
  2. Don’t perform credit checks.
  3. Want you to make your installment payments every seven days, often at the lot.

A lot of folks with really terrible credit assume that an in house financing car lot is the only real place that will be willing to take their credit, despite the fact that the cost of your car or truck will be inflated due to higher rates of interest. And if that weren’t enough, chances are your credit rating will not improve since these car lots rarely report back to Equifax, Experian, and Transunion.

Auto Loans for Fort Campbell Personnel

If you are a member of our nation’s armed forces stationed at Fort Campbell, there you may have already faced some of the frustrating issues that come with financing as a car while in the military. For instance, many traditional lenders require a two-year term of residence at the same address in order to approve a consumer for financing, and BHPH dealers such as those mentioned above are notorious for preying on junior enlisted men and women with high interest rates and aggressive sales tactics. Fortunately, we work with many dealers and lenders who have the experience and respect to serve those who serve. Fort Campbell Federal Credit Union (FCFCU) is headquartered in Clarksville–serving the military community since the 1950s–or we can help you find a dealer or lender to approve your credit.

How Much You Should Pay for a Car

Be careful not to finance a car that stretches your finances. Take a look at the following estimations, which show how much the Clarksville consumer ought to spend based on an income of $1,917 a month, a payment of $153, and a term length of 60 months.

Good Credit Okay Credit Subprime Credit
Car Payment $153 $153 $153
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $2,108 $1,936 $1,763
Borrowed Funds $8,430 $7,745 $7,053
Total Interest $771 $1,457 $2,148
Price with Interest $11,309 $11,138 $10,965
Purchase Price $10,538 $9,681 $8,817

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