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Auto Loans in Columbia (TN)

It is smart of you to look for financing in advance, as it often results in a better annual percentage rate and more attractive terms. We’ve spent years cultivating relationships with dealers and lenders across Tennessee, and that means we can help applicants from every walk of life. We assign you a lending professional to direct you step by step through the process.

Car Loans Columbia TN

Bad Credit Car Dealerships in Columbia, TN

If you’re trying to find a dealership that welcomes individuals with low credit scores, look no further. As opposed to buy here pay here dealers, these dealerships offer:

  • Interest rates that are affordable.
  • Down payments you can afford.
  • Vehicles that are more dependable.

Your credit and income determines how much car you can get financed. Here’s an example based on the average per-capita income in Columbia, $1,710 per month:

Credit Score Income Factor Amount
700 10 $17,100
625 9 $15,390
575 8 $13,680
525 7 $11,970
300 6 $10,260

Keep in mind, these are just estimates. You might qualify to finance a bigger or smaller amount.

Apply online to talk to an auto finance specialist about how much you can borrow.

New or Pre-owned Vehicle?

New or used? It pays to do your homework. Most of the time, a used vehicle is best. The rates of interest on new cars are low, but used vehicles are a lot cheaper.

New Car Pre-owned Car
Years Old 0 1
Price $17,100 $12,825
Down Payment $3,420 $1,283
Loan Rate 5.00% 7.50%
Years 5 4
Monthly Payment $258.16 $279.08
Finance Fees $1,810 $1,854
Total Investment $18,910 $14,679

Buy Here Pay Here (BHPH) Car Dealers in Columbia, TN

Maybe you’ve wondered about getting financed at a buy here pay here car dealer in Columbia? These types of Columbia bad credit dealerships don’t depend on banks or third-party lenders to fund their loans, so they’re able to work with a broad selection of clientele.

Countless men and women with really bad credit feel that an in house financing car lot is the only real place that will approve their credit, despite the fact that there are a variety of drawbacks:

  • Elevated Interest Rates
  • Large Down Payments
  • High Risk of Repossession

Credit-Building for Columbia Residents

It’s the truth: a vehicle loan can actually restore your credit. The crucial element is payment history, a primary part of the FICO scoring model, and financing a car provides 36-84 months of payments. But bear in mind, it’s possible to wreck your credit by making late payments or just missing them altogether. Of course, the benefits associated with an improved score are monumental:

  • Reduced insurance and loan rates.
  • Higher lending and credit limits.
  • Faster credit approval.

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