Get an Auto Loan Quote

Auto Loans in Cookeville (TN)

Below-average credit can make it tricky to finance a car, but we’ve simplified the process like nobody else. We enable you to find a lender or dealer that is sensitive to your credit and budget. Over the years, we’ve established a wide-ranging network of lenders and dealers that offer auto loans to consumers with credit histories of all types.

Simply complete your online application. We will connect you with a lending specialist who can help you secure at a competitive rate.

Car Loans Cookeville TN

Bad Credit Car Dealers in Cookeville, Tennessee

When you have a low credit score, the large majority of banks won’t offer you a loan. The good news is, there are dealerships that do accommodate the sub-prime market. Compared to a buy here pay here car lot, such dealers typically offer more attractive lending terms and rates. Your credit and income dictates how much car you can get financed. With a low credit score, you can get approved for six to eight times your monthly income. For the Cookeville consumer who earns $1,068 per month, this is $6,408 to $8,544. That being said, just 8% of your income ($85) should be allotted to your car payment, which will no doubt lead to a smaller loan.

A lending expert can help you determine how much you’re eligible to borrow, and at what interest rate. In order to talk with one, be sure to submit your application.

Used or New Vehicle?

Both new and pre-owned vehicles can be purchased through us. Brand new cars and trucks come with much lower rates of interest. However, they’re priced significantly higher than their preowned equivalents, not to mention that you’ll be charged a bigger down payment.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price tag $10,680 $8,010 $6,408 $5,340
Down Payment $2,136 $801 $641 $534
Interest Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Payment Per Month $161.24 $174.31 $139.44 $116.20
Finance Fees $1,130 $1,158 $926 $772
Total Investment $11,810 $9,168 $7,334 $6,112

Your Job is Your Credit Car Lots in Cookeville, TN

Often known as in house financing, your job is your credit, or we tote the note car lots, these businesses typically have a few primary features. They…

  1. Supply auto loans without 3rd party approval.
  2. Rarely check your credit.
  3. Want you to make your car payments 2-4 times per month, often in person.

Often consumers with really low credit assume that an in house financing car lot is the only real establishment that will finance them, despite the fact that the rates of interest are more expensive than a loan from the bank. Furthermore they hardly ever report payments to the credit agencies. This means the person’s FICO score isn’t likely to improve as a result of the loan.

What Car to Buy?

It’s extremely important to decide on a car or truck that suits your finances. Have a look at these scenarios, which demonstrate how much car the average Cookeville consumer can afford based on a monthly income of $1,068, a payment of $85, and a term length of 5 years.

Excellent Credit Okay Credit Bad Credit
Income $1,068 $1,068 $1,068
Monthly Payment $85 $85 $85
Loan Rate 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $1,174 $1,079 $982
Total Interest $430 $812 $1,197
Total with Interest $6,301 $6,205 $6,109
Vehicle Price $5,871 $5,394 $4,912

Select a Car in Your Area

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