Do you need to get a car loan with poor credit? In an effort to aid you, the buyer, we have partnered with bad credit car dealerships in Cordova, Tennessee. This is how we empower our clients to rise above their credit ratings and obtain auto financing they need:
- You, the borrower, submit an application online.
- Our state-of-the-art matching program finds you a lender or dealer.
- Your loan provider calls or emails you about completing your bad credit car credit package.
Bad Credit Car Dealers in Cordova, Tennessee
Make sure you steer clear of buy here pay here dealers, which are notorious for deceitful tactics of one type or other. There are larger, more well-respected dealerships that arrange loans through off-site lenders like banks and finance companies, which have a far better reputation for ethical lending. Just like any subprime loan, certain things are to be expected steeper rates of interest, heftier down payments, and shorter lending terms. However, they will get your loan funded through lenders that submit information to the credit bureausallowing you to rebuild your credit. There are many such dealerships in our network, and when you submit your application, we can connect you with one who wants to approve your credit.
Cheaper Car Loan Rates for Cordova Residents
APR rate is supremely importantin determining your monthly payment, and also the amount you will wind up paying for your vehicle.
Consider how much less you will pay in interest at an APR of 3.50% as opposed to 7.00% or 11.00%.
|Good Credit||Average Credit||Bad Credit|
|Rate of Interest||3.50% APR||7.00% APR||11.00% APR|
Don’t panic, however, as there are steps you can take to reduce your interest rate.
- Credit Score: Request a copy of your credit report here, then take the appropriate steps to remedy any mistakes you find.
- Down Payment: Offer a down payment of 10-20% on your vehicle. This will minimize the risk inherent in your loan, leading to a reduced rate.
- Debt to Income Ratio: Creditors prefer that you have little pre-existing debt, so paying down as much as you can makes sense.
- Length of Loan: Lengthier loans come with smaller payments, but shorter ones offer better rates of interest.
- Vehicle Age: Used vehicles are more expensive to finance, since they are more susceptible to maintenance issues, etc.
Buy Here Pay Here Dealerships in Cordova, TN
Buy here pay here car dealers usually help people with acute credit problems such as:
- Chapters 7 or 13
- Asset Repossession
- Debt Settlement
These types of car lots offer car loans on site, while the vast majority of dealers contract this, and they are more concerned with your job than your credit. Most often, higher-mileage autos are the only thing available, and these aren’t no money down cars. Normally, the down payment is set at what the dealer had to pay for the vehicle, and you could find yourself paying thousands in interest through exorbitant rates. As if that weren’t enough, these dealerships almost never report back to the credit agencies, so you could make each and every payment on time without increasing your FICO score.
How Much to Pay for a Car
The car you can buy, price-wise, will depend on your income and FICO score. Not more than 8% of your monthly earnings ought to be invested in this new payment. For Cordova residents, with an average income of $1,777, this would be $142.
|Good Credit||Fair Credit||Poor Credit|
|Term Length||5 Years||5 Years||5 Years|