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Auto Loans in Knoxville (TN)

A low credit score is a headache. We understand the problems that Knoxville consumers face when they have bad credit. This is how we empower our users to overcome their credit ratings and obtain auto loan they need:

3 Steps to Approval
  • Step 1: Our web application can be filled out in only a minute.
  • Step 2: Our program utilizes innumerable loan companies.
  • Step 3: Most consumers get approved in under 24 hours.

Bad Credit Car Dealerships in Knoxville, TN

These days, there are dealerships with finance departments specializing in subprime auto lending. As with all subprime loans, expect elevated rates of interest and bigger down payments, not to mention shorter lending terms. But keep in mind, the rates and terms are more favorable than you would be offered at a buy here pay here lot. We have many such dealers in our network, and they want to get you approved for the car you deserve. Just go here to submit your application.

Trimming Your Interest

Rate of interest is critical if you want to limit the amount you will end up paying for your vehicle.

Have a look at what you’ll pay in interest with an APR of 11.00% versus 3.50%.

Good Credit Average Credit Subprime Credit
Loan $14,526 $14,526 $14,526
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment $264 $288 $316
Interest Owed $1,329 $2,732 $4,424

Obviously, your rate of interest is crucial, and what’s great is that it can be reduced in a range of ways.

  • Credit History: Pull a copy of your credit report here, then take steps to rectify any inaccuracies you find.
  • Down Payment: Provide a down payment of 10-20% on your purchase. This will lower the risk inherent in your loan, resulting in a cheaper interest rate.
  • Debt-to-Income (DTI): Toting less debt can lead to a more affordable rate of interest. Pay down as much as you can.
  • 36-60 Month Loan: The shorter your loan is, the less the interest rate.
  • Vehicle Condition: It doesn’t cost as much to finance a newer model–when it comes to interest rate, at least.

Buy Here Pay Here Dealers in Knoxville, TN

Maybe you’ve thought about getting approved through a buy here pay here dealership in Knoxville? These kinds of Knoxville in house financing dealerships don’t depend on banks or third-party lenders for financing, so they can assist a diverse variety of applicants.

If you have terrible credit, Knoxville in house financing dealers tend to be the only option, even though the interest rates are much higher than you’d get from a dealership that offers indirect financing. On top of that, they hardly ever report payments to the credit reporting agencies. This means your credit score will not improve even if they pay off the loan as agreed.

What Car to Buy?

You may find that you’re qualified to purchase a higher priced vehicle than you really should. This table displays how much the Knoxville consumer ought to spend based on an income of $1,614 per month, a car payment that’s 8% of this income ($129), and a repayment term of 60 months.

Excellent Credit Okay Credit Poor Credit
Car Payment $129 $129 $129
Interest Rate 3.50% 7.00% 11.00%
Years 5 5 5
Down Payment $1,774 $1,630 $1,485
Borrowed Funds $7,098 $6,521 $5,939
Total Interest $649 $1,226 $1,809
Price with Interest $9,522 $9,377 $9,232
Car Price $8,872 $8,151 $7,423

Used Cars for Sale in Knoxville, TN

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