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Auto Loans in Maryville (TN)

Poor credit impacts approximately 25% of Tennessee residents. Nobody specializes in bad credit auto loans like we do. In under one minute, we can connect you with a financing consultant who will work hard to get you financed.

Maryville Car Dealers for Bad Credit

If you are searching for a car dealer in Maryville that offers loans to people who have poor credit, we can help. Whenever you have poor credit, expect:

  • Rates of interest that are steeper.
  • Down payments that are bigger.
  • Loans that are more modest in size.

With that being said, the rates and terms are much better than you would be given at one of Maryville’s buy here pay here dealers. We work with many such dealerships, and when you apply online, we connect you with one who wants to approve your credit.

How to Minimize Your Interest Rates

When it comes to buying a car that’s financed, interest rate is just as vital as price is, if you want to spend less in the end.

Check out this chart that shows the impact of varying interest rates.

Good Credit Fair Credit Sub-prime Credit
Loan $21,240 $21,240 $21,240
Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Installment $386 $421 $462
Interest Paid $1,944 $3,995 $6,469

First and foremost, uncovering and resolving any errors on your credit report can improve your credit score, and we all know that increased scores translate into more affordable rates. Following that, be sure you pay off any debts possible, as lenders prefer credit-seekers with low debt-to-income ratios, charging them more favorable rates. Don’t tie yourself to a long-term loan. The shorter the loan, the lower the rate. Finally, don’t forget that a solid down payment will lessen your loan-to-value ratio (LTV)–an additional rate-reducing factor.

Buy Here Pay Here Dealerships in Maryville, Tennessee

Buy here pay here dealers typically finance people who’ve got serious credit problems such as bankruptcy and repossession. They won’t look at your credit, meaning bad credit shouldn’t be an obstacle to approval, but you really pay for this in the end. Downsides include excessive lending rates that tend to flirt with the state’s legal limit, along with very high rates of default There’s more: these car lots don’t report to the credit reporting agencies, and that means you could make every single payment punctually without any lift in your credit score.

Credit Considerations for Maryville Consumers

This might sound like a financial myth, but it isn’t: a car loan not only helps you buy the car you want, it can transform your credit rating. To strengthen your credit, be sure to make your payments when they’re due, every time.

You should never miss a payment, as this will surely have the exact opposite impact: a damaged FICO score. More and more banks and finance companies let you arrange an automatic payment each month, so the money is taken directly from your bank.

Used Cars for Sale in Maryville, TN

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