Auto Loans in Bristol (TN)

Bristol, home of one of NASCAR’s most famous speedways. With progressive banking of up to 30-degrees, the racing has been likened to “flying jet fighters in a gymnasium.” But, as a Bristol resident, you already knew that. And you don’t need a race car, you need a loan. We can help. We have an industry-leading network of lenders and dealers who are standing by, ready to approve you for an auto loan in Bristol, even if your credit score isn’t perfect. The application itself is easy to understand, and there is no fee or obligation.

Auto Loans in Bristol with Bad Credit

bad credit auto loan Bristol TNLess-than-perfect credit? Like we said above, it’s not a problem. We help people with damaged credit all the time. There are six main credit tiers when it comes to auto financing, and we have lenders that accept applicants in each of them. If you have bad credit, you’ll typically be approved by a bad credit dealership or subprime auto finance company. Both of these types of companies will submit payment data to the credit bureaus. This is crucial to rebuilding your credit.

Those buy here pay here dealers in Bristol and across the rest of the state? Besides the exorbitant down payments and interest rates, most do not report to the credit bureaus. That means you could spend 24-72 months making on-time payments, and not get any “credit” for it – literally! Let us get you the Bristol bad credit car loan you need. Apply today!

Do I Have to Offer a Down Payment?

We do work with lenders who don’t require consumers to supply a down payment. However, providing a down payment is a good idea because it decreases your payment amount, interest, and problems with being upside down. Here are the ideal down payments for new and pre-owned vehicles.

  • Used Vehicle: 10% ($1500 for $15,000 vehicle)
  • New Vehicle: 20% ($3000 for $15,000 vehicle)

With that said, you no longer need a down payment to submit an application. Our application placement system can find you a dealer, bank, or lending company who offers zero down cars in Bristol.

What About In-House Financing?

In house financing goes by many names, the most common of which is “buy here pay here” financing.  You may also see it advertised with slogans such as We Finance, Rent to Own, Tote The Not, or Your Job is Your Credit.  Most of these are generally the same:  they signify that the dealer makes loans on-site, in-house, without the help of banks or lending companies. These dealers specialize in helping consumers who cannot get approved anywhere else due to problematic credit. Unfortunately, the interest rates are expensive, and often the down payment covers the dealer’s entire investment in the vehicle.  That said, there is no credit check, and approval is often guaranteed.

Bristol-Specific Credit, Income Numbers

Contrary to popular belief, there’s more to auto financing than just your credit score. Lenders look at your income, employment history, and individual credit history.

Listed here are average stats for residents of Bristol.

  • Gross Income: $10,304 Per Annum
  • Average Car Payment: $94 (11% of Income)
  • Ideal Car Payment: $69 to $86 (8%-10% of Income)

Less-than-perfect credit. It’s fairly common nowadays in Bristol and across Tennessee. The chart below depicts the estimated number of Bristol residents at each credit level.

FICO Score % of Population Residents
300-499 2% 780
500-549 5% 1,950
550-599 8% 3,119
600-649 12% 4,679
650-699 15% 5,849
700-749 18% 7,019
750-799 27% 10,528
800-850 13% 5,069

The good news is, we can help virtually any borrower who has an income of $1500 per month or higher, regardless of their credit score.