Auto Loans in Chattanooga (TN)

We know that financing a car can be a hassle. That’s why we launched our loan-matching technology. We have relationships with lenders and dealers in Chattanooga and across Tennessee who want to approve you for financing – this week! Apply online, and your credit application will enter our state-of-the-art placement system. There we will find you a lender based on where you live, your income, your down payment, and other factors.  It’s truly the easiest, most effective way to get a car loan in Chattanooga, Hamilton County, and surrounding areas.

Important Advantages

Chattanooga
“The Scenic City”

We offer a number of important advantages over the competition, which include:

  • No down payment with approved credit.
  • New and pre-owned vehicles available.
  • Good and bad credit accepted.
  • Approvals in 24 hours.

Interest Rates in Chattanooga

Your credit score is the single largest contributing factor to what your interest rate will be. Used car loans generally come with higher rates, though they can be a better value because the previous owner has already taken that notorious initial drop in value. The longer your finance term, the higher your interest rate as well. Generally, you are better off financing your vehicle for the shortest term possible, as this minimizes how much you’ll end up paying in total interest. Below are links to pages that have information about average interest rates in Tennessee for various credit types:

To speak with a finance specialist who can quote you a rate based on your individual credit and income profile, simply submit credit application.

Bad Credit Auto Loans in Chattanooga

auto loan ChattanoogaChattanooga may be “The Scenic City,” but we know what you really want to see is the inside of a new car. Less-than-perfect credit? No problem. We enable you to apply online and get pre-approved for financing, even if your credit history is sub-standard. There are several principal credit tiers when it comes to auto financing, and we work with companies that support each of them. Plus, making regular payments on a car loan will boost your credit score. So let us find you a lender or dealership in Chattanooga that funds loans for people with subprime credit. It’s easy. Simply submit your online credit application.

Financing a Car with No Down Payment

Excellent credit? If so, you might not have to concern yourself with a down payment. But if your credit is sub-optimal, your dealer may require you to provide a down payment. That’s because lenders are focused on the Loan-to-Value Ratio, or LTV. This is the amount borrowed versus the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$15,000 $17,500 86%

Dealers that work with bad credit in Chattanooga often target an LTV of about 70%. The good thing is, as the economy improves, more dealers and lenders should be able to offer auto loans with zero down.  Apply online, and indicate zero down payment in the appropriate section. We’ll place your application with a lender who can finance your purchase, no down payment necessary.

Chattanooga Buy Here Pay Here Financing

In House financing is often referred to as:

  • We Finance
  • Rent to Own
  • We Tote The Note
  • Your Job is Your Credit

These dealers finance people that cannot get approved by a traditional lender due to poor credit. The annual percentage rates are especially expensive, but they typically offer guaranteed credit acceptance.

Credit and Income: Chattanooga

Your FICO score is just part of the equation. Creditors review your income, stability, and debt repayment history.  Here are average statistics for residents of Chattanooga.

  • Average Income: $1,742 Monthly
  • Average Car Payment: $192 (11% of Income)
  • Recommended Car Payment: $139 to $174 (8%-10% of Income)

Have you ever wondered about the credit scores of your neighbors? We’ve calculated how many Chattanooga consumers fall into each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 3,793
500-549 5% 9,482
550-599 8% 15,172
600-649 12% 22,758
650-699 15% 28,447
700-749 18% 34,137
750-799 27% 51,205
800-850 13% 24,654

This shows that approximately 51,205 Chattanooga residents have a credit score of 649 or less, generally regarded as subprime. If you fall into one of the lower tiers, don’t be concerned. We can still help you get approved.