Auto Loans in Cookeville (TN)

From FICO scores to down payments, getting a car loan can be a stressful process, but we’re here to guide you each step of the way. Each and every lender has their own approval requirements, so it’s very important to find one that matches your needs. Here is how the process works:

  1. Take a few minutes to complete your secure application.
  2. Check your email for your approval status.
  3. Have a discussion with your lender about your interest rate and terms.
  4. Sign your agreement.
  5. Go purchase your vehicle from a dealer in the area.

Yes, it is that easy. We have an extensive network of industry connections all over Cookeville and Middle Tennessee.  Let us put you in the hands of a company that understands your unique needs and financial profile. You could have the funds you need for the car you want this very day. To get started, just submit your credit application.

Bad Credit Auto Loans for Cookeville Residents

car loan CookevilleSpecial Finance is, well, one of our specialties. We have lenders who help people with credit scores of 620 and lower, and they are ready and willing to approve you for financing. Let us find you a lender or dealer in Cookeville that finances bad credit – today! As long as you have sufficient income, typically defined as $1500 per month before taxes, then many lenders are willing to overlook your credit history. They may charge you a higher interest rate, but that is to be expected of any line of credit. The lower your score, the higher the rate. However, the important thing is that they will work with you – something that cannot be said of many traditional banks, most of which automatically decline applicants who do not meet their lofty credit standards.

Will you need a down payment if you’re approved for a bad credit car loan in Cookeville? Good question. The answer is typically yes. That is because financing consumers with bad credit is a much riskier process, and a down payment helps to ensure that some percentage of the vehicle’s value has already been secured. If, for some reason, the loan is not repaid, the lender is in a much better position to recoup some of their losses. What’s more, a down payment demonstrates a vested interest in the transaction, which can be important for consumers with a history of slow or non-payment of other bills or loans.

We get people financed each and every day, despite issues with their credit and down payment. And if you have good credit, 100% financing is often an option.

Buy Here Pay Here Car Lots in Cookeville

Have you thought about going to one of those buy here pay here dealers that offers financing with “no credit check.” Just be careful. These dealers approve people for financing on the lot, instead of relying on banks or finance companies. In that way, they are subject to less regulation. They work with people with issues like open bankruptcy or repossession on their record, and they may approve you for financing without a credit check, but the down payment and rate of interest could be exorbitant. In fact, it may behoove you to make sure the interest rate they charge is lawful under Tennessee’s usury laws. Often, the cars are high-milers that are a bit rough around the edges.

A better option might be to apply for financing through our service, because our lenders and dealers do report to the credit bureaus, meaning you’ll have the opportunity to rebuild your credit as you pay off your vehicle – a double advantage. You can also expect reasonable interest rates, given your credit, and reasonable down payments, given the nature of the vehicle being financed.

Cookeville Consumer Profile

Dealers and lenders are concerned with a lot more than just your FICO score. Lenders evaluate your income, employment history, and history of credit.

Here are average statistics for residents of Cookeville.

  • Pre-Tax Income: $12,814 Per Annum
  • Average Car Payment: $117 (11% of Income)
  • Suggested Car Payment: $85 to $107 (8%-10% of Income)

Next we have broken down Cookeville’s population by credit rating. These estimations should give you an idea of where you stand in relation to other consumers in the area.

FICO Score % of Population Residents
300-499 2% 1,109
500-549 5% 2,772
550-599 8% 4,436
600-649 12% 6,654
650-699 15% 8,317
700-749 18% 9,981
750-799 27% 14,971
800-850 13% 7,208

If your credit puts you in one of the lower ranges, don’t fret. We have lenders who finance people in each of these credit tiers.