Auto Loans in Germantown (TN)

Income, credit, down payment – getting a car financed can be a bewildering process, but we’ll guide you each step of the way. Each and every bank, dealer, or finance company has their own approval requirements, so it’s crucial that you find one willing to work with your credit. Simply apply online, and we’ll begin working to get you approved from a dealer or lender who suits your needs.

FICO Scores of 620 or Less

Below-average credit? Don’t worry. We help people with damaged credit – it’s what we do. A lot of major lenders and dealers now have complete sales teams specifically for “special finance.” These are sometimes called bad credit car dealers, and we have quite a lot of them in our network. Plus, repaying a car loan can help increase your credit score. So let us find you a lender or dealer in Germantown that funds loans for people with subprime credit – online! The process is easy, fast, and there are no obligations. Just submit your online credit application.

Getting Approved with No Down Payment

FICO score of 700 or better? If so, you probably won’t need to bother with a down payment. If you have a bad credit score, however, your dealer may want you to furnish a payment in advance. At this stage, the Loan-to-Value ratio becomes a critical factor. This is the loan amount in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value LTV
$10,000 $15,000 67%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $25,000 80%
$20,000 $30,000 67%

The lower the LTV, the lower the risk for the lender. That said, we get many borrowers financed anyway.

Simply indicate your down payment amount when you submit your application, and our system can find you a lender or dealer who can work with your down payment, or lack of one.

What About In-House Financing?

This sort of financing is also known as:

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

Customers who have been unable to secure financing due to seriously bad credit often resort to these types of dealerships. Everything is paid to the dealer directly, and the vehicles typically cost less than $10,000.

Germantown-Specific Income, Credit Statistics

Your FICO score is just part of the equation. Lenders review such things as:

  • Ability
  • Job Stability
  • History of Credit

Listed below are some average statistics for residents of Germantown.

  • Gross Income: $5,565 Per Month
  • Average Car Payment: $612 (11% of Income)
  • Suggested Car Payment: $445 to $557 (8%-10% of Income)

Poor credit is fairly common in Germantown and across Tennessee. This chart depicts the estimated number of Germantown residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 750
500-549 5% 1,875
550-599 8% 3,000
600-649 12% 4,500
650-699 15% 5,625
700-749 18% 6,751
750-799 27% 10,126
800-850 13% 4,875

Not where you want to be when it comes to credit? Don’t worry, we can help virtually any consumer, as long as they have an income of $1500 per month or more, no matter their credit score.