Auto Loans in Hendersonville (TN)

Hendersonville is the home of Rhoades Car, but you need a car, not a quadracycle. We can help. If you’re looking for the best auto loan in Hendersonville, search no further. Our service is fast, safe, and effective. Applicants who meet the minimum criteria have a 90% chance of approval. Submit your application, and our network of dealers and lenders compete for your business. You will be matched with one – and only one – dealer or lender, and one of their finance agents will contact you to discuss lending terms, interest rates, vehicle selection, and more. Both new and used cars can be financed, and no down payment deals are available with approved credit.

Auto Loans for Bad Credit in Hendersonville

“The City by the Lake” is also a city with credit issues, like much of Tennessee. It’s estimated that at least 20% of the city’s residents 18 years of age and older have what qualifies as “bad credit,” meaning a FICO score of 620 or below. Below-average credit, as you may know, is often a challenge when trying to finance a new vehicle, but not at Tennessee Auto Finance. A lot of major lenders and dealers now have entire sales teams committed to what is known as “special financing,” geared toward borrowers with credit problems stemming from bankruptcy, repossession, unpaid bills, and other issues. Colloquially, these are often called, in Hendersonville, bad credit car dealers.  We work with many of them in Sumner County.

Rebuilding Credit Through Financing

As you may know, repaying an auto loan can improve your credit score. That’s because more than 30% of your FICO score is determined by your payment history. By making car payments on-time and in-full, you are building a positive history of credit. In order for this process to help, however, your lender must report payments to the credit reporting agencies (Equifax, Experian, TransUnion).  So let us find you a lender or dealer in Hendersonville that finances bad credit. It’s easy. Just submit your secure application.

Do I Need a Down Payment?

Plenty of our dealers fund loans for people with no money down. However, a down payment is recommended because it lowers your payment per month, total interest, and problems with being upside down. The ideal down payment is 20% for a new vehicle, and 10% for a pre-owned one.

That being said, you don’t need a down payment to get pre-approved. Apply online, and enter a zero in the down payment field. We will place your application with a lender willing to finance your purchase, no down payment necessary.

What About Buy Here Pay Here Financing?

Buy here pay here financing is also known as:

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

These dealers finance people who cannot get approved by a traditional lender due to credit problems. Everything is paid to the dealer directly, and the cars and trucks for sale are typically priced at less than $10,000.

Hendersonville-Specific Financial Profile

HendersonvilleThere is more to auto financing than just your credit score. Creditors review your ability to pay (income), history of employment and residence, and individual credit history.

Here are average stats for residents of Hendersonville.

  • Pre-Tax Income: $25,958 Annually
  • Average Car Payment: $238 (11% of Income)
  • Suggested Car Payment: $173 to $216 (8%-10% of Income)

Have you ever wondered about the credit ratings of your neighbors? We have calculated how many Hendersonville residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 975
500-549 5% 2,439
550-599 8% 3,902
600-649 12% 5,853
650-699 15% 7,316
700-749 18% 8,779
750-799 27% 13,169
800-850 13% 6,340

This shows that more than 25% of Hendersonville residents have a credit score of 649 or lower, which is typically considered subprime. If you’re in one of the lower groupings, don’t be concerned. We can still help you get approved. Also, if you live closer to Nashville, we serve the whole metro area.