Auto Loans in Knoxville (TN)

At Tennessee Auto Finance, we get you the loan you need with no headaches, and no obligations. Each and every lender has their own approval criteria, so it’s crucial to find one willing to approve your credit. Simply submit your application, and we’ll begin working to get you approved for a Knoxville car loan from a lender or dealer that suits your needs.

What Will Your Interest Rate Be?

KnoxvilleThe rate of interest on any auto loan is dictated by a multitude of factors, the most important of which are credit history and loan type. Most lenders look at your “Auto-Enhanced FICO Score,” a credit score which puts extra emphasis on how you’ve handled automotive leases and loans in the past. The higher your score, of course, the better interest rate they can offer you. Another important factor is the type of vehicle and loan term. Used vehicles are more expensive to finance than new ones, due to the increased risk to the lender, and longer loans come with higher rates than shorter ones.

Typically, if your score is above 700, you can expect a rate of less than 8% APR. If your score is less than 700, you can expect rates of 9-21% APR. These are broad ranges, but it is very difficult to estimate what your interest rate will be without all of this information. In order to get a detailed quote of what rate you might be offered, you need to submit your application and speak with a finance specialist.

Bad Credit Auto Loans for Knoxville Residents

Forbes has listed Knoxville as one of the nation’s top metropolitan hotspots, and the city has also been rated as one of the best values in the nation. However, that doesn’t mean Knoxville consumers haven’t faced their share of financial struggles. In fact, a quarter of the population is thought to have significant credit problems. Do you have subprime credit? Don’t worry. We help people with credit problems each and every day. We have lenders who help people with credit scores of 620 and lower, and they are ready and willing to fund your loan. You need a minimum monthly income of $1500, and any past bankruptcies must be discharged. We regularly help people suffering with credit problems as a result of:auto loan

  • Repossession
  • Bankruptcy
  • Foreclosure
  • Divorce
  • Medical Expenses

We can get you approved for financing from a bad credit car dealership in Knoxville – today!  We do have lenders in our network who don’t require consumers to offer a down payment. However, a down payment is a good idea because it lowers your payment, interest, and problems with negative equity. Your ideal down payment is 20% for a new vehicle, and 10% for a used one.  With that said, you don’t need a down payment to submit an application. We get people financed each and every day, even with credit and down payment issues. Apply now!

In-House Financing in Knoxville – Worth it?

In House financing is sometimes known as:

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

These dealers finance consumers whose credit has been rejected by traditional lenders. Sure, there are fewer obstacles to getting approved, but the rates and down payments are high, and you end paying FAR more for your vehicle than it’s worth. In fact, your down payment itself often covers the dealer’s entire investment in the vehicle. Every payment on top of that is simply profit, and money out of your pocket.

Knoxville-Specific Credit, Income Numbers

Your FICO score is just part of the equation. Loan companies evaluate the following:

  • Debt to Income Ratio
  • Source of Income
  • Credit History

Here are average statistics for Knoxville residents.

  • Pre-Tax Income: $19,365 Per Year
  • Average Car Payment: $178 (11% of Income)
  • Suggested Car Payment: $129 to $161 (8%-10% of Income)

Next we have an overview of Knoxville’s population by credit rating. These are just estimates, but they should give you an idea of where you stand in relation to other consumers in your area.

FICO Score % of Population Residents
300-499 2% 6,935
500-549 5% 17,338
550-599 8% 27,741
600-649 12% 41,612
650-699 15% 52,015
700-749 18% 62,418
750-799 27% 93,627
800-850 13% 45,080

Ready to begin? Click here to apply online.