Auto Loans in Madison (TN)

Don’t waste your time driving from bank to bank, submitting credit applications. We can get you approved a lot sooner, with fewer hassles along the way. Each lender has their own approval standards, so it’s very important to find one that matches your needs. Submit your application, and the dealers and lenders in our network compete for your business.

FICO Scores of 620 or Lower

Special Finance is our primary focus. There are three separate credit tiers typically considered “bad credit”:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter your score, we have lenders that want to give you a second chance at financing. We can find you a bad credit car dealer or lender in Madison who’s willing to approve you for financing – and since we’re compensated by the dealers themselves, it’s free! Apply Now!

Zero Down Payment Deals?

Buyers with good credit can typically get financed with no down payment. But if your credit is a problem, your dealer may want you to offer a payment in advance. That’s because lenders are focused on the Loan-to-Value Ratio (LTV). This is the amount of the loan in relation to the wholesale value of the vehicle.

Amount Borrowed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$17,500 $22,000 79%
$20,000 $30,000 67%

The economic downturn had a massive impact on the average LTV for borrowers with poor credit, but it is back up to around 70%. With that being said, we have dealers who offer financing with no money down.

Our application placement system will find you a lender or dealer who’s willing to work with you, even if you don’t have a down payment.

How About Buy Here Pay Here Financing?

This sort of financing is otherwise known as:

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

These dealers make credit decisions on site, instead of relying on banks or finance companies. Without a doubt, the rates are higher, but there aren’t many hurdles to getting approved.

Madison-Specific Credit, Income Numbers

Banks, dealers, and auto finance companies are interested in much more than just your FICO rating. Creditors evaluate your ability to pay (income), employment history, and debt repayment history.

Here are average stats for Madison residents.

  • Average Income: $1,341 Per Month
  • Average Car Payment: $148 (11% of Income)
  • Ideal Car Payment: $107 to $134 (8%-10% of Income)

Bad credit. It’s pretty common in Madison and across Tennessee. The table below shows the estimated number of Madison residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 704
500-549 5% 1,760
550-599 8% 2,815
600-649 12% 4,223
650-699 15% 5,279
700-749 18% 6,335
750-799 27% 9,502
800-850 13% 4,575

Regardless of what your credit rating is, we can help. We help consumers of all credit scores and income levels. That’s our mission.

Ready to get financed? It’s easy to apply online.