Auto Loans in Morristown (TN)

Income, credit, down payment – getting a car loan can be a stressful process, but we’re here to help you from application to approval. We have a vast network of lenders and dealers, many of whom are standing by, ready to fund your loan. Here is how the process works:

  1. Take a couple of minutes to submit your loan application.
  2. Check your email for your approval status.
  3. Consult your lender about your interest rate and terms.
  4. Sign your agreement.
  5. Go purchase your vehicle.

Sounds simple, right? It really is!

What if I Have Subprime Credit?

Do you have a FICO score of 620 or less? Bad credit is not a deal-breaker. There are several principal credit tiers in the auto finance industry, and we work with dealers and lenders that accept applicants in each of them. You’ll typically be approved by a bad credit dealership or auto finance company. Companies like these submit payment information to the credit bureaus. This is crucial to rebuilding your credit. There are no obligations when you use our service, and no hassles. Go here to submit your online credit application.

Do You Need a Down Payment?

We do work with lenders who offer car loans with no money down, even for people with credit problems. However, supplying a down payment is recommended for a number of reasons: it minimizes your payment per month, interest, and risk of being upside down. An excellent down payment would be 20% for a new vehicle, and 10% for a pre-owned one.

With that being said, you don’t need a down payment to submit an application. Just enter your down payment amount on your application, and our system can find you a dealer, bank, or finance company who wants to get you in the driver’s seat, whether or not you have a down payment.

How About In-House Financing?

This type of financing is sometimes known as:

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

These dealers work with people that cannot get approved any place else due to bad credit. Of course, the interest rates are high, but there are a lot fewer hurdles to approval.

Morristown-Specific Income, Credit Statistics

Your FICO score is only part of the picture. Lenders evaluate such things as:

  • Income
  • Stability
  • Credit History

The following are average statistics for residents of Morristown.

  • Average Income: $1,295 Per Month
  • Average Car Payment: $142 (11% of Income)
  • Recommended Car Payment: $104 to $130 (8%-10% of Income)

If you have less-than-perfect credit, you’re not alone. This chart shows how many people in Morristown are in each credit level.

FICO Score % of Population Residents
300-499 2% 946
500-549 5% 2,366
550-599 8% 3,785
600-649 12% 5,677
650-699 15% 7,097
700-749 18% 8,516
750-799 27% 12,774
800-850 13% 6,150

Not where you want to be in terms of credit? Don’t worry, we can help nearly any applicant who has an income of $1500 per month or more, no matter what their credit score is.

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