Auto Loans in Murfreesboro (TN)

Do you need an auto loan in Murfreesboro? We can help. Our loan-finding system takes the headache out of getting approved. Apply online, and our lenders compete to fund your loan. Why spend hours – even days – going from lot to lot, or bank to bank, searching for the best rate? Our process is secure, fast, and there is no obligation to accept the loan you’re offered.

Car Loans with Bad Credit in Murfreesboro

Murfreesboro may be recognized as one of the top 100 places to live in the United States, but that’s doesn’t mean its residents aren’t dealing with credit problems of all kinds. We help people with damaged credit each and every day, including people whose credit is suffering on account of unpaid medical bills, short sales, foreclosures, bankruptcy, and divorce. Though your interest rate will be elevated in proportion to your credit score, paying off your loan month in and month out will serve to raise your score over the long haul. There isn’t a minimum FICO score to worry about, and people from each of the subprime credit tiers are welcome to apply.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

We can help you find a bad credit car dealer or lender in Murfreesboro who’s willing to approve you for a loan – and since we’re compensated by the dealers themselves, it’s free! There are no obligations for using our service, and no hassles. Go here to submit your online credit application.

Budgeting for Your New Car

Too many consumers in the Volunteer State end up with car payments that strain their budget. This heightens the risk of default, and generally makes for a more stressful life. To keep your budget balanced, you should aim to spend just 5% to 8% of your monthly income on your payment. On the other hand, you want to keep your loan length as short as you realistically can, as a shorter loan equates to less paid in total interest. Try not to finance for longer than 60 months, if possible.

Getting Approved with No Down Payment

If you’ve got a FICO score of 700 or more, then yes: you can typically get an auto loan without providing a down payment. Buyers with problematic credit, on the other hand, don’t have it that easy. If your FICO score has seen better days, your lender will probably require a down payment of at least 10%, often higher. That’s because lenders are focused on the Loan-to-Value Ratio (LTV). Divide the loan amount by the wholesale value of the vehicle. This is the LTV.

Amount Financed Vehicle Value LTV
$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%

Bad credit car dealers try to keep the LTV relatively low, typically staying in the range of about 70%. That isn’t to say dealers don’t offer financing for people with no money down. Our application placement system can find you a dealer, bank, or lending company who wants to get you behind the wheel, whether you have a down payment or not. Remember, the trade allowance from your existing vehicle can be applied to this, so you don’t necessarily need a large sum of cash for approval.

Murfreesboro Buy Here Pay Here Dealers

This sort of financing is often referred to as:

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

These dealers work with consumers that have been declined by traditional lenders. They approve people with problems like open bankruptcy, foreclosure, or repossession on their record.

Credit and Income: Murfreesboro

auto loan MurfreesboroBanks, dealers, and auto finance companies are concerned with much more than just your FICO rating. Loan companies look at your income, history of employment and residence, and credit history. Here are average stats for Murfreesboro residents.

  • Gross Income: $2,209 Per Month
  • Average Car Payment: $243 (11% of Income)
  • Suggested Car Payment: $177 to $221 (8%-10% of Income)

Have you ever wondered about the credit ratings of your neighbors? We’ve estimated how many Murfreesboro consumers fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 2,233
500-549 5% 5,583
550-599 8% 8,932
600-649 12% 13,398
650-699 15% 16,748
700-749 18% 20,098
750-799 27% 30,147
800-850 13% 14,515

No matter where you find yourself on this table, we’re here to help. We work with credit-seekers of all credit scores and income levels. That’s our mission.