Auto Loans in Nashville (TN)

You need to finance a car, and we can help. We work with many companies who offer auto loans in Nashville, and they want to get you behind the wheel of a new vehicle – this week! Submit your application, and the dealers and lenders in our network compete to fund your loan. The primary requirement is a pre-tax income of $375 per week. We are able to place approximately 90% of our Nashville applicants with a lender or dealer, as long as they have sufficient income. There is no minimum credit score for application, and there is no fee, hidden or otherwise. If you’re in the market for a new car in “The Music City,” let us streamline the process for you.

What about Car Loans in Nashville for Bad Credit?

Less-than-perfect credit? No problem. We help people with low credit scores – it’s a large part of what we do. A lot of large lenders and dealers now have whole sales teams committed to assisting subprime buyers, simply because this market demographic has grown so much in recent years. These are commonly called, in Nashville, bad credit car dealerships. Unlike the majority of banks, which require high credit scores for approval, these companies focus more on your present ability to pay than your past history of doing so. Given your credit, the interest rates will be higher, as with any loan. How high? Typically, somewhere between 8-21% APR. That’s a broad range, yes – your rate will be determined by an extensive matrix of factors:  credit score, credit utilization, credit profile, loan type, vehicle type, and other factors.

Can This Help My Credit?

As you may know, continually making your payments on time should gradually raise your score, meaning cheaper credit in the future. Improved credit also helps with everything from insurance premiums to mortgages to job-hunting.  So let us find you a lender or dealership in Nashville that approves auto loans for people with bad credit. Our service is easy, fast, and there are no obligations. Go here to submit your secure application.

Is a Down Payment Required?

Buyers with good credit can typically get financed without a down payment. Customers with subprime credit, however, may need to offer up a down payment of 10%-20%. That is because such loans pose more risk for the lending company. Delinquency is more common, and a down payment makes certain that some percentage of the vehicle’s value is not at stake. That being said, we get many clients financed anyway. Our approval platform can find you a dealer or lender who can work with you, even if you don’t have a down payment.

Nashville Buy Here Pay Here Lots

Buy Here Pay Here, or “BHPH” financing, is otherwise known as:

  • In House Auto Financing
  • Your Job is Your Credit
  • We Tote The Note
  • Rent to Own
  • We Finance

Consumers who cannot secure financing because of major credit problems like bankruptcy often find themselves at these types of dealerships. The interest rates are expensive and the down payments are high, but approval is often guaranteed. Most of these independent dealers do not report your payments to Transunion, Equifax, and Experian, meaning paying off such a loan will do little to boost your ailing credit score.

Nashville-Specific Financial Profile

Nashville is, of course, a major music production center, but health care is the leading industry. Nissan has relocated their North American headquarters just outside of the city as well. This helped the city maintain a relatively strong economy despite the economic downturn.

Dealers and lenders are interested in more than just your FICO rating. Lenders evaluate your ability to pay (income), history of employment and residence, and individual credit history.  Listed below are average statistics for residents of Nashville.

  • Gross Income: $1,583 Monthly
  • Average Car Payment: $174 (11% of Income)
  • Recommended Car Payment: $127 to $158 (8%-10% of Income)

Less-than-perfect credit is fairly pervasive in Nashville and across Tennessee. This chart depicts the estimated number of Nashville residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 8,270
500-549 5% 20,676
550-599 8% 33,081
600-649 12% 49,621
650-699 15% 62,027
700-749 18% 74,432
750-799 27% 111,648
800-850 13% 53,756