Are you aware that roughly 70-75 percent of new cars are not paid for in cash? Unless you’re one of the few cash customers, you need a car loan.
Unfortunately, this is one of the hardest periods to buy a car with fair or bad credit in our nation’s history, thanks to the economy.
We are here to match you, the borrower, with the loan you need. If you submit your application, our software pings our network of Alabama finance companies to find you the one who best suits your needs.
Does this hurt your credit ratings? Not a great deal, but this credit check will turn up on your credit rating. So long as you constrain a few different applications to only 30-45 days, multiple credit checks should show up as a single inquiry on your credit history.
Go here to apply online.
Financing a Car When You Have Adverse Credit in Bessemer, AL
The number of men and women in Bessemer, AL, who will have to have a bad credit car loan to finance their car or truck is staggering. Remember, a credit score less than 620 is seen subprime credit.
Credit Rating of…
- 300 – 499: 1,416 Residents
- 500 – 549: 3,541 Residents
- 550 – 599: 5,666 Residents
- 620 or less: 21,247 Residents
Why is it so hard to find a poor credit car loan? Loan companies study your fico scores as way to evaluate financial risk. The interest fees they charge is how they make their money. The more risk there is of you not repaying the loan, the more likely they are to be in the red on this particular deal.
When you submit your application for bad credit auto loans in Bessemer, AL, our cutting-edge approval solution works to match your application form with a lending company who offers auto loans to individuals with bad credit scores.
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No Cosigner Auto Loans in Bessemer, AL
Although cosigners may not be absolutely mandatory, failing to have your auto loan cosigned could make it much more challenging to get approved. Having a cosigner is critical when it comes to car loans with no credit or a bad credit score. But don’t forget that cosigning a car loan is a large responsibility. How so? Because the co-signer will be legally required to pay down the car loan amount if the first candidate cannot. That is why cosigned auto loans are a tremendous responsibility.
How Much Can I Afford?
When shopping for a car, following a good budget is critical. Here’s a financial analysis based on the average income and monthly payments of Bessemer, AL residents:
- Income: $25,400
- Monthly Debt Payments: $594
- Monthly Car Budget: $214 (36% of Debt)
- Monthly Insurance Premiums: $66
- Leftover Budget For Auto Payments, Fuel, Upkeep: $148
The loan amount to which this equates depends on a range of criteria:
- Annual Percentage Rate
- Length of Term
- Credit History
- And More…
Fortunately, we can offer you certain estimates for a 5 year new car auto loan in Bessemer, Alabama. Generally speaking, the rates of interest on a used car will be a bit more substantial. The more expensive payment is referring to bad or no credit car loans, and the more affordable payment is for good credit auto loans.
- $100 – $130: $5000
- $275 – $400: $15,000
- $375 – $525: $20,000
- $550 – $775: $30,000
- $950 – $1300: $50,000
Not affordable? The easiest way to cut back the amount you pay per month is to increase your loan to 72 or 84 months.
At the same time, don’t forget that putting money down will reduce the amount borrowed.
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Do I Need a Down Payment?
It depends. You can get yourself zero down car and truck loans in Bessemer, AL. But here’s the question for you: not can you finance a car with no payment, but should you? Vehicles drop in value the moment you purchase them. If you have put 5 to 20% down at signing, however, you can usually trade in your car and repay the amount of the loan. If you want a car loan with low credit scores in Bessemer, AL, approval may be subject to whether or not you can provide a pre-specified down payment amount.
Avoid Bessemer Buy Here Pay Here Car Lots
In recent times, the buy here pay here car lot has become a preferred alternative to the conventional car lot. This is true in Bessemer, as well as the rest of the country. This comes as no big surprise. These types of car lots accommodate folks with horrible credit, as well as those needing car financing with bankruptcy, property foreclosure, or even repossession. Getting a loan from the bank would be extremely difficult for men and women with credit complications like this. Buy here pay here dealers, on the other hand, will give them an auto loan, typically with no credit check. The rates of interest can be exorbitant, and it’s too easy to become a victim of negative equity with this type of car loan. We encourage you to apply online with us before you decide on buy here pay here financing.
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Documents You’ll Need
For you to get a car loan, you’ll want to supply some documents, which may include proof of income, residence, and insurance, plus your drivers license.