Car Loans in Prichard (AL)

Car Loans Prichard AL

For a lot of people in Prichard, AL, a car loan is the chief fiscal commitment in their lives, besides their mortgage.

However, getting a car loan is no walk in the park, not these days.

Auto Loans in Prichard, AL
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But we can match you to a lender willing to accept your credit. If you submit your application, our Approval Maximization Engine works to find you the local lender who is most suitable for variables like your income, location, and credit score.

The truth is, we do not even get compensated unless your application gets pre-approved by a bank, dealership, or other loan provider in our network for your Prichard, AL auto loan. As you can see, getting you accepted for the car loan in Prichard, AL you need is crucial to our business.

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Prichard (AL) Bad Credit Car Financing

The number of people in Prichard, AL, who have unfavorable credit ratings is pretty astonishing. We’ve provided some estimated figures below. Keep in mind, poor credit is characterized by credit scores of 620 or lower.

Credit Score

# of Prichard Residents

  • 300 to 499

  • 500 to 549

  • 550 to 599

  • 600 to 649

  • Total 620 or Below

  • 954

  • 2,385

  • 3,815

  • 5,723

  • 14,307

Car Loans in Prichard, AL
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Without a doubt, buyers struggling with subprime credit need car loans just like everyone else. This is where we might actually help.

When you submit your application, our sophisticated data matching platform goes to work matching your application form with a lender who can accomodate 620 credit scores and less.

Even if you don’t have poor credit, listed here several strategies to help you maximize your odds of acceptance.

  • Get a Realistic Model: Now more than ever, it’s important to select a car or truck that has first-rate fuel economy and reliability.
  • Nothing Down Isn’t Ideal: During the high-rolling economic times of years past, we were used to zero down payment auto loans. Now we really need to be more concerned with pitfalls such as negative equity. Putting at least 5% down can avert upside down equity.
  • Have Someone Co-sign: Finding a friend or relative with favorable credit to cosign your Prichard, AL auto financing package boost your viability as an applicant a good deal.

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Calculating Your Payments

The average income for Alabama residents is $37,492, and among Prichard shoppers it’s $23,121. Generally, we advise that you allocate only 36 percent of your monthly debt payment. According to recent data, the average minmum debt payment among AL residents is $594. Thirty-six percent of this is $214. When we subtract $66 for Alabama’s monthly insurance costs, we’ll be left with $148. Which payments are factored into this formula?

  • Mortgage/Rent
  • Credit Card Payments
  • Auto Loans

The size of the Prichard, AL loan this represents will depend on a variety of criteria, which include rate of interest, length of term, credit history, etcetera.

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Auto Loans Prichard AL

Is a Down Payment Required?

Yes and no. There are no down payment dealerships in Prichard, AL. But here is the real question: ought you to get a car loan with zero down payment?

The thing is, upside down loans are a major problem among American borrowers. Putting money down is a surefire means of avoiding the annoying negative equity auto loan.

If you’d like an auto loan with poor credit, you might have no option but to offer up a payment in advance.

Be Wary of Prichard Buy Here Pay Here Dealers

Car Loan in Prichard, AL
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Have you noticed all of the buy here pay here dealerships cropping up in Prichard and across Alabama? These dealerships accommodate men and women who require:

  • Car Loans after Bankruptcy
  • Car Loans after Repossession
  • Car Loans after Foreclosure

Being approved for a loan from the bank would be extremely difficult for people who’ve got credit complications like this. Buy here pay here dealers, on the other hand, will offer them an auto loan, typically without a credit check. The rates of interest are exorbitant, and the potential risk of negative equity is fairly significant. For folks who need car and truck loans with lower than a 550 credit score, buy here pay here finance package may be the only solution. Having said that, we have found that lots of people assume that their fico score is lower than it really is. You might not need a no credit check car loan.

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