Do you need a car loan, the sooner the better? You’ve come to the right place. Our extensive, statewide network of lenders and dealers is standing by, waiting for your application. When you apply online, we’ll find you a lender based on location, income, credit profile, and other factors.
What if I Have Credit Problems?
Below-average credit can be a problem when trying to finance a new vehicle, but not with us. Many major dealerships now have entire sales teams dedicated to special financing.” These are referred to as bad credit dealerships, and we have tons of them in our network. Sure, the APR on your loan won’t be as low as someone with a credit score of 700 plus, so it’s important to choose an economical vehicle with easily-affordable monthly payments. You’ll typically be approved by a bad credit car dealer or auto lender. Typically, they will report to the credit agencies, which is great when you need to rebuild your credit.
Can I Buy a Car with No Down Payment?
Buyers with good credit can typically finance a car with no down payment. If you have a low credit score, however, your dealer may require you to offer a payment in advance. At this stage, the Loan-to-Value ratio becomes one of the most important factors. This is the amount you borrow in relation to the wholesale value of the vehicle.
|Loan Amount||Vehicle Value||LTV|
Most subprime lenders prefer lower LTV ratios. Because the lender doesn’t have as much tied up in the vehicle, they are in a better position to recoup their losses if borrower defaults – a serious risk when financing people with less-than-perfect credit. With that being said, we get many loan-seekers approved for financing, despite their lack of down payment.
Apply online, and indicate zero down payment in the appropriate section. We will place your application with a lender willing to finance your purchase, no down payment necessary.
How About Buy Here Pay Here Financing?
In House financing is often referred to as:
- We Finance
- Rent to Own
- We Tote The Note
- Your Job is Your Credit
These dealers make credit decisions on site, instead of outsourcing this to banks or finance companies. Of course, the rates are higher, but there are few roadblocks to approval.
Franklin-Specific Income, Credit Statistics
There’s more to the approval process than just your FICO score. Lenders check your ability to pay (income), stability, and credit profile.
Here are average statistics for Franklin residents.
- Gross Income: $5,402 Monthly
- Average Car Payment: $594 (11% of Income)
- Ideal Car Payment: $432 to $540 (8%-10% of Income)
Next we have an overview of Franklin’s population by FICO rating. These estimations should give you an idea of where you stand in relation to other consumers in the area.
|FICO Score||% of Population||Residents|