Bad Credit Auto Loans in Georgia

Wary of the impact your credit will have on your interest rate? You aren’t alone. More than 25% of the population have credit scores of 620 or less, and we’re here to help. We have relationships with a huge selection of dealers and lenders across Georgia who specialize in helping people with bad credit.

When you apply online, we go to work finding you a dealer or lender wants to fund your loan. Our system is quick and pain-free, and there are no commitments.

Subprime Auto Finance Rates in Georgia

Higher APR rates are to be expected when you have a credit score of 620 or lower. Your actual interest rate will depend on a multitude of factors, including your loan provider, credit rating, type of loan, financing term, and other criteria. Although your lender is the only one who can calculate your interest rate, we can give you a range of rates based on our experience in the industry.

FICO Used Vehicle APR New Vehicle APR
660-689 7.24% 6.49%
620-659 11.77% 9.31%
590-619 16.03% 13.23%
500-589 19.24% 14.82%

If these rates seem high, they are. To help lessen the amount you end up having to pay in interest, you can offer a down payment and select the shortest lending term possible.

Minimum Requirements

  • Resident of Georgia.
  • Weekly income of $375.
  • Gainfully employed for a minimum of 12 months.
  • Any bankruptcy discharged.
  • No repossessions in last year.

Financing a Used Vehicle

Vehicle restrictions vary from company to company, but we can offer a few guidelines based on our industry experience.

  • New or used vehicles.
  • Mileage of 75,000 miles or less.
  • Vehicle no more than 6 years old.
  • Minimum loan amount of $7500.

In most cases, you won’t have a “blank check” car loan. Instead, you will have to purchase your vehicle from a specific dealership or network of dealerships.

Down Payments: Do I Need One?

For consumers with poor credit, down payments are likely to be mandatory.

They minimize the risk for the bank, finance company, or dealer, because if the borrower defaults, they have a better chance of recouping their losses. For you, the borrower, there are benefits as well. You will owe less in overall interest, simply because you’ll be borrowing less, and you won’t be quite as vulnerable to negative equity.

You might have seen no money down, “sign and drive” offers advertised in Georgia. However, you must be careful, as dealers sometimes roll the down payment into the total amount borrowed. Although you don’t owe anything upfront, you’ll wind up paying more than you otherwise would.

The Impact on Your Credit

An auto loan is actually one of the most powerful ways to increase your FICO rating, but you have to pay it off as agreed. It shows lenders that you’ve become a creditworthy consumer, which means lower interest rates on future loans. Of course, the opposite is also true. If you miss payments or are late on them, you could quickly worsen your already-weakened credit score.

Although experts recommend devoting just 18-20% of your income to vehicles, no more than half of that (10%) should be put toward your auto loan payment. To give an example, let’s look at the average numbers for Georgia residents.

  • Monthly Income: $2115
  • Total Transportation Budget: $381
  • Suggested Payment: $212
  • Leftover Funds for Fuel, Maintenance, etc: $169

This is simply an average, of course, but it should show you how to establish an affordable monthly payment.

What About Bankruptcy?

We can often help people who have filed for bankruptcy.  If the bankruptcy has been discharged, you’ll be in a much better position to get financed.  If it is still open, you may need to obtain an authorization to incur debt.  Simply apply online, and then speak with your lender about the requirements.