Auto Loans in Albany (GA)

How would you like to get approved for financing before you ever step foot on the dealer lot? We can help. The advantages of our service for Albany residents are numerous:

  • Comprehensive Network of Lenders
  • Secure Online Application
  • Zero Fees, Zero Commitments
  • No Down Payment Needed
  • Good or Bad Credit Approved
  • Instant Approval for Many Applicants
  • Personal Login for Checking Application Status

Simply apply online, and we’ll start working to get you approved from a lender or dealer who suits your needs.

Car Loans for Bad Credit in Albany, GA

Bad credit. If you have it, you’re not alone. More than one quarter of Georgia’s population is estimated to suffer from it, a figure which has only climbed in recent years as a result of the economy. Contrary to popular belief, it isn’t impossible to get a car loan with bad credit. We work with many dealerships that arrange such loans on a daily basis. The real issue is the rate of interest you will be charged. These days, rates of 9% APR and higher are common, with rates going as high as 19%. With such a rate, you’ll be paying a lot in interest in addition to the price of your vehicle. For that reason, negative equity can be an issue. It’s best to opt for a cheap yet reliable vehicle with low monthly payments, and provide the biggest down payment you can in cash or trade. Of course, paying off such a loan on time and as agreed will slowly push your credit score higher.

We can help you find a bad credit car dealership in Albany who’s willing to approve you for a loan – today!

Apply now!

Can I Finance a Car with Zero Down Payment?

Assuming you have a good credit score, then yes: you can typically buy a car with no money down. Unfortunately, it’s considerably trickier for applicants with low credit scores. At this stage, the Loan-to-Value ratio becomes a critical factor. This is the amount of the loan in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $25,000 80%
$20,000 $30,000 67%

The economic downturn had a massive impact on the average LTV for subprime applicants. Before the recession, it was close to 100%, and fell to about 60% in the recession era. Today it’s risen back to around 70%. The good thing is, as the economy gets better, more lenders and dealers should be able to offer auto loans with no down payment.

Our application placement system can find you a dealer or lender who wants to fund your loan, whether you can put money down or not.

What About Buy Here Pay Here Financing?

This sort of financing is commonly known as:

  • We Finance
  • Rent to Own
  • We Tote The Note
  • Your Job is Your Credit

These dealers approve people for financing on the lot, rather than relying on banks or lenders. Everything is paid to the dealer directly, and the vehicles they sell typically cost less than $10,000.

Albany Consumer Profile

Albany, once having an agriculture-based economy, now relies on a diversified list of major industries:  health care, retail, education, and the military.

The following are average statistics for residents of Albany.

  • Pre-Tax Income: $830 Monthly
  • Average Car Payment: $91 (11% of Income)
  • Suggested Car Payment: $66 to $83 (8%-10% of Income)

Poor credit is fairly common in Albany and across Georgia. The table below shows the estimated number of Albany residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 2,052
500-549 5% 5,129
550-599 8% 8,207
600-649 12% 12,311
650-699 15% 15,388
700-749 18% 18,466
750-799 27% 27,699
800-850 13% 13,336