Auto Loans in Milledgeville (GA)

We understand that auto financing can be a hassle. That’s why we built our online approval system. A growing number of lenders and dealers now have entire departments specializing in web-based applications, and we can get you approved straight from your computer. This is how the process works:

  1. Apply for your Milledgeville car loan online.
  2. Log in to your email for your approval status.
  3. Have a discussion with your finance specialist about your APR and conditions.
  4. Send over any additional paperwork.
  5. Go purchase your vehicle from a dealer in the area.

Sound simple? It truly is!

FICO Scores Classified as Subprime

Do you have a credit score of 620 or less? Not to worry. Poor credit is not an issue. We have lenders and dealers who help people with subprime credit, and they are hoping to approve you for financing. A down payment, as well as proof of income will typically be considered necessary for any bad credit car loan in Milledgeville. Fortunately, people who apply through us are approved the same day they apply. You’ll have your application placed with a bad credit car dealer or subprime auto finance company. In most cases, they submit information to the credit reporting agencies. This is imperative when you need to re-establish your credit. Apply Now!

The amount you’ll be able to borrow is largely determined by your income and the status of your credit. Below, we’ve displayed how much consumers of differing credit ratings can finance, given an income of $987 per month, the average in Milledgeville. Keep in mind, these are only estimations.

Credit Rating Income Factor Amount Borrowed
Good Credit 10 $9,870
Fair Credit 9 $8,883
Temporary Bad Credit 8 $7,896
Poor Credit 7 $6,909
Very Bad Credit 6 $5,922

Of course, these are just approximations. For an exact quote, you must submit your application.

Down payments are payments made the day you sign for your vehicle. They are normally required of people who have a substandard history of debt payment. When dealing with subprime credit, lenders are worried about the Loan-to-Value Ratio (LTV). This is the amount you borrow in relation to the wholesale value of the vehicle.

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

The lower the LTV, the less risk for the lender. That isn’t to say that dealers don’t ever finance people who don’t have a down payment.

Auto Financing for First-Time Buyers in Milledgeville

As a student or recent graduate, you might have limited credit history. Thankfully, some car dealers are more worried about whether you have the ability to pay.

  • Income: $375 per week is required. Full-time employment is preferred.
  • Cosigner: If you can’t meet the income criteria, or you’d like a cheaper interest rate, asking someone to cosign could be the answer.

Buy Here Pay Here Car Lots in Milledgeville

If you have thought about working with a buy here pay here car lot in Milledgeville, thanks to poor credit, then keep in mind that they will most likely require you to provide a sizeable down payment. These dealers specialize in helping people that can’t get approved anywhere else. Payments are made to the dealer directly, and the vehicles are typically priced at less than $10,000. Sadly, most in house financing dealerships aren’t able to help buyers re-establish their credit. More often than not, you would be better off applying online, so we can find you an auto loan in Milledgeville that can help improve your credit.

Budgeting for a Car in Milledgeville

You want to spend 8% or less of your monthly income on a car payment. In Milledgeville, where the average income is $987, this would be $79. Below is how much car you could purchase with this monthly payment, at a range of rates of interest.

Good Credit Average Credit Subprime Credit
Monthly Income $987 $987 $987
Monthly Installment $79 $79 $79
Interest Rate 3.50% 7.00% 11.00%
Loan Term 60 Months 60 Months 60 Months
Money Down $1,085 $997 $908
Amount Borrowed $4,340 $3,988 $3,632
Total Interest $397 $750 $1,106
Vehicle Price $5,426 $4,985 $4,540