Auto Loans in Powder Springs (GA)

Do you need to get approved for financing? We can help. We work with dealers and lenders in Powder Springs and across Georgia who can fund your loan – today! Simply apply online, and we’ll start working to get you approved from a dealer or lender who suits your needs.

Credit score of 640 or less? That is often regarded as subprime or poor credit, but our service is ideally-suited to applicants with less-than-perfect credit. We have dealers and lenders who accept low credit scores, and they would love to fund your loan. Sure, your APR won’t be as low as someone with a FICO score of 700 plus, which means it’s imperative that you purchase a budget friendly vehicle with easily-affordable monthly payments. Plus, making regular payments on a car loan will improve your credit score. So let us find you a dealership who funds car loans for people in Powder Springs with credit problems.

FICO Rating and Amount Borrowed

How big of a loan will you be able to secure? That will depend on how much verifiable income you have, along with your credit tier. This table shows the maximum loan amount for people of several different credit tiers, based on an income of $5,340 per month, the average for Powder Springs residents. Keep in mind, these are only estimations.

Credit Income Factor Amount
Excellent Credit 10 $53,400
Average Credit 9 $48,060
Slow Credit 8 $42,720
Poor Credit 7 $37,380
Terrible Credit 6 $32,040

Simply because it’s possible to borrow this amount, doesn’t mean you ought to. A smaller loan is a good idea, because it will be less of a financial burden.

Financing a Car with No Down Payment

Assuming you have a FICO score of 700 or higher, then yes: you can usually finance a car with no down payment. Customers with subprime credit, on the other hand, may need to furnish a down payment. When dealing with subprime credit, lenders are interested in the Loan-to-Value Ratio, or LTV. This is the amount of the loan versus the wholesale value of the vehicle.

Amount Borrowed Vehicle Value LTV
$7500 $10,000 75%
$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%

The lower the LTV, the lower the risk for the lender. No down payment? We’ve been able to get a lot of borrowers approved for financing anyway.

Apply online, and enter a zero in the down payment field. We’ll work tirelessly to place your application with a lender willing to fund your loan, zero down payment necessary.

In House Financing Car Dealers in Powder Springs

For those who have gone through bankruptcy or foreclosure, you have probably thought about going to a buy here pay here car dealership in Powder Springs. Consumers who cannot secure financing due to serious credit problems often wind up at these types of car lots. Sure, the rates are higher than average, but there are fewer hurdles to credit acceptance. We recommend that you avoid buy here pay here dealers and opt for an auto loan from a bad credit dealership in Powder Springs which has lower interest rates. Apply now – let us get you approved.

Credit and Income: Powder Springs

Here are some average stats for residents of Powder Springs.

  • Gross Salary: $64,084 Per Year
  • Average Car Payment: $587 (11% of Income)
  • Ideal Monthly Payment: $427 to $534 (8%-10% of Income)

Poor credit. It’s fairly pervasive in Powder Springs and across Georgia. The table below depicts the estimated number of Powder Springs consumers at each credit tier.

Credit Tier % of Population Drivers
300-499 2% 943
500-549 5% 2358
550-599 8% 3772
600-649 12% 5658
650-699 15% 7073
700-749 18% 8487
750-799 27% 12731
800-850 13% 6130

Your credit rating will have a significant effect on your interest rate. However, as long as you have the income, we can ordinarily find somebody to finance you, even when you have bad credit.