The Best Memphis Tennessee Car Loans

Memphis Tennessee Car Loans

Looking For A Car Loan in Memphis Tennessee?

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Why Choose Us For Your October 2019 Auto Loan?

Memphis is a city located along the Mississippi River in southwestern Shelby County, Tennessee, United States. The 2017 city population was 652,236, making Memphis the 25th largest city in the United States. Greater Memphis is the 42nd largest metropolitan area in the United States, with a population of 1,348,260 in 2017. The city is the anchor of West Tennessee and the greater Mid-South region, which includes portions of neighboring Arkansas and Mississippi. Memphis is the seat of Shelby County, the most populous county in Tennessee. As one of the most historic and cultural cities of the southern United States, the city features a wide variety of landscapes and distinct neighborhoods.

Geography

According to the United States Census Bureau, the city has a total area of 324.0 square miles (839.2 km), of which 315.1 square miles (816.0 km) is land and 9.0 square miles (23.2 km), or 2.76%, is water.

Demographics

For historical population data, see: History of Memphis, Tennessee. According to the 2006–2008 American Community Survey, the racial composition of the city of Memphis was:

As of the 2010 United States Census, there were 652,078 people and 245,836 households in the city. The population density was 2,327.4 people per sq mi (898.6/km). There were 271,552 housing units at an average density of 972.2 per sq mi (375.4/km). The racial makeup of the city was 63.33% African American, 29.39% White, 1.46% Asian American, 1.57% Native American, 0.04% Pacific Islander, 1.45% from other races, and 1.04% from two or more races. Hispanic or Latino of any race were 6.49% of the population.

The median income for a household in the city was $32,285, and the median income for a family was $37,767. Males had a median income of $31,236 versus $25,183 for females. The per capita income for the city was $17,838. About 17.2% of families and 20.6% of the population were below the poverty line, including 30.1% of those under age 18, and 15.4% of those age 65 or over. In 2011, the U.S. Census Bureau ranked the Memphis area as the poorest large metro area in the country. Dr. Jeff Wallace of the University of Memphis noted that the problem was related to decades of segregation in government and schools. He said that it was a low-cost job market, but other places in the world could offer cheaper labor, and the workforce was undereducated for today’s challenges.

The Memphis Metropolitan Statistical Area (MSA), the 42nd largest in the United States, has a 2010 population of 1,316,100 and includes the Tennessee counties of Shelby, Tipton and Fayette; as well as the northern Mississippi counties of DeSoto, Marshall, Tate, and Tunica; and Crittenden County, Arkansas, all part of the Mississippi Delta.

The total metropolitan area has a higher proportion of whites and a higher per capita income than the population in the city. The 2010 census shows that the Memphis metro area is close to a majority-minority population:

the white population is 47.9 percent of the eight-county area’s 1,316,100 residents. The non-Hispanic white population, a designation frequently used in census reports, was 46.2 percent of the total. The African American percentage was 45.7. For several decades, the Memphis metro area has had the highest percentage of black population among the nation’s large metropolitan areas. The area has seemed on a path to become the nation’s first metro area of one million or more with a majority black population.

In a reverse trend of the Great Migration, numerous African Americans and other minorities have moved into DeSoto County, and blacks have followed suburban trends, moving into the suburbs of Shelby County.

An 1870 map of Memphis shows religious buildings of the Baptist, Catholic, Episcopal, Methodist, Presbyterian, Congregational, and other Christian denominations, and a Jewish congregation. In 2009, places of worship exist for Christians, Jews, Hindus, Buddhists, and Muslims.

The international headquarters of the Church of God in Christ, the largest Pentecostal denomination in the United States, is located in Memphis. Its Mason Temple was named after the denomination’s founder, Charles Harrison Mason. This auditorium is where Rev. Martin Luther King, Jr. gave his noted “I’ve Been to the Mountaintop” speech in April 1968, the night before he was assassinated at his motel. The National Civil Rights Museum, located in Memphis at the Lorraine Motel and other buildings, has an annual ceremony at Mason’s Temple of Deliverance where it honors persons with Freedom Awards.

Bellevue Baptist Church is a Southern Baptist megachurch in Memphis that was founded in 1903. Its current membership is around 30,000. For many years, it was led by Adrian Rogers, a three-term president of the Southern Baptist Convention.

Other notable and/or large churches in Memphis include Second Presbyterian Church (EPC), Highpoint Church (SBC), Hope Presbyterian Church (EPC), Evergreen Presbyterian Church (PCUSA), Colonial Park United Methodist Church, Christ United Methodist Church, Idlewild Presbyterian Church (PCUSA), the Pentecostal Church (UPCI), First Baptist Broad, Temple of Deliverance, Calvary Episcopal Church, the Church of the River (First Unitarian Church of Memphis), and Annunciation Greek Orthodox Church.

Memphis is home to two cathedrals. The Cathedral of the Immaculate Conception is the seat of the Roman Catholic Diocese of Memphis, and St. Mary’s Episcopal Cathedral is the seat of the Episcopal Diocese of West Tennessee.

Memphis is home to Temple Israel, a Reform synagogue that has approximately 7,000 members, making it one of the largest Reform synagogues in the country. Baron Hirsch Synagogue is the largest Orthodox shul in the United States. Jewish residents were part of the city before the Civil War, but more Jewish immigrants came from Eastern Europe in the late 19th and early 20th centuries.

Memphis is home to an estimated 10,000 to 15,000 Muslims of various cultures and ethnicities.

A number of seminaries are located in Memphis and the metropolitan area. Memphis is home to Memphis Theological Seminary and Harding School of Theology. Suburban Cordova is home to Mid-America Baptist Theological Seminary.

In the 21st century, Memphis has struggled to reduce crime. In 2001, it ranked as the second-most dangerous city, and in 2002 as most dangerous by the Morgan Quitno rankings. In 2004, violent crime in Memphis reached a decade record low. However, that trend changed and in 2005, Memphis was ranked the fourth-most dangerous city with a population of 500,000 or higher in the U.S. Crime increased again in the first half of 2006. By 2014, Memphis crime had substantially decreased, bringing the city’s ranking up to eleventh in violent crime. Nationally, cities follow similar trends, and crime numbers tend to be cyclical. Nationally, other moderate-sized cities were also suffering large rises in crime, although crime in the largest cities continued to decrease or increased much less.

In the first half of 2006, robbery of businesses increased 52.5%, robbery of individuals increased 28.5%, and homicides increased 18% over the same period of 2005. The Memphis Police Department responded with the initiation of Operation Blue C.R.U.S.H. (Crime Reduction Using Statistical History), which targets crime hotspots and repeat offenders.

Memphis ended 2005 with 154 murders, and 2006 ended with 160; in 2007 there were 164 murders, 2008 had 138, and 2009 had 132. Violent crimes dropped from 12,939 in 2008 to 12,047. Robbery dropped from 4,788 in 2008 to 4,137 in 2009. Aggravated assault dropped 53,870 in 2008 to 47,158 in 2009 (FBI’s UCR). In 2006 and 2007, the Memphis metropolitan area ranked second-most dangerous in the nation among cities with a population over 500,000. In 2006, the Memphis metropolitan area ranked number one in violent crimes for major cities around the U.S., according to the FBI’s annual crime rankings, whereas it had ranked second in 2005.

Since 2006, serious crime has dropped in Memphis. Between 2006 and 2008, the crime rate fell by 16%, while the first half of 2009 saw a reduction in serious crime of more than 10% from the previous year. The Memphis Police Department’s use of the FBI National Incident Based Reporting System, which is a more detailed method of reporting crimes than what is used in many other major cities, has been cited as a reason for Memphis’s frequent appearance on lists of most dangerous U.S. cities.
With regard to homicide statistics released by the city in more recent years, they show another dramatic rise in murders committed in Memphis. There were 140 homicides in the city in 2014 and 161 the following year. Then, in 2016, police officials recorded 228 murders, a total that marked a 63% increase in homicides since 2014. According to Michael Rallings, the director of the Memphis Police Department, investigations determined that one third of the murder victims in 2016 had been involved in gang activity.

Zip Code Map

Zip codes

Neighborhoods

Memphis Tennessee neighborhoods include: 40th Ward Civic Club, AB Hill, Alcy – Ball, Alcy Warren, Allentown, Alma Street, Alta Vista, Altruria Creek, Amersham and Bainbridge, Annesdale Park, Annesdale – Snowden, Arbors of Century Center, Arlington Park, Ashley Ridge, Auburn Ridge, Audubon Oaks, Audubon Park Community Association, Audubon Square, Autumn Ridge Homeowners Association, Avery Park, Avon, Ballantrae Gardens, Balmoral, Banbury Ave, Barron Manor, Barrymore, Bartlett, Barton Heights, Bay Pointe Circle, Beau Pre, Belle Meade, Beltline Civic Club, Bennington, Berclair, Bethel Grove, Binghampton, Blair Tower, Bluebird Estates, Blue Ridge Park, Blueridge Park West, Blue Stone Glen, Brennan, Brenton, Brierwood, Bristol Glen, Bromley/Foster Ridge/Willow Oak, Bruins Plantation, Buckingham Farms, Burloe, Callaway Hills, Canterbury Woods, Cara Oaks Gardens, Carrollwood Lakes, Castalia – Parkway, Castle Ridge, Cedar Point, Central Ave, Central Gardens, Chapel Creek, Cherokee Civic Club, Cherryhill, Cherry Meadows, Cherry Valley, Chickasaw Gardens, Childs-Diane, Clarke/Mt Moriah, College Park, Colonial Acres, Colonial View Civic Club, Colonial/Willow, Concerned Citizens of Walnut Grove, Concord Estates, Cooper-Young, Cordova Creek, Coro Lake, Cotton Plant, Countryside, Crievewood, Cromwell, Crosstown, Cypress, Dexter Crossing, Dixie Heights, Dogwood Hills, Douglass – Bungalow – Crump, Downtown South, Eagle Dr, East Buntyn, East Countrywood, Easthill, East of Old Brownsville, East Walnut Bend, East Westover, Eastwood Manor, Egypt Central, Ellendale, E Shelby Dr, Falling Bark Dr, Fenwick, Fizer & Cherry Rd Baptist, Flaherty Place, Forest Lakes, Four Way, Fox Chase, Foxdale, Fox Meadows Central, Fox Ridge, French Fort Neighborhood Association, Gailyn Ridge, Garden Meadows, Gardenview, Garner Pl / Prosperity Pt, Gaslight Square, Gausco, Georgian Hills, Germanshire, Germantown, Glenview Historic District, Graceland, Grahamwood, Grand Cedar Lane, Green Acres, Greenbrook, Green Fairways, Green Glade South, Green Lodge, Green Meadows/Poplar Glen, Greens at Irene, Greentrees, Hacks Crossing, Hadley & Prescott, Haleway, Harborview, Harvest Knoll, Hawkins Mill, Heckle/Hester Ave, Hedgemoor, Hein Park, Hickory Creek, Hickory Farms, Hickoryhill, Highland/Mitchell Heights, Highlands Condominiums, Highpoint Terrace, Hillshire/Appling Farms, Holesdale Hornsby Blk, Holly St, Holmesdale, Homesdale Heights, Hughes Meadows, Humes Heights, Hunters Hollow, Huntington Place, Hyde Park, Idlewild Historic District, Imogene Heights, Island View – Mud Island, Ivanhoe Rd, James Rd, Joffre Area, Johanna-Sherrie-Judson, Juneway Drive, Kate Bond, Keatswood & W. Suggs, Kel Creek, Kenie Cv, Keswick – Stornaway, Keswick-Sulgrave, Kimball, Kirby-Crumpler-South Ross, Kirby Downs, Kirby Lakes, Kirby Pines, Kirby Ridge, Kirby Woods, Knight Arnold and Kirby, Ladbrook Rd, Lakewood Hills, Lamar / Semmes, Lauderdale, Laurel Tree, Laurelwood, Lea’s Woods, Lehi Drive, Lenox, Leroy Ave, Lincoln on The Green, Lions Gates, Locust Bend Rd, Longview Heights Civic Club, Lowrance/Long Creek, Lutheran Village, Macon-Bayliss, Madison, Magnolia Barksdale Civic Club, Mallory Heights, Marbry, Maryland Circle, Mary Lou Heights, Mason, Massey, McCorkle Road, McVay Trail, Meadow Ridge, Medical District, Mendenhall Estates, Messick Buntyn, Midtown-Central, Millers Pond, Monticello, Morningview, Morning Vista, Mud Island South, Neely, Newton Court, N Graham / SF Green Line, Normal Station, Normandy Meadows East, Normandy Park, Northaven, North Humphreys Blvd, North Memphis, North Parkway-Forrest, Northwood Hills, Nutbush South, Nut Bush West, Oak Acres, Oak Forest Hills, Oak Haven, Oak Road Meadows, Oakshire, Oak Watchers, Old Countrywood, Orange Mound, Orleans, Overton Square, Palmershire Park, Park-Moor, Park’s Edge, Parkside, Parkway Village North, Pathway, Pemberton Meadows, Perkins/Waring, Pidgeon Estates, Pinnacle Point, Pleasant Acres, Pleasant View, Poplar Holmes, Poplar Pines, Poplar Place, Poplar Ridge, Powers Coleman, Prince to Courtney, Prospect Park, Quince/Kibry, Ragan Farms, Raineshaven, Raleigh, Ramill/Stillwood, Rangeline, Ravencrest, Red Acres Neighborhood Association, Red Oaks, Richbriar, Richie, Richland Acres, Richwood, Ridgeway, Rivercrest, Riverdale, Riveredge, River Oaks, Riverpoint, Riverside, Roseleigh, Rowan Oak, Rozelle – Annesdale, Sandra Street neiborhood, Sanga Point, Scenic Hills, Sea Isle Park, Sequoia Gardens, Shawnee – S Wellington, Shelby Crossing Subdivisi, Shelby Farms Park, Shelby Meadows, Shelby Oaks, Shelbywood, Shelby Woodlands, Sherwood Forest, SIPNA, Skylake Community, Smokerise, Soulsville, South Bluffs, Southern Heights, Southland Hills, South Main, South Side Park, South Third and Parkway, South Walnut Grove, Southwind, Spring Valley, Stage Park Meadows, Stage Road Estates, Star Valley Drive, Stone Creek, Stonecrest, Stonetrace, Sugar Tree, Summerdale Estates, Sungate, Sunset Lake, Surreypark, Sycamore View, Sylvan Hills, Tchulahoma Corridor, The Greenbrier, The Posts, The Summit, The Village, The Vinings, The Willows, Thrifthaven, Tip Tree Park, Trafalgar Estates, Trigg, Uptown, Valley Park, Vaughn Village, Victorian Village, Walker Homes, Walnut Grove Lake, Walnut Grove Village/Green Glade, Walnut Hill, Walnut Ridge, Waters Edge, Waynoka, Weaver and Highway 61 S, Weaver Road – Mt Pisgah, Websters Grove, Wellington – Shadowlawn, Wemberly, Westbrook Farms, Westhaven, West Junction, West Overton Crossing, Westside, Westwood, West Wood, Whispering Oaks, Whitehaven, White Oak, White Station/Shady Grove, Whitten, W Holmes Rd, Wildwood Manor, Williamsburg Colony, Williamsburg Park, Williford Estates, Winchester, Windermere, Windolyn Estates, Windyke Area, Wingfield-Tatum, Winton Road, W McLemore Ave, Woodchase, Woodfield Park, Woodlands East, Yorkshire

For more information, see Memphis Tennessee wiki

Vehicle Loans Coverage Area For Memphis Tennessee

AllCreditCarLoans was founded to help car buyers, even those who may have experienced credit difficulties in the past, get pre-approved for financing before going to a dealership. By separating bad credit car financing options from dealer price negotiations, we empower our clients to get the best deal possible.

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and start working your way towards bringing home your dream car!


Locations Served

Adamsville, Alamo, Alexandria, Anderson County, Andersonville, Antioch, Apison, Ardmore, Arlington, Ashland City, Athens, Atoka, Bartlett, Baxter, Bedford County, Bells, Belvidere, Benton County, Bethpage, Blaine, Bledsoe County, Blount County, Blountville, Bluff City, Bolivar, Bradley County, Brentwood, Briceville, Brighton, Bristol, Brownsville, Brush Creek, Camden, Campbell County, Cannon County, Carroll County, Carter County, Carthage, Caryville, Castalian Springs, Cedar Hill, Centerville, Chapel Hill, Chattanooga, Cheatham County, Chester County, Christiana, Chuckey, Church Hill, Claiborne County, Clarksville, Clay County, Cleveland, Clinton, Coalmont, Cocke County, Coffee County, College Grove, Collierville, Columbia, Cookeville, Cordova, Cornersville, Corryton, Cosby, Counce, Covington, Crockett County, Crossville, Cumberland County, Cumberland Gap, Cunningham, Dandridge, Davidson County, Dayton, Decatur, Decatur County, Decaturville, Dekalb County, Denmark, Dickson, Dickson County, Dowelltown, Dresden, Drummonds, Dyer, Dyer County, Dyersburg, Eagleville, East Ridge, Elizabethton, Erin, Erwin, Estill Springs, Fairview, Farragut, Fayette County, Fayetteville, Fentress County, Franklin, Franklin County, Friendsville, Gainesboro, Gallatin, Gatlinburg, Georgetown, Germantown, Gibson County, Giles County, Gleason, Goodlettsville, Grainger County, Greenback, Greenbrier, Greene County, Greeneville, Grundy County, Halls, Hamblen County, Hamilton County, Hancock County, Hardeman County, Hardin County, Harriman, Harrison, Hartsville, Hawkins County, Haywood County, Heiskell, Henderson, Henderson County, Hendersonville, Henning, Henry County, Hermitage, Hickman County, Hixson, Hohenwald, Holladay, Houston County, Humboldt, Humphreys County, Huntingdon, Jacks Creek, Jackson, Jackson County, Jasper, Jefferson City, Jefferson County, Johnson City, Johnson County, Jonesborough, Kingsport, Kingston, Kingston Springs, Knox County, Knoxville, Kodak, Kyles Ford, La Follette, La Grange, La Vergne, Lafayette, Lake County, Lancaster, Lancing, Lascassas, Lauderdale County, Lawrence County, Lawrenceburg, Lebanon, Lenoir City, Leoma, Lewis County, Lewisburg, Lexington, Liberty, Lincoln County, Linden, Livingston, Loretto, Loudon, Loudon County, Louisville, Macon County, Madison, Madison County, Madisonville, Manchester, Marion County, Marshall County, Maryville, Mascot, Mason, Maury County, Maynardville, Mc Ewen, Mclemoresville, Mcminn County, Mcminnville, Mcnairy County, Medina, Meigs County, Memphis, Middleton, Milan, Millington, Monroe County, Monteagle, Monterey, Montgomery County, Moore County, Morgan County, Morrison, Morristown, Mosheim, Mount Juliet, Mount Pleasant, Mountain City, Munford, Murfreesboro, Nashville, New Market, New Tazewell, Newbern, Newport, Niota, Nolensville, Oak Ridge, Oakland, Obion, Obion County, Old Hickory, Oliver Springs, Ooltewah, Overton County, Parrottsville, Parsons, Perry County, Petersburg, Philadelphia, Pickett County, Pigeon Forge, Pinson, Pleasant Shade, Pleasant View, Pocahontas, Polk County, Portland, Powell, Primm Springs, Pulaski, Putnam County, Reagan, Rhea County, Riceville, Ripley, Roane County, Robbins, Robertson County, Rockvale, Rockwood, Rogersville, Rutherford County, Savannah, Scott County, Selmer, Sequatchie County, Sevier County, Sevierville, Seymour, Shelby County, Shelbyville, Smith County, Smithville, Smyrna, Soddy Daisy, Somerville, South Fulton, Sparta, Spencer, Spring City, Spring Hill, Springfield, St Joseph, Stewart County, Sullivan County, Sumner County, Surgoinsville, Sweetwater, Talbott, Tazewell, Tellico Plains, Tellico Village, Tennessee Ridge, Thompsons Station, Tipton County, Toone, Trenton, Trezevant, Trousdale County, Tullahoma, Unicoi, Unicoi County, Union County, Van Buren County, Vanleer, Vonore, Walland, Warren County, Washington County, Watauga, Watertown, Waverly, Wayne County, Waynesboro, Weakley County, White Bluff, White County, White House, White Pine, Whiteville, Whitwell, Williamson County, Wilson County, Woodbury, Woodlawn

Steps to Apply For An Auto Loan

1 - Budget For Your Purchase

The first step to apply for a car loan is to figure out how much you can afford to spend. If you have a vehicle to trade-in, you should determine its value so that you can factor that into your budget. A good resource for determining your cars market value is Kelley Blue Book.

Guaranteed Auto Financing in Memphis Tennessee

Next, you'll want to consider how much money you have to use for a down payment. The more money you put down, the lower your monthly payment will be. If you are looking for an auto loan for bad credit with no money down, don't worry. We can still help you.

Finally, use our auto refi calculator to estimate your monthly payment.

2 - Choose Whether You Want a New or Used Car

If you've chosen to buy a new car, you will most likely be purchasing the vehicle from a car dealer that accepts both good and bad credit. In order to get the best deal on a bad credit new car loan, you should research the base price, the cost of optional features and the average dealer fees in your area. To get the best deal possible, work with AllCreditCarLoans to get an auto loan pre-approval so that you can negotiate like a cash buyer.

If you are looking to get the most value for your dollar, you will likely be better off looking for no down payment used cars. That's because the prior owners have already absorbed the biggest portion of the vehicle's depreciation and you may have the option to get a used car loan and buy from a private seller, thus saving dealer fees. AllCreditCarLoans can help you with an auto loan for a private seller.

3 - Apply For Your Car Loan

Click the button below and fill out our quick and easy application form to get started right away!

What You Should Know About The Best Auto Financing in Memphis Tennessee

No matter what your credit situation is, AllCreditCarLoans will help you to find the best auto loans that are suited to your needs and budget.

Save $50 off Credit Repair Service - Applies to first-work fee for each spouse sign-up.

We specialize in:

  • Good Credit Car Loans
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  • Bad Credit Auto Financing
  • Poor Credit Car Finance
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  • and Car Loans With No Credit History

We can help with an auto loan for a first-time buyer, car loans for college students and we are proud to have arranged military car loans for service members and their spouses. We've even been able to help foreign nationals and others who do not qualify for a social security number to buy a car with their ITIN number.

We also specialize in sub-prime auto loans including after bankruptcy car loans and helping borrowers to obtain an auto loan with repossessions.

If you are looking for a auto title loan or car loan refinancing, we have programs that can help you as well.

AllCreditCarLoans works with the best buy here pay here carlots, used car dealership for bad credit, 2nd chance auto financing and other used car finance lenders to provide the best auto loan rates.

You are never alone in this process. Our reliable lender partners will guide you every step of the way -- from the time you begin processing your application, all the way to the day when you drive home your new car. Click the Apply Now button below to let us get started helping you today!


Did You Know That Refinancing an Auto Loan Can Save You Money?

With the state of our world's economy, making monthly payments is getting harder and harder, especially in Memphis Tennessee. United States job loss totals are higher than they have been in over thirty years. Refinance Car Loan Americans are finding it tougher than ever to find steady employment. As a result, bankruptcy, foreclosure and repossessions are skyrocketing.

With many of us paying outrageous interest rates and high monthly payments, people are always looking for ways to lower their monthly bills. Vehicle Refinance is one of the quickest ways to do that.

How To Refinance A Car Loan

The first step is to know the interest rate and the balance of your current vehicle loan. This can be obtained by calling, checking online, or faxing a request to your auto loan lender. Once you know what you owe, then you can determine how beneficial a car refinance might be. If you have had your auto loan for at least a year, a car loan refinance can almost always lower your monthly payment.

Click here to use our auto refinance calculator. You can enter your balance, term, and the interest rate to calculate what the payment will be. You can compare different scenarios to see if how much more you can save by adding a down payment.


Car Finance Explained

Are you afraid to go shopping for a car because of the embarrassment you may face at the very real possibility of being turned down due to bad credit? If this is you, you're not alone. More than ever before, many are faced with bad credit right now, even in Memphis Tennessee.Car Finance Approval What you need right now is a little "credit score infusion". Your score needs to be high enough so you can qualify for that auto loan you so desperately need.

Can't Wait Months To Increase Your Credit Score?

I totally understand. In today's world an auto is a necessity. If you're lucky enough to still have a job right now, you've gotta have a car to get to work. If you've been laid off or just can't find a job, you need a car to go look for a job. You need to pick up your kids from daycare, you need to go to the grocery store. Whatever the issue is, you won't get far without wheels, so here are a few tips you can use to infuse your credit score immediately.

What's A Good Score For An Auto Loan?

Different lenders have different criteria in relation to what they deem to be a "good" score. Really, what it all boils down to is "What interest rate am I going to have to pay?" You can still probably find a lender who will give you a car loan with a credit score of 580, but you're going to pay a really high interest rate for it. Get yourself bumped up to over 600 and better yet, over 620, and you have a few more options, but the rate you're going to pay is still not going to be pleasant. If you have scores in the range of 650 to 680, interest rates are going to be decent. Get yourself over 700 and you've got shopping power!

Where Do I Get My Credit Score?

There are many scoring models out there, so don't be fooled. There can be a 50 to 100 point difference from one credit scoring agency to another, so your best bet is to stick with your FICO Score. This score is derived by Equifax and is the credit score that most lenders use, so you can be pretty confident with the score you receive.

You can get your FICO credit score for $9.95 if you sign up for their Score Watch program. This is the quickest way to get your score, and a great way to monitor how it's going to shoot up after I teach you a few tricks later in this article. If you do not wish to sign up for this free trial, then you can access all three of your credit reports for free, but you will then have to pay around $7 to $10 to purchase your score from each of the three major credit reporting agencies. You can only do this once a year for free.

Maybe you don't have enough income to qualify for that Ferrari you wanted, yet the loan officer will be able to advise you how much you can qualify for, as long as this is your only issue. If you're turned down because of your score, you can ask what is the minimum score they require to get approved. This will tell you whether or not you're going to need sub-prime car financing or not.

What If I Can't Qualify For A Bank Car Loan?

If you're not "bankable" just yet, don't worry. There are still auto lenders out there that will give you a loan, but the rate isn't going to be as pretty. I'd first ask the loan officer at the bank if they have anyone they'd recommend to refer you to. You can also do a search on the net for "bad credit auto loans" and you'll get a slew of links to click on. Some of these sites will search multiple lenders for you and could save you some time. If you like a more personal approach, you can look in your local yellow pages for "auto finance companies". Word of caution here though, finance companies usually carry much higher rates, so be sure to shop around.

What If The Payments Aren't Affordable?

Most people worry about whether or not they'll be able to make the monthly payments on a loan without taking into account the loan's term, total interest paid, and loan origination fees or pre-payment penalties.

Generally, the lowest rates on auto loans are available on short-term loans, from 12 to 36 months, which mean a large monthly payment but lower amounts of interest. Longer-term loans often come with higher interest rates. When you calculate the total price of your new vehicle, include the interest costs over the years. If it seems like too much for you, try to renegotiate the interest rate, offer a larger down payment, or shorten the term of the loan. Use our auto loan calculator to estimate your monthly payment.



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