Need an auto loan in Arkansas? Whether you’re looking for a new or used car, it’s our mission to help you get your credit approved within a day. Best of all, the application costs nothing.
Arkansas Car Loan Basics
- Firstly, you need to submit your application online.
- We attempt to place your application with the ideal Arkansas car loan lender for your needs.
- If pre-approved, a special finance supervisor will contact you.
- Finalize your auto finance documents and pick out your vehicle from a local dealer.
Click this link to apply online.
AR Income and Credit Scores
In the state of Arkansas, the average per year income is $34,118, while the average fico score is 668. Keep in mind, you don’t have to make $2,843 a month to qualify for an auto loan in Arkansas.
Minimum Arkansas Auto Loan Requirements
The vast majority of Arkansas car loan companies require that you earn no less than $1500 income a month. Also, your total monthly debt, inclusive of your car loan, shouldn’t exceed half of how much you make per month. For consumers in Arkansas, this equates to $1,422, on average. Don’t meet these prerequisites? You may still be able to meet the requirements with a co-buyer, larger down payment, or through buy here pay here financing.
Providing a down payment is important. The reality is, many loan companies require it. What amountwill do? In general, finance companies will be content with an advance payment of 15 to 20%.
You should also think about your installment payments. Try not to commit more than 18 to 20% of your income for your Arkansas auto loan. Here are average numbers for Arkansas car shoppers.
- Yearly Income: $34,118
- Monthly Income: $2,843
- Payment Range: $512-$569
Credit score seen better days? Learn more about bad credit auto loans here.