We have made it our mission to help people secure auto loans every single day. Would you like to get approved for a car loan in less than a day? We have relationships with financiers and lenders that are giving loans to people in West Memphis, even if their credit ratings haven’t been amazing. The application process is easy, and often, there is zero money down required.
Car Loan Application Process
- For starters, you will need to submit your application online.
- We match you, if possible, to the best auto loan company in West Memphis, Arkansas, given your location, income, and down payment.
- When pre-approved, a special finance officer will contact you by telephone or email.
- Finish up your auto loan paperwork and pick out your vehicle from an area dealership.
Follow through to submit your application online.
Income and Credit Standing
- Average West Memphis Income: $13,703 Yearly
- Average AR Credit Score: 668
For the most part, auto loan companies will want you to be employed with $1500 income monthly. At the same time, the amount you spend on existing debts, including your new loan, must not surpass 50% of how much you make per month. For car shoppers who live in West Memphis, AR, this means $571, on average. Earnings or fico score lacking? No problem. You might still be able to meet the criteria with a co-signer, more money down, or via buy here pay here financing in West Memphis, AR.
Financing a Used Car: West Memphis, AR
With regards to Arkansas auto loans, make sure you devote no more than 18-20% of your regular monthly wages for car payments, gas, and maintenance. If you were to earn $13,703 per annum, the West Memphis average, this comes out to $206-$228 a month. Devoting in excess of this will endanger your financial future. Used car auto loans are best, because new cars lose value too rapidly to be a smart purchase.
Car Loans with Bad Credit in West Memphis, AR: Tips
Here are a few steps you can take to increase your odds of qualifying for a bad credit car loan in West Memphis, Arkansas.
- Offer 20% Down.
- Get Someone to Co-Sign.
- Please Don’t Devote More Than Twenty Percent of Your Monthly Wages to Paying Down Your Auto Loan
- When Necessary, Get an Auto Loan at a We Finance Car Lot in West Memphis, AR.
Car Loans After Bankruptcy or Repossession: West Memphis, AR
The economy has caused a rise in the prevalence of Arkansas bankruptcy filings and home foreclosures. Are you fearful that you won’t be able to obtain auto loans after bankruptcy or repossession? The good news is that there are loan creditors that approve bad credit auto financing in West Memphis, AR, even if you have suffered:
- Declaring Bankruptcy
- Repossessed Vehicles
Despite the fact that bankruptcies are on your credit history for a long time, nearly all loan providers can provide a car loan after merely two years. Bad credit auto loans can be a tremendous way to repair your credit report following bankruptcy.
Tote The Note Car Lots: West Memphis, AR
The majority of AR buy here pay here car dealerships will let you buy a car without any credit check, but what they never tell you is this: this reduces your ability to improve your credit history.
These dealers go by a few different names:
- Bad Credit Car Lots
- Your Job is Your Credit Dealerships
- In House Financing Car Lots
- We Finance Car Lots
These types of car loans will often be granted without a credit check. Unfortunately, they aren’t without some significant shortcomings. These include high interest rates, larger down payments, greater risk of predatory financing tactics, and modest inventory.
Never finance through a bad credit car dealer that you haven’t asked around about. When possible, find someone who has dealt with them before. Ask them whether or not they had a good experience.
Dealer Auto Loans in West Memphis, AR
- Arkansas’ Bridgeport Road Auto Lvage, 242 Worley Road 72301
- Champion’s Auto Sales & Rental, 3312 East Broadway Street 72301
- D & P Auto Sales, 301 South 5th Street 72301
- Ford of West Memphis, 2400 North Service Road 72301
- In Touch Auto Sales, 2714 East Broadway Street 72301
- P & D Agency, 710 Jenkins Cove 72301
- Pearcy Auto Sales, 3110 East Broadway Street 72301