If your credit score has seen better days, then you may need to resort to alternative financing options to buy your next car. These include Buy Here Pay Here (BHPH) dealers. If you’re looking for Buy Here Pay Here dealers in TN, then there are a few steps that should be taken before applying for any loans.
The first thing is to obtain a copy of your credit report and score. Knowing what potential lenders will have access to will help determine which lenders to use and give a rough estimate of the intrrest rates that may be offered.
Tennessee has an average credit score among its residents of 679, which is exactly consistent with the national average. If you have a lower credit score you can expect to see higher loan rates.
Don’t let a low credit score convince you that Buy Here Pay Here financing is unattainable though. Many lenders specialize in helping different niches and will be glad to help you despite your credit history.
On the average, a credit score of 720 or higher is considered excellent. You can expect to be offered an APR of around 5.2%, while a “bad” score of less than 620 result in an APR upwards of 16.5%.
Tennessee is currently ranked second in the nation for bankrupcies per capita. The rate is about 0.8%. Finding easy auto loans for bad credit does not have to be a difficult process, but a little bit of research will make things go a lot smoother.
