Bad Credit/No Credit Used Car Financing For Tennessee Drivers

At our used car dealership, bad credit financing is not a problem. Right Price Auto in Sevierville, TN, is managed by a team of caring professionals who know what it is like to be in the market for a used model with a tight budget.

Read on to get precise answers to common questions regarding bad credit used car financing. Whether you have a large down payment saved up or you want a used car with no money down, our team members will do everything they can to assist you. Book an appointment to get started on your journey to used car ownership now!

Our Guaranteed Credit Approval Program Can Help You Finance a Used Car With Bad Credit

The process is simple:

  • Pick out the vehicle you like
  • Answer a few questions
  • We will show you exactly what it takes to drive your car home today

You will need to provide proof of income to receive used car financing. Submit one of the following:

  • A pay stub showing tax deductions
  • Three months of bank statements showing your deposits
  • Three months of checks from your employer
  • If you are paid in cash only, we will accept a letter from your employer on company letterhead that shows your wages, hours worked each week, and how long you have been with your employer

Insurance is required to finance a vehicle, but we can help you get insurance quotes if necessary. Please include references with a name, address, and phone number for each person.

Your used car financing process will be easier if you can show us your driver license, your most recent checking account statement, and a utility bill to prove your residence, although these are not requirements.

A history of repossessions is not a problem at Right Price Auto - we understand that things happen.

We do not require any money down, but some lenders may base a down payment requirement on a number of factors. We will do our best to work within your budget. Bring what you can afford to put down and we will see what we can do.

Right Price Dealership

Right Price Dealership Interior

What You Need to Know as a First-Time Buyer

We are always eager to help drivers find a vehicle and a monthly payment that works for them, whether it is their first purchase or their 50th. Our website offers several resources that will help you learn more about Right Price Auto financing.

When shopping for bad credit used car financing options, here are a few key things to keep in mind:

  • Price: Explore models within your budget
  • Mileage: Lower mileage values can mean more life with the vehicle
  • Monthly income: You will need to be able to prove that you receive at least $2,000 a month in income or have a qualified cosigner
  • Bank account: A real checking account that has been open at a brick-and-mortar bank for at least 30 days will greatly help.

Consider opening an account with one of our local credit unions. We have relationships with several credit unions in Sevierville, TN, and surrounding areas that can sometimes help us qualify you for better terms. Otherwise, any checking account with a reputable bank will make it easier for you to finance a used car with bad credit.

We will work diligently to create a plan that will help you get behind the wheel of an excellent car. View our used vehicle inventory to see which models speak to you!

Understanding Used Car Financing

The loans you can get from a used car dealership bad credit financing program are made based on numerous risk factors. Generally speaking, the main things lenders consider are the customer, the collateral (the vehicle purchased), and the loan terms.

Think of each of these factors as a sliding scale. The riskier one gets, the more conservative the others need to be to balance things out. Let us break it down:


Lenders must carefully evaluate each customer for their stability, ability, and intent to pay.

How long has an applicant worked at their current job, and how stable is their income? How long have they lived at their residence? How long have they been in the region? These are all factors that exhibit stability and responsibility.

How much income does the applicant have to invest in a monthly payment, vehicle maintenance, and insurance? Payment-to-Income (PTI) and Debt-to-Income (DTI) ratios are important here. A good rule of thumb is that the closer a monthly payment is to 10% PTI, the better - a $3,000 monthly income, for instance, would ideally translate to about a $300 monthly payment. We have some lenders that will go up to 25% PTI, but the more this ratio goes over 15%, the more other factors will need to compensate for it (with a larger down payment or shorter loan period, for example).

When the applicant incurred debts, did they pay them? For a first-time buyer, the answer to that question has yet to be determined. Still, a negative credit history is not a deal-breaker at all - we will just need to mitigate that risk elsewhere in the loan terms.

Right Price Auto Jeep


When the applicant incurred debts, did they pay them? For a first-time buyer, the answer to that question has yet to be determined. Still, a negative credit history is not a deal-breaker at all - we will just need to mitigate that risk elsewhere in the loan terms.

Used Car Financing Terms

The length of the loan is determined by the amount being financed, the life expectancy of the vehicle, and the customer and their stability, ability, and intent to pay.

The amount of the loan versus the value of the vehicle (LTV) is determined by the overall risk of the car and the consumer.

Cars or customers that are considered to be higher risks will require a higher down payment. A low-risk customer on a low-risk vehicle can often get a used car with no money down.

The interest rate is a reflection of all the other variables in the overall deal.

Right Price Auto

If you have more questions about bad credit used car financing, please speak to our financing expert team members.

Visit Our Used Car Dealership for Bad Credit Financing Options in Sevierville, TN, Today!

We work with over 40 lenders both locally and nationally to be able to offer the best terms we possibly can for you. On top of that, our financial experts are constantly on the hunt for ways to help you save, get on the right path toward better credit, and drive a vehicle you adore.

Our job is to work closely with buyers and lenders until everyone is happy. The best way to do that is by discussing all the variables together face to face. Come in for a personalized tour of our inventory options and a one-on-one talk about the best way to start making your dream ride a reality.

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