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Type in the loan amount, annual interest rate and the term of the loan in years. Then press the 'Calculate' button

Car Loan Amount ($)
Annual Interest Rate %
Term of Car Loan Years
Monthly Payment

What documents or other items will I need?

Some of these items are flexible and some are not. The more you bring or the more preferable the item may have an effect on when vehicle can be delivered or financing options etc. The below are the basic documents, but some situations may require more documents or change to the extent verified etc.

  • We accept many types of State issued ID (drivers license is needed on the best programs),
  • Current proof of residency (preferably within 30 days, * most bills utility, cell phone, etc...), Lease agreement, a bill sent to your residence in your name, or bank statement etc.)
  • Current proof of income (could be job letter, 3 to 6 months of income deposited into your checking account, front/back copies from your employers check clearing through their account, fixed income need award letter and 2 to 6 months bank deposits, preferably have 2 consecutive pay check stubs showing current pay and year today gross pay and taxes withheld)
  • 5 to 6 references
  • Proof of insurance before vehicle is delivered
  • If you have a Vehicle to trade in, you will need to bring title and vehicle.
  • Your down payment (we accept debit/credit cards but cash is preferred)

How much of a down payment or monthly payment will I need?

No matter your credit situation, we will customize a monthly payment and down payment that can fit everyone to own or lease a vehicle! We take the necessary time and information to make a budget that will lower your risk for repossession or bankruptcy. Because we create less risk, we are able to obtain some of the lowest down payment, lowest interest rate, and lowest monthly payment terms in Memphis TN for customers with Bad Credit or No Credit for cars priced under $9,995. In some situations, it is possible for a bad credit auto loan with no money down. Also, we handle most any customer circumstances and budget!

Example of Down Payment and Monthly Payment generalized programs:

Program Example 1 *

Down Payment: $1000 Down

Customer: No credit or bad credit is okay, no bankruptcies, not currently in bankruptcy and none dismissed, no repos, has valid driver’s license, proof of income, and proof of residency.

Vehicle: Most types of vehicles

$11,500 amount financed = customers income must be over $2100 month

Approximately every $100 decrease in income = $540 decrease in amount financed

Payment Term: Payment of 25% of monthly income, vehicles 4 years and newer up to 60 months, interest approx 19.95%.

Full coverage insurance before delivery of vehicle up to $1000 deductible.

Many other options and circumstances are available within this program available. Some restrictions may apply. Also, many other programs available.

Program Example 2 *

Down Payment: 10 – 25% of amount financed

Customer (one of the following): Job Letter as only proof of income, temporary employment with short job time, or multiple old repos or bankruptcies, or No driver’s License

Vehicle: Finance up to $20,000 (dependent on variables in income levels, etc.)

Payment Term: Up to 60 months, Payment of 25% of monthly income, interest rate higher than Example 1

Many other options and circumstances are available within this program available. Some restrictions may apply. Also, many other programs available.

*This is not meant to be a financing approval or all program guidelines. More details would be needed for overall loan structure. This is to be used as a general guideline as to certain broad general situations and how customer budget, vehicle price, and customer stability interact with a car loan.

You don’t have specific car I want.

We are willing to go find what you want! We can get most vehicles within a week. However, we require the financing be worked out and agreeable to you before we go looking. You will provide us with your documents and information needed for financing. We will structure a deal based on your budget and vehicle requirements. If you are agreeable to the payment terms, we will begin looking for the vehicle for you. Once we have found the specific car for you and you are agreeable to the car, we require a $500 deposit that will be applied toward the down payment. This is needed before we actually purchase the vehicle for you.

What about a warranty?

We are able to finance warranties! Over 50% of our customers had a financed warranty (included in their monthly car note). There are times we can’t finance a warranty. Some examples, the payments for the added warranty goes above your budget, or no warranty available on a specific make, model or mileage of vehicle etc.

Warranty companies are in business to make money. So there is a good chance that the warranty will have to pay out less than you paid for the warranty. However, there are plenty of times that a warranty company spends much more than was paid for the warranty.

Warranties are a good idea if a significant repair that you would have to pay for out of pocket would put you in a really bad financial situation. The warranty can cover many items on a vehicle and lower the chance for significant out of pocket expense. We do a thorough 64 point mechanical inspection on our vehicles prior to sale. However, there is no way to predict many mechanical breakdowns. Therefore, we advise most of our customers that a warranty is a great idea to obtain.

How long would I need to keep my vehicle before I could trade it in with my better credit score?

There are many variables to this question: your current credit score, price, year, model and miles of the vehicle you are purchasing, how fast you pay the loan down, the depreciation on the car you are purchasing, how well you make you new car payment, how well you repair your credit in other areas etc. With it said that there are those variables and more, I would say it is very reasonable to have a credit score in the 500 range and purchase of vehicle under $10,000 and be able to trade it in 1 or 2 years with $0 down ( no down payment ) and a much better interest rate.

I am worried about the affect of my credit score from dealers pulling my credit history?

While it is true that pulling your credit history does have a very small negative effect on your credit score, it can be done in a responsible way and should be done to get a good deal on financing terms especially if you have bad credit! When you have bad credit, finding the best financing option for you will most likely save you THOUSANDS of dollars $$$! Yes there can be huge differences between dealers financing charges. Therefore, the effect of getting the best financial structure and being able to make your payments on time will ultimately give you huge increases in your credit score.

We recommend shopping around to at least three different reputable dealers that specialize in Bad Credit or No Credit. Ask them how many times there systems or affiliates will run a credit inquiry. You don’t want each dealer running it through 10 different systems and showing up on your report 10 times each dealer you visit. Also, the credit bureaus usually treat a few credit inquiries around the same time regarding the same loan type as one inquiry.

Furthermore, let’s be real. If you have damaged credit (below 600 score), almost no lender is changing anything because your score dropped 2 points from a 500 to a 498 because your credit was pulled. Below 600 range, most lenders are making financing decisions more on income, job time, positive items on credit, number and type of negative items …

Do your loans report to the credit bureau?

Yes, our special finance company partners do report to the credit bureaus. These account for the majority of our loans and therefore the majority are reported to the credit bureau on a monthly basis.

What is this 0% interest financing deal for people with bad credit?

All Approved Auto has that option available also. However, this does not necessarily make it a better deal. Usually it is our last option for the customer to get into a vehicle. This is actually a Lease to Own structured deal. Yes, this deal may have 0% interest, but the total of the car payments may still add up to more. Also, a lease to own deal means there will be a balloon payment at the end of the loan if you want to own it. That’s right you don’t own the vehicle until you pay the Residual Value due at the end of the contract. However, many lease to own deals can be terminated at any time and you can turn back the vehicle for a termination fee and possible other charges if vehicle is damaged or over the miles per month limit. Just be sure to check out the total of car payments, monthly car payment amount, down payment amount, residual value, excess mileage charges, early termination fees, insurance requirement and late payment fees.

I am having problems with my current car payment or car mechanical issues. Should I visit you before I give back my car?

YES!!! We can look at your options prior to you giving back your car! We are able to give you examples of down payments and monthly payments on a selection of vehicles with or without you giving back the car. We can discuss possible short term and long term credit effects. We also can confirm if there is any possibility of trading the car in with negative equity and pay off your loan (so it wont hurt your credit). It would then be your decision after reviewing the cost/benefits.

It is best to come in and do this. We can get a better picture of your trade value, income... However, if you are having a hard time making it in you can start the process by filling out our application online. We can at least give you some generalities at that time. However, to get exact financing, trade... you will need to come in and bring your ID, Proof of Income, and trade payoff information.