On the Scorex Plus Credit Scale any credit score between 550 and 619 is regarded as subprime. That means a score of 560, 570, 580, 590, all up to 619 is designated as subprime.

Scores between 450 and 550 are regarded as deep subprime. Subprime car financing, means that the APR lenders will charge you will be more that than charged to prime buyers financing a vehicle.

There are factors, however, that will be taken into consideration, which will ultimately determine the interest rate on the car loan. Factors like your job stability, the amount of down payment you are willing to deposit on the loan. Some subprime lenders will require a down payment of at least 5% of the car value.

The number of bankruptcies you have filed in the past, the age and mileage of the vehicle, your income expense ratio and the option of having a co-signer all play a part.

It is advisable to see a auto loan officer  at your community credit union rather than a bank, as credit unions offer APR that are less than banks. In addition, credit unions loans are capped at 18%.

WARNING: Before applying for a car loan, please, please get a copy of your credit report. Credit experts have suggested that over 79 percent of all credit reports have errors. A slight error can result in an increase in the interest rate dealership will charge on an auto loan

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Here is the list of Lenders who Finance subprime loans

Lender: 1st Investors Financial Services
Street: 675 Bering Drive Suite 710
City, State, Zip: Houston TX 77057
Loan Service: First Investors is an independent consumer finance company which originates automobile loans indirectly through relationships with franchised automobile dealers in the United States. The Company’s indirect lending business operates in 28 states through relationships with hundreds of automobile dealerships.
Phone: 888-622-9210

Lender: 722 Redemption
Street: 7901 Vine Street Suite 200
City, State, Zip: Cincinatti OH 45216
Loan Service: A bankruptcy vehicle expert will customize a FREE, NO OBLIGATION report detailing how much you can save by keeping or replacing your car. You will be contacted within one business day.
Phone: 888-721-2800

Lender: AFS Acceptance LLC
Street: 101 NE 3rd Avenue Suite 2000
City, State, Zip: Fort Lauderdale FL 33301
Loan Service:  Everyone should have the opportunity to establish good credit. AFS Acceptance offers that chance to people across the country every day. Our goal is to provide customers the opportunity to purchase a quality pre-owned or new vehicle, while also helping them establish or rehabilitate their credit. We understand the challenges of finding financing options when blemishes like open bankruptcies, previous repossessions or foreclosures are part of your credit record or if you have limited financing
Phone: 877-223-3254

Lender: America’s First Federal Credit Union
Street: PO Box 11349
City, State, Zip: Birmingham AL 11349
Loan Service: Auto / Watercraft / RV Loans – America’s First Federal Credit Union
America’s First Federal Credit Union Online  Schedule Loans & Credit Cards Mortgages Auto / Watercraft / RV Loans Wheel Power Dealers Credit Cards Other Loans
Phone: 800-441-4638

Lender: American Credit Acceptance
Street: 340 East Main Street Suite 500
City, State, Zip: Spartanburg SC 29302
Loan Service: American Credit Acceptance is a rapidly growing, subprime automotive finance company that has been operating since 1991. In August 2007, successful entrepreneur and businessman, George D. Johnson, Jr., purchased a captive finance subsidiary from one of the nation’s major dealer groups and formed ACA. ACA has quickly established itself as a lender of choice for deep subprime automobile lending needs in franchise and independent dealerships nationwide. We provide loans to consumers who otherwise could not obtain financing from traditional banks, credit unions, and manufacturer.
Phone: 866-441-0251

Lender: American General Auto Finance
Street: 2768 Eastern Blvd
City, State, Zip: Montgomery AL 36117
Loan Service: Indirect Auto Financing | Springleaf Auto Finance is your one-stop solution to auto financing. Springleaf Auto Finance is an exclusive provider of flexible auto financing to independent and franchise dealers. We help auto dealers say yes to more customers, from our offices located predominantly throughout the southeastern U.S., with 18 branches in 9 states that handle over $230 million in auto loans.
Phone: 800-457-3741

Lender: AmeriCredit Financial
Street: 4001 Embarcadero
City, State, Zip: Arlington TX 76014
Loan Service: Subprime Auto Loans | Dealers | GM Financial. Subprime Auto Loans for people with an average credit score of 570. A lot of GM Financial’s subprime customers are individuals who have experienced financially challenging personal events such as divorce, job loss, injury or illness.
Phone: 888-556-4616

Lender: Automotive Credit Corporation
Street: 26250 Northwestern Highway
City, State, Zip: Southfield MI 48076
Loan Service: ACC – Automotive Credit Corporation Exciting Opportunities for Dealer Partners
Phone: 800-810-2202

Lender: Capital One Auto Finance
Street: 3901 Dallas Parkway
City, State, Zip: Plano TX 75093
Loan Service: Auto Loans, Auto Financing, Refinancing, Loan Calculator | Capital One
Get new car loans, used car loans, or auto loan refinancing at the official site of Capital One. Use the auto loan calculator to view competitive rates.
Phone: 800-227-3863

Lender: CAR Financial Services Inc.
Street: 600 Westpark Drive
City, State, Zip: Peachtree City GA 30269
Loan Service: CAR Financial is dedicated to serving the individual needs of automotive dealers and automotive non-prime financial organizations like yours
Phone: 800-984-9188

Lender: Chase Custom Finance
Street: 201 N. Central Avenue 19th Floor
City, State, Zip: Phoenix AZ 85004
Loan Service: Car Loans, Auto Loan – Chase Auto Loans
Apply online for a car loan from Chase. Find information on current interest rates. Use our loan calculators.
Phone: 800-223-5050

Lender: CPS
Street: 16355 Laguna Canyon Road
City, State, Zip: Irvine CA 92618
Loan Service: CPS is a publicly traded subprime auto finance company servicing auto dealers nationally since 1991
Phone: 800-304-6812

Lender: Crescent Bank & Trust
Street: 1000 Veterans Blvd Suite 100
City, State, Zip: Metairie LA 70005
Loan Service: Crescent Bank & Trust – Sub-prime auto financing, personal and commercial checking, savings and CDs – New Orleans, Louisiana, Baton Rouge, Lafayette, Lake Charles, Alexandria and Shreveport
Phone: 800-264-4381

Lender: Drive Financial Services
Street: 8585 N. Stemmons Freeway Suite 1100
City, State, Zip: Dallas TX 75247
Loan Service: Santander Auto offers a competitive near-prime lending program for customers with a 575-680 FICO and no recent derogatory credit.
Phone: 888-540-5626

Lender: Exeter Finance Corp.
Street: 222 W. Las Colinas Blvd. Suite 1800
City, State, Zip: Irving TX 75039
Loan Service: While banks and finance companies typically look at the FICO score, they also consider other factors. Following these basic guidelines will generally help to improve your credit score: Pay Bills On-Time / Keep Balances Low / Close Unused Accounts / Pay More Than the Minimum / Keep expenses to less than 30-40% of their gross monthly income
Phone: 877-393-8379

Lender: EZ Dealer Finance
Street: 8998 RT. 18 N. Suite 210
City, State, Zip: Old Bridge NJ 08857
Loan Service: EZ Dealer Finance online access to submit credit applications for all your motorized vehicle loans and leasing needs. Quick applicant to lender matching allows you to select the lenders to work with
Phone: 866-343-6714

Lender: Fifth Third Alternative Finance
Street: 925 Freeman Avenue MLD 009014
City, State, Zip: Cincinatti OH 45202
Loan Service: Vehicle Financing 0.25% rate discount when payment is deducted from any Fifth Third Bank checking or savings account using Auto BillPayer
Phone: 877-782-8102

Lender: Financial Solutions (Bulk Purchase)
Street: 2446 Durham Manor Dr
City, State, Zip: Franklin TN 37064
Loan Service: Auto Bulk Buy Here Pay Here Auto Paper- We Buy Bulk Auto Notes Receivables
Phone: 615-414-6708

Lender: Inspire Auto Finance
Street: P.O. Box 190349
City, State, Zip: Dallas TX 75219
Loan Service: Home – Inspire Auto Finance
Phone: 214-4677473

Lender: InterActive Financial Marketing Group
Street: 114 Virginia St.
City, State, Zip: Richmond VA 23219
Loan Service: Interactive Financial Marketing Group
Phone: 888.905.1002

Lender: P*E*Financial
Street: PO Box 1736
City, State, Zip: Groves TX 77619
Loan Service: P.E. Holding Corp.
Phone: 409-549-2220

Lender: Security National Automotive Acceptance
Street: 6951 Cintas Bulevard
City, State, Zip: Mason OH 45040
Loan Service: SNAAC
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Phone: 800-995-0591

Lender: TEBO Financial Services Inc
Street: 4025 Erie Street S
City, State, Zip: Massillon OH 44646
Loan Service: Tebo Financial Services – Consumer Loans and Dealer Financing. Application Loans for people with less-than-perfect credit. Sometimes, circumstances beyond your control give good people bad credit. If you have difficulty obtaining a loan, Tebo doesn’t judge you… we help you get the credit you deserve. First Time? Create Account
Phone: 330-879-3680

Lender: United Acceptance Inc.
Street: 2400 Lake Park Dr. SE Suite 100
City, State, Zip: Smyrna GA 30080
Loan Service: United Acceptance forging strong long-term relationships with both auto dealers and employers to offer great used car loan origination to through dealers
Phone: 888-951-9512

Lender: Vehicle Acceptance Corp (Bulk Purchase)
Street: 4144 N Central Expressway Suite 350
City, State, Zip: Dallas TX 75204
Loan Service: We are a recognized leader in the purchase of vehicle notes from independent Buy Here Pay Here dealers throughout the United States
Phone: 800-380-3882

Lender: Virtual Lending Source
Street: 7084 Miramar Road Suite 400
City, State, Zip: San Diego CA 92121
Loan Service: Founded in 1997, Virtual Lending Source has an easy financing process, which puts you in control of the car buying experience. Our large network of automotive lenders and dealerships nationwide can help you get the best pricing and finance options available!
Phone: 800-400-9192

Lender: Western Funding Inc.
Street: 3915 E. Patrick Lane
City, State, Zip: Las Vegas NV 89120
Loan Service:
Phone: 702-434-1990

Lender: Westlake Financial
Street: 4751 Wilshire Bulevard Suite 100
City, State, Zip: Los Angeles CA 90010
Loan Service: A.P.R. as low as 5.99% / Multiple autos OK / Up to 72 month term / Reasonable FICO requirements
Phone: 888-211-6010

18 percent interest is very high. This is usually the APR assigned to very bad credit car buyers. Research has shown that sub prime and deep sub prime buyers pay interest of 14.29% and 17.65 respectively. In the auto loan financing industry there are many avenues.

A car buyer should not have to accept 18 percent interest from the first offer. There are banks like ALLY, Wells Fargo and Chase who cater to sub prime car buyers.

However your local credit union offer the lowest rate on auto loans. In fact, all credit unions loans are capped at 18 percent, so it is very unlikely that they will require this APR from you.

Better yet, submit a car loan application with us and let lenders compete for your business.