My Car Lender

Home / Finance / Tennessee Auto Finance / Memphis (TN) Auto Loans


In today’s times, you’ll find it quite challenging to buy a new car if you can’t get a car loan or lease. Unfortunately, the process of getting financing can be a real pain, particularly when your credit isn’t perfect. We can help you obtain an auto loan today, at an economical interest rate, even when your credit isn’t optimal.

This is particularly advantageous for individuals with unfavorable credit ratings, as a variety of dealers will consider funding your loan, a good number of of which are experts in credit problems.

Car Loan Rates in Memphis

What will your interest rate be? Truth be told, your annual percentage rate differs hugely based on your credit, among a number of other variables. The rates displayed below are only for informational purposes. These are not advertisements, and your actual rate will vary.

Credit Rating New Car Pre-owned Car
Excellent 3.2% 3.5%
Good 4.4% 4.9%
Average 6.1% 7.4%
Subprime 8.5% 10.0%
Bad 13.3% 16.9%
Very Bad 15.1% 19.2%

Used Auto Loans in Memphis

New vehicles have the lowest rates. Having said that, new cars lose value so quickly, pre-owned cars are typically a better value. Check out the numbers below.

Age Price Rate Months Payment Interest Total
New $24,400 6.00% 60 $471.72 $3,903 $28,303
1 Year $19,520 7.50% 60 $391.14 $3,948 $23,468
2 Years $16,592 7.50% 60 $332.47 $3,356 $19,948
3 Years $14,103 7.50% 60 $282.60 $2,853 $16,956

As you can see, the car financed new for $24,400 is worth only $14,103 after three years. As a rule, you can get a car loan for a vehicle that’s up to 10 years old. Mileage limits may apply.

Poor Credit Car Loans in Memphis

Less-than-perfect credit has become a serious impediment for the people of Memphis and the state as a whole. The higher your credit score, the wider array of options you will have. Previous generations had to go from lender to lender, attempting to locate one willing to approve them for financing. Fortunately, technology has gotten rid of most of this groundwork.

If you can, you should avoid turning to a no credit check car lot. These buy here pay here dealerships are infamous for consumer abuses. The interest rates are borderline extortionate, and the cars and trucks are sometimes priced higher than they would be at other dealerships.

You will be happier with an auto loan from a traditional bank, credit union, or loan provider. The down payments are less expensive, as are the interest rates, and the service tends to be a good bit better.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

If you need to improve your credit score, an auto loan may help–as long as you pay the installments as arranged. Your FICO score isn’t going to increase the second you pay off your auto loan. Rather, it steadily increases as you make your payments on time. Even though the actual increase in your credit score is challenging to determine, the improvement is substantial.

Memphis Resources

Credit Unions

Credit UnionLocationZip CodePhone
Agility Financial495 Union Ave38103(901) 529-2760
Associated Employees3003 Airways Blvd38131(901) 345-5548
Associated Employees Credit Union3003 Airways Blvd #70938131(901) 345-5548
Binsy340 S Hollywood St38104(901) 324-3921
Bulab Employees1256 N McLean Blvd38108(901) 272-8325
City Of Memphis2608 Avery Ave38104(901) 321-1200
City Of Memphis2678 Mt Moriah Terrace38115(901) 360-1818
City Of Memphis2897 Covington Pike38128(901) 385-1783
City Of Memphis1900 Whitten Rd #10238133(901) 869-4135
City Of Memphis1264 E Shelby Dr38116(901) 398-1101
City Of Memphis109 N Main St38103(901) 528-0700
Credit Union Processing6363 Poplar Ave38119(901) 383-2877
Delta Refining Co Emp543 W Mallory Ave38109(901) 775-8814
Dupont Memphis Plant Employees2521 Fite Rd38127(901) 358-3796
Dupont Memphis Plant Employees Credit Union2571 Fite Rd38127(901) 358-3796
Elec Workers Union 474 Ibew1896 Madison Ave38104(901) 725-9180
F A A3920 Whitebrook Dr38118(901) 366-0066
F A A7974 Centennial Dr38125(901) 757-7999
Federal Building167 N Main St #10238103(901) 526-6778
Federal Building225 N Humphreys Blvd #102938166(901) 747-3631
Federal Building200 Jefferson Ave #15038103(901) 523-2111
Federal Building Federal Credit Union225 N Humphreys Blvd38166(901) 747-3769
Fedex Employees Credit Association2124 Democrat Rd38132(901) 344-2500
Fedex Employees Credit Association3670 Hacks Cross Rd38125(901) 434-5100
First South Financial262 Danny Thomas Pl38105(901) 595-3366
First South Financial209 Rawlins Service Ct38152(901) 678-4040
First South Financial633 S Highland St38111(901) 323-8091
First South Financial1940 Madison Ave38104(901) 722-5612
First South Financial7166 Winchester Rd38125(901) 756-6618
First South Financial1250 E Shelby Dr38116(901) 346-0204
First South Financial3731 Austin Peay Hwy38128(901) 372-7313
Healthnet6025 Walnut Grove Rd38120(901) 226-1111
Healthnet6004 Park Ave #10438119(901) 226-1111
Hope3048 Harvester Ln38127(901) 358-4496
Hope2923 Ridgeway Rd38115(901) 358-4496
Hope1451 Madison Ave38104(901) 721-8124
Hospitality5100 Poplar Ave #21438137(901) 684-7200
Hospitality5100 Poplar Ave #8038137(901) 684-7200
Hospitality Federal Credit Union5100 Poplar Ave38137(901) 684-7200
I TrustPO Box 1835738181(901) 362-7211
I Trust3617 Winchester Rd38118(901) 362-7211
I-Trust Federal Credit Union5333 Getwell Rd38118(901) 362-7211
Illinois Central Employees2005 Nonconnah Blvd #738132(901) 332-2686
Illinois Central Employees Credit Union2005 Nonconnah Blvd38132(901) 332-2686
Kellogg Memphis Employees2168 Frisco Ave38114(901) 745-9879
Kemba Delta4095 American Way #1038118(901) 795-9055
Kemba Delta4095 American Way38118(901) 795-9055
Kennedy Va Employees1030 Jefferson Ave38104(901) 523-8990
Kimberly Clark1520 N 2nd St38107(901) 521-4646
L G & W1616 Whitten Rd38134(901) 680-7995
L G & W Federal Credit Union5619 Murray Rd38119(901) 680-7995
Langston Bag Co. Empls. Sav. Assn.1760 S 3rd St38109(901) 774-4440
Memphis Air Reservepo box 1823138181(901) 362-9612
Memphis Air Reserve4593 Swinnea Rd38118(901) 362-9612
Memphis Air Reserve Federal Credit Union2815 Democrat Rd38118(901) 362-9612
Memphis Area Teachers'7845 U.S. 6438133(901) 385-5200
Memphis Municipal Employees577 Linden Ave38126(901) 528-2841
Methodist HealthcarePO Box 28038738168(901) 516-8594
Methodist Healthcare3980 New Covington Pike #30238128(901) 516-8594
Methodist Healthcare777 Washington Ave38105(901) 572-5657
Methodist Healthcare176 S Bellevue Blvd38104(901) 516-2856
Methodist Healthcare1300 Wesley Dr38116(901) 516-3793
Neighborhood Title Loans5079 Summer Ave38122(901) 684-7445
Olivet Baptist3084 Southern Ave38111(901) 454-7777
Postal Employees584 S 3rd St38126(901) 526-5011
Postal Employees1921 Elvis Presley Blvd38106(901) 947-1953
Postal Employees6743 Winchester Rd38115(901) 362-2502
Quaker Oats Employees3324 Chelsea Ave38108(901) 320-4098
Sears Federal Credit Union5119 Summer Ave #10338122(901) 682-5626
Securtrust6555 Quince Rd #30738119(901) 751-2097
Securtrust Federal Credit Union6555 Quince Rd #11538119(901) 751-2097
Shelby County150 Washington Ave38103(901) 545-4414
Shelby County1160 Sycamore View Rd38134(901) 377-8929
Smith & Nephew Employees1450 E Brooks Rd38116(901) 399-6418
Southeast Financial2670 Union Avenue Extended38112(901) 327-1100
Southern SecurityP.O. Box 2236538122(901) 452-7900
Southern Security123 S Front St38103(901) 495-7584
Southern Security1720 E Holmes Rd38116(901) 396-0237
Southern Security3616 Austin Peay Hwy #338128(901) 377-5822
Southern Security3580 Ridge Meadow Pkwy38115(901) 795-0443
Southern Security50 N Dunlap St38103(901) 287-6131
Southern Security3337 Summer Ave38122(901) 452-7900
Southern Security Federal Credit Union3616 Austin Peay Hwy38128(901) 377-5822
Southern Security Federal Credit Union8058 U.S. 6438133(901) 388-3637
Synergy Federal Credit Union3030 Jackson Ave38108(901) 320-2890
Teachers' Credit Union1364 N Watkins St38108(901) 385-5200
Tva Allen Steam Plant2574 Plant Rd38109(901) 789-8427
U. T.910 Madison Ave38103(901) 448-3600
Ups Employees1814 E Brooks Rd38116(901) 396-2132
VelsicolPO Box 2271138122(901) 320-0287
Velsicol1199 Warford St38108(901) 320-0287
Wings Financial2491 Winchester Rd #30638116(952) 997-8000
Wings Financial Federal Credit Union2491 Winchester Rd38116(901) 345-5211