Bad Credit Auto Loans in Battle Creek (MI)

Searching for the best car loan in Battle Creek? Excellent, we’re here to help. We have a vast network of dealers and lenders who offer online approvals. When you submit your application, the dealers and lenders in our network compete for your business.

Dealerships That Work with Bad Credit in Battle Creek

Have you got a FICO score of 620 or lower? Don’t worry. Below-average credit is rarely a problem. There are three “bad credit” credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter which tier you’re in, we have lenders who want to get you into a new car. If your credit is weak, your interest rate might be higher, but that’s to be expected. Let us find a dealer in Battle Creek who can work with your credit – online!

The chart that follows depicts multiple loan amounts, based on a monthly income of $1,593, the average in Battle Creek. These amounts are simply approximations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Sum
Excellent Credit 10 $15,930
Decent Credit 9 $14,337
Temporary Bad Credit 8 $12,744
Bad Credit 7 $11,151
Very Bad Credit 6 $11,151

Simply because it’s possible to borrow a particular amount, doesn’t mean you ought to. A smaller loan is advised, because it will lower the risk of missing payments.

Can You Finance a Car with Zero Down Payment?

Down payments can be offered in cash or trade equity, and typically are priced between 5-20% of the vehicle’s sticker price. They are normally required of people with a substandard history of debt payment. That’s because lenders are interested in the Loan-to-Value Ratio (LTV). Divide the loan amount by the wholesale value of the vehicle being financed. This is the LTV.

Loan Amount Vehicle Value LTV
$7500 $10,000 75%
$15,000 $20,000 75%
$20,000 $25,000 80%

Most lenders and dealers who work with bad credit prefer lower LTV ratios. Because the lender doesn’t have as much invested in the vehicle, they are in a better position if borrower defaults – a bona fide risk when financing people with less-than-perfect credit. The good thing is, as the auto sector recovers, more dealers and lenders should be able to approve car loans in Battle Creek with zero down.

We help our clients get into a new car all the time, even with no credit or down payment.

Battle Creek Buy Here Pay Here Financing

This sort of financing is commonly known as:

  • Your Job is Your Credit
  • Tote The Note
  • Rent to Own
  • We Finance

Customers who cannot get approved for financing because of serious credit problems often turn to car lots like these. Of course, the rates are higher than average, but there are a lot fewer obstacles to credit acceptance.

Battle Creek-Specific Credit, Income Numbers

Banks, dealers, and lenders are worried about a lot more than just your FICO rating. Lenders look at the following:

  • Ability
  • Job Stability
  • History of Debt Repayment

Here are average statistics for Battle Creek residents.

  • Pre-Tax Income: $19,115 Annually
  • Average Monthly Payment: $175 (11% of Income)
  • Recommended Monthly Payment: $127 to $159 (8%-10% of Income)

Next we have an overview of Battle Creek’s population by credit score. These are just estimates, but they should give you a general idea of where you stand in relation to other consumers in your area.

FICO Score % of Population Residents
300-499 2% 1,871
500-549 5% 4,678
550-599 8% 7,484
600-649 12% 11,226
650-699 15% 14,033
700-749 18% 16,839
750-799 27% 25,259
800-850 13% 12,162

Fortunately, we can help virtually any applicant who has an income of $1500 per month or higher, no matter what their credit score is.

Ready to apply for a car loan in Battle Creek? It’s easy to apply online.