Bad Credit Auto Loans in Bay City (MI)

Do you need a car loan, the sooner the better? We can help. We have an extensive network of dealers and lenders who can approve you for a car loan – online! The actual application is easy to understand, and there is no fee or obligation.

If you have poor credit, we’re the perfect solution bad credit financing is an important part of our business.

In fact, we work with with Michigan dealers and lenders who are experts in bad credit auto loans. A down payment, as well as monthly income of $1500 per month will typically be considered necessary. Fortunately, people who apply through us are approved right away. You’ll probably have your application placed with a bad credit car dealer or subprime auto lender. These companies do submit payment information to the credit agencies. This is great if you want to rebuild your credit. Applying is easy, fast, and there are no obligations. Simply submit your online credit application.

How Much Can I Borrow?

The chart below shows you multiple loan amounts, based on a monthly income of $1,502, the average in Bay City. These amounts are simply estimates. You may qualify for a greater or lesser amount, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount Borrowed
Excellent Credit 10 $15,020
Average Credit 9 $13,518
Temporary Bad Credit 8 $12,016
Bad Credit 7 $10,514
Very Bad Credit 6 $10,514

To see how much you can borrow, multiply your monthly income by the corresponding income factor.

Down Payment: Do I Need One?

A number of our dealers approve people in Bay City with no down payment. However, a down payment is a smart choice for a number of reasons: it lowers your payment, interest paid, and problems with negative equity. The ideal down payment is 20% for a new vehicle, and 10% for a used one.

That being said, we understand that down payments are particularly problematic in this economy. We get consumers approved everyday, even with no money down. Get approved now!

In House Financing Dealerships in Bay City

If you’ve gone through bankruptcy or repossession, you’ve probably thought about going to one of the buy here pay here dealers in Bay City. Shoppers who have been unable to get approved for financing due to seriously bad credit often wind up at car lots like these. They approve people with problems like bankruptcy or repossession on their records.

Bay City-Specific Financial Profile

Lenders are interested in more than just your FICO rating. Lenders review such things as:

  • Debt to Income Ratio
  • Stability
  • Credit History

Listed here are average statistics for Bay City residents.

  • Gross Income: $18,023 Annually
  • Average Monthly Payment: $165 (11% of Income)
  • Recommended Monthly Payment: $120 to $150 (8%-10% of Income)

Have you ever wondered about the credit scores of your neighbors? We have calculated how many Bay City residents are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,392
500-549 5% 3,480
550-599 8% 5,569
600-649 12% 8,353
650-699 15% 10,441
700-749 18% 12,529
750-799 27% 18,794
800-850 13% 9,049