Bad Credit Auto Loans in Canton (MI)

If you’d like to get approved for a new car or truck, we can help. Our vast network of dealers and lenders is standing by, waiting for your application. Here’s how our system works:

  1. Take a couple of minutes to submit our online application.
  2. Keep track of the status of your application through our approval center.
  3. If Next, work with your finance specialist to complete your documentation.
  4. And lastly, buy the car you want from a nearby dealer.

You too can be one of the many Canton residents who’ve allowed us to find them the loan they need!

Dealerships in Canton That Take Bad Credit

Our system is ideal for applicants with problematic credit. There is no minimum credit score for applying, and we can help consumers at each of the subprime credit tiers.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

A down payment, as well as income verification will typically be considered necessary; however, most users receive their approval right away. Let us find you a dealer in Canton who can work with your credit – today! Apply Now!

How Much Can I Borrow?

The chart below depicts how much you can borrow, based on a monthly income of $5,336, the average in Canton. These figures are simply estimates. You may be entitled to a different amount. Speak with your vehicle finance specialist for more information.

Credit Rating Income Factor Sum
Excellent Credit 10 $53,360
Decent Credit 9 $48,024
Temporary Bad Credit 8 $42,688
Poor Credit 7 $37,352
Horrible Credit 6 $37,352

Simply because you’re able to borrow a particular amount, doesn’t mean you ought to. A smaller loan is advisable, because you’ll be able to pay it off in less time, with less interest.

Down payments are payments made at the time that you sign for your new car or truck. They are frequently required of people who have a substandard history of debt repayment. As you can imagine, lending to customers with credit problems is a much riskier proposition, and a down payment helps to ensure that some percentage of the vehicle’s value is not at risk. That’s not to say dealers don’t approve funding for people with no down payment.

Submit your application, and leave the down payment field empty. We’ll strive to place your application with a lender or dealer who can fund your loan, zero down payment necessary.

Most buy here pay here dealerships do require a down payment, often a sizeable one. These dealers approve auto loans directly, rather than outsourcing this to banks or lenders. Of course, the interest rates are inflated, but there are fewer hurdles to getting approved.

Credit and Income: Canton

Though important, your credit score is only part of the picture. Creditors evaluate your ability to pay (income), employment history, and credit history.

Listed below are some average stats for residents of Canton.

  • Pre-Tax Earnings: $64,027 Annually
  • Average Monthly Payment: $587 (11% of Income)
  • Suggested Monthly Payment: $427 to $534 (8%-10% of Income)

Curious about the credit ratings of your community as a whole? We have estimated how many Canton residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,915
500-549 5% 4,788
550-599 8% 7,662
600-649 12% 11,492
650-699 15% 14,365
700-749 18% 17,238
750-799 27% 25,858
800-850 13% 12,450

As you can see, one in four Canton residents have a credit score of less than 649, typically regarded as subprime. If you’re in one of the lower ranges, don’t be concerned. We have lenders who work with each of these credit tiers.