Bad Credit Auto Loans in Clarkston (MI)

Why waste your time trekking from one lender to another, trying to get the loan you need? No matter credit, we will help you get approved a lot sooner. A growing number of lenders and dealers now have entire departments specializing in web-based applications, and we can help you arrange your loan right from your computer. When you apply online, we’ll match you with a lender based on your location, finances, credit profile, and more.

Clarkston Bad Credit Auto Loans

FICO ratings of 620 or less are generally deemed subprime or bad” credit, but our service is just the thing for consumers with below-average credit. A large number of major lenders and dealers now have entire departments dedicated to “special finance.” Such establishments are sometimes called bad credit car dealers. Naturally, we have a wide range of them in our network. A down payment and income verification may be expected; however, most people who apply through us receive their approval nearly instantly. You’ll typically be matched with a lender or dealer in Clarkston that finances bad credit. Companies like these report to the credit reporting agencies. This is crucial to rebuilding your credit. Apply Now!

Financing Pre-Approval in Clarkston: How Much?

How much will you be able to borrow? That will be dictated by your income and credit rating. Below, we’ve detailed how much consumers of various credit ratings can finance, based on the average monthly income in Clarkston, $4,192. Don’t forget, these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $41,920
Average Credit 9 $37,728
Slow Credit 8 $33,536
Bad Credit 7 $29,344
Horrible Credit 6 $29,344

Of course, the amounts listed above are estimates. For a precise quote, you must submit your application.

Buyers with good credit can typically get financed with no down payment. But if your credit is sub-optimal, your dealer may require you to furnish a down payment. At this stage, the Loan-to-Value ratio becomes important. This is the amount borrowed in relation to the wholesale value of the vehicle.

Amount Borrowed Vehicle Value LTV
$12,000 $15,000 80%
$17,500 $22,000 79%
$20,000 $25,000 80%
$20,000 $30,000 67%

The recession had a major impact on LTV’s for borrowers with bad credit, but it’s risen back to around 70%. Having said that, there are lenders who approve car loans with no money down.

Apply online. We’ll connect you with a dealer or lender who can fund your loan, zero down payment needed.

Clarkston Buy Here Pay Here Car Lots

Buy here pay here financing is otherwise known as:

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

Shoppers who cannot secure a loan due to seriously bad credit often resort to car lots like these. They approve people with problems like bankruptcy, foreclosure, or repossession in the last 12 months.

Credit and Income: Clarkston

Credit ratings are just part of the equation. Creditors review your ability to pay (income), history of employment and residence, and debt repayment history.

Listed below are some average statistics for Clarkston residents.

  • Pre-Tax Income: $50,301 Per Annum
  • Average Car Payment: $461 (11% of Income)
  • Recommended Car Payment: $335 to $419 (8%-10% of Income)

If you have a low credit score, you aren’t the only one. This table shows how many people in Clarkston are in each credit tier.

FICO Score % of Population Residents
300-499 2% 860
500-549 5% 2,150
550-599 8% 3,439
600-649 12% 5,159
650-699 15% 6,449
700-749 18% 7,738
750-799 27% 11,608
800-850 13% 5,589