Bad Credit Auto Loans in Dearborn Heights (MI)

You need to get approved for financing by a dealer or lender in Dearborn Heights, and we can help. Our loan-finding platform takes the headache out of getting a loan. The application itself is a breeze, and many consumers are approved the same day they apply. You don’t know convenience until you’ve been walked through the car-buying process by an experienced finance agent, and having everything pre-arranged by the time you hit the dealership saves time, money, and headaches.

Dearborn Heights, as you know, is a fairly “well-to-do” area, being as it is a commuter town. That said, the entire Detroit metro area took a serious blow on account of the financial recession, and consumers in Dearborn Heights, Wayne County, and the entire area are still reeling from the aftereffects. Fortunately, Special Finance, which refers to high-risk auto lending for people with less-than-perfect credit, is our principal focus. There are three subprime credit tiers:

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

No matter your score, there are lenders who want to give you a second chance at financing. Most loan providers want people with subprime credit to have an income of a minimum of $1500 on a monthly basis. Fortunately, users receive their approval nearly instantly. If you have bad credit, you’ll typically be approved by a lender or dealer in Dearborn Heights that finances special finance scenarios. Both of these types of companies submit information to the credit bureaus, which is imperative when you need to restore your credit.

Estimating how much you can borrow is pretty easy. All you have to do is multiply your monthly income by the income factor that corresponds to your credit score. We’ve included an example, based on the average income of Dearborn Heights residents: $3,994.

Credit Income Factor Amount Borrowed
Good Credit 10 $39,940
Average Credit 9 $35,946
Subprime Credit 8 $31,952
Poor Credit 7 $27,958
Horrible Credit 6 $23,964

To figure out how much you can borrow, multiply how much money you get paid on a monthly basis by the applicable income factor.

Dearborn Heights Car Loans, No Down Payment?

Don’t have a down payment? No worries. However, providing a down payment is a good idea because it minimizes your payment amount, interest, and problems with being underwater. Listed here are the suggested down payments for new and pre-owned vehicles.

  • Used Vehicle: 10%
  • New Vehicle: 20%

Even so, we understand that down payments are particularly challenging given the current market conditions. Apply online, and leave the down payment field empty. We’ll work tirelessly to match you with a lender willing to finance your purchase, no down payment needed.

Buy Here Pay Here Car Dealers in Dearborn Heights

Ever wondered about car lots in Dearborn Heights advertising buy here pay here sales? These dealers specialize in helping consumers that can’t get approved by a traditional lender due to problematic credit. Everything is paid to the dealer directly, and the vehicles they sell are typically $10,000 or less.

Dearborn Heights Consumer Profile

There’s more to the approval process than just your credit score. Loan companies review your income, stability, and history of repayment.

The following are average statistics for residents of Dearborn Heights.

  • Gross Salary: $47,929 Per Annum
  • Average Monthly Payment: $439 (11% of Income)
  • Recommended Monthly Payment: $320 to $399 (8%-10% of Income)

Below-average credit. It’s pretty pervasive in Dearborn Heights and across Michigan. This chart shows the estimated number of Dearborn Heights residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,165
500-549 5% 2,912
550-599 8% 4,660
600-649 12% 6,990
650-699 15% 8,737
700-749 18% 10,485
750-799 27% 15,727
800-850 13% 7,572

Regardless of what your credit score is, we can help. We help borrowers of all credit scores and income levels. That’s our primary goal.