If you need to finance a car in The Motor City, we can help. The benefits of our system are myriad:
- Submit one application, and have it evaluated by multiple lenders
- Immediate placement for most applicants
- Weak credit seldom an issue
When you apply online, the dealers and lenders in our network compete against each other for your business. Truly, it’s hard to imagine a faster, more effective way to get a car with bad credit in Detroit.
A bad credit score is often a challenge when trying to finance a new vehicle, but not at Wolverine Auto Finance. A large number of large lenders and dealers now have complete sales teams specifically for something known as “special finance.” Such establishments are often known as bad credit dealerships in Detroit. Of course, we have quite a lot of them in our network. A down payment, as well as proof of income will often be considered necessary; however, most users are approved right away. Best of all, these companies will report to the credit bureaus, which is imperative when re-establishing your credit.
Auto Loan Pre-Approval: How Much?
Loan creditors calculate how much you qualify to borrow by looking at your income and credit score. Below, we’ve outlined how much applicants of differing credit scores can finance, based on an income of $1,757 per month, which is the average for Detroit residents. Keep in mind, these are only estimates.
|Credit History||Income Factor||Amount|
|Really Bad Credit||6||$12,299|
Simply because you can borrow such an amount, doesn’t mean it’s a good idea. A smaller loan is advisable, because it will put less strain on you financially.
Down Payment: Do You Need One?
Don’t have a down payment? In many instances, this won’t prevent you from getting approved. However, a down payment is a good idea because it reduces your payment per month, interest paid, and risk of negative equity. Your ideal down payment is 20% for a new vehicle, and 10% for a pre-owned one. Still, you don’t need a down payment to submit an application. Apply online. We’ll match you with a lender who can give you the loan you need, zero down payment required.
If you are thinking of working with a buy here pay here dealer in Detroit, thanks to poor credit, keep in mind that they will most likely require you to provide a substantial down payment. Dealers like these approve people for financing in-house, instead of relying on banks or lenders. Without a doubt, the rates are higher than average, but there aren’t many hurdles to approval.
Credit and Income: Detroit
There is more to the approval process than just your FICO score. Loan companies review such things as:
- History of Payments
The following are average statistics for residents of Detroit.
- Pre-Tax Salary: $21,087 Annually
- Average Monthly Payment: $193 (11% of Income)
- Suggested Monthly Payment: $141 to $176 (8%-10% of Income)
Next we have a breakdown of Detroit’s population by FICO rating. These are just estimations, but they should give you an idea of where you stand.
|FICO Score||% of Population||Residents|
This shows that 25 percent of Detroit residents will need a bad credit auto loan. If you’re in one of the lower ranges, don’t fret. We can still help you get approved.
Let us help you secure the good or bad credit auto loan in Detroit you need. Click here to apply online.