We know that getting approved for a car loan can be stressful, and we’re here to help. Our vast network of Michigan dealers and lenders is standing by, awaiting your application. The actual application is a snap, and there’s no obligation to accept the offer you’re given.
Dealers in East Lansing That Take Bad Credit
Credit ratings of 620 or less are typically considered subprime or “bad” credit, but our service is just the thing for people with less-than-perfect credit. A large number of large dealerships now have entire departments devoted to “special finance.” These are sometimes called bad credit car dealerships, and we work with many of them. Generally, lenders require applicants with below-average credit to provide a down payment. Fortunately, people who apply through us are approved right away. You’ll probably be approved by a bad credit dealership or subprime auto finance company. In most cases, they submit payment information to the credit reporting agencies, which is imperative if you want to improve your credit.
Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor associated with the state of your credit. We’ve included one such example, based on the average income of East Lansing residents, $691.
|Temporary Bad Credit||8||$5,528|
|Really Bad Credit||6||$4,837|
To find out how much you can borrow, multiply your monthly income by the appropriate income factor.
Zero Down Car Loans in East Lansing?
We can help you find dealers who approve people in East Lansing who don’t have a down payment. However, a down payment affords you substantial benefits:
- Reduces the length of the loan, meaning less paid in interest.
- Reduces payment amount.
- Decreases negative equity.
With that being said, you no longer need a down payment to apply. We help consumers get approved all the time, despite issues with their credit and down payment. Get approved now!
If you are thinking of working with one of the buy here pay here dealers in East Lansing, because of bankruptcy or repossession, keep in mind that they will most likely require you to provide a large down payment. Shoppers who cannot get approved for a loan due to serious credit problems often wind up at these types of car lots. Everything is paid to the dealer directly, and the cars and trucks for sale are usually less than $10,000.
Credit and Income: East Lansing
Your credit score is only part of the equation. Loan companies review your ability to pay (income), stability, and individual credit history.
Here are some average stats for residents of East Lansing.
- Gross Earnings: $8,288 Per Year
- Average Monthly Payment: $76 (11% of Income)
- Ideal Car Payment: $55 to $69 (8%-10% of Income)
Bad credit. It’s quite pervasive nowadays in East Lansing and across Michigan. The chart below depicts the estimated number of East Lansing residents at each credit level.
|FICO Score||% of Population||Residents|