Bad Credit Auto Loans in Flint (MI)

Looking for the best way to finance a car in Flint? Great, we can help. Our service is fast, safe, and effective. Applicants with sufficient income have a 90% chance of getting financed. When you apply online, we will find you a car loan that is right for you. We have relationships with dealers and lenders across Michigan, and they want to put you in the driver’s seat!

Low Credit Score?

No problem. We help you find a lender to fund your loan, even when your credit history is problematic. We have lenders and dealers who help people with low credit scores, and they would love to grant you the loan you need. It is true that bad credit scores mean higher interest rates, which means it’s vital that you opt for a cost-effective vehicle with easily-affordable monthly payments. Allow us to find you a lender or dealership that approves auto loans in Flint for people with credit problems – online! It’s simple. Simply submit your online credit application, and we’ll get to work getting you approved.

Auto Loan Pre-Approval in Flint: How Much?

The chart that follows depicts how much you can borrow, given a monthly income of $1,436, the average in Flint. These sums are simply estimations. You may be eligible for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit History Income Factor Amount
Good Credit 10 $14,360
Decent Credit 9 $12,924
Subprime Credit 8 $11,488
Poor Credit 7 $10,052
Really Bad Credit 6 $10,052

Simply because you’re able to borrow such an amount, doesn’t mean you ought to. A smaller loan is a good option, because you’ll be able to repay it faster. Of course, the faster a loan is repaid, the less you pay in interest. In general, you want your car payment to total no more than 8% of your monthly income, and you want to opt for the shortest payment term possible.

Do You Need a Down Payment?

We do have lenders in our network who don’t require borrowers to offer a down payment. That said, supplying a down payment affords you significant benefits:

  • Shortens loan, meaning you pay less in interest.
  • Lowers monthly payment.
  • Safeguards against negative equity.

Nevertheless, you no longer need a down payment to get pre-approved. We get clients financed each and every day, despite issues with their credit and down payment. Get approved today!

Nearly all buy here pay here dealers require a down payment, often a significant one. Consumers who cannot get approved for a loan due to major credit problems like bankruptcy often end up at car lots like these. Payments are made to the dealer, sometimes at the lot, and the cars and trucks for sale are normally $10,000 or less.

Flint-Specific Financial Profile

Flint-MichiganBanks, dealers, and lenders are worried about more than just your FICO rating. Lenders evaluate such things as:

  • Income
  • Source of Income
  • History of Debt Repayment

Here are average stats for Flint residents.

  • Average Salary: $1,436 Per Month
  • Average Car Payment: $158 (11% of Income)
  • Recommended Car Payment: $115 to $144 (8%-10% of Income)

As you know, the city of Flint has dealt with its share of financial emergencies, both in 2002 and 2011-12, having to appoint emergency financial managers to deal with the city’s debt.  These economic upheavals, caused in large part by GM’s deindustrialization in the area, have translated into serious financial hardships for Flint residents.

FICO Score % of Population Residents
300-499 2% 4,373
500-549 5% 10,931
550-599 8% 17,490
600-649 12% 26,235
650-699 15% 32,794
700-749 18% 39,353
750-799 27% 59,029
800-850 13% 28,422