Arranging your financing in advance simplifies the car-buying process. Our system is fast, secure, and effective. Applicants with sufficient income have a 90% chance of being approved. The actual application is easy to understand, and there’s no obligation to accept the offer you’re given.
When you have subprime credit, you’ve come to the right spot – this type of financing is one of our specialties. We have dealers and lenders who accept low credit scores, and they are ready and willing to approve you for financing. A down payment and income verification will often be required. Fortunately, people who apply through us receive their approval within minutes. Don’t delay. Allow us to find you a dealer who finances bad credit.
The chart below shows how much you can borrow, given a monthly income of $4,786, the average in Grosse Pointe. These numbers are only estimations. You may qualify for a different amount. Speak with your vehicle finance specialist for more information.
|Credit Rating||Income Factor||Amount Borrowed|
|Very Bad Credit||6||$33,502|
To determine how much you can borrow, multiply your pre-tax monthly income by the applicable income factor.
Do You Need a Down Payment?
No down payment? No problem. However, a down payment is a good idea because it lowers your payment, the amount of interest paid, and risk of being upside down. These are the suggested down payments for new and pre-owned vehicles.
- Pre-Owned Vehicle: 10%
- New Vehicle: 20%
Even so, we realize that down payments tend to be tricky in this economic climate. We get consumers financed everyday, despite issues with their credit and down payment.
In House Financing Car Lots in Grosse Pointe
If you have a very low credit score, chances are you know about buy here pay here car lots. Dealers like these specialize in helping consumers that have been turned down by other lenders. They specialize in helping people with problems like bankruptcy or repossession in the last 12 months.
Grosse Pointe Consumer Profile
Banks, dealers, and car loan lenders are concerned with more than just your FICO rating. Loan companies evaluate such things as:
- Source of Income
- Credit History
Here are average statistics for Grosse Pointe residents.
- Average Earnings: $57,427 Per Year
- Average Car Payment: $526 (11% of Income)
- Recommended Car Payment: $383 to $479 (8%-10% of Income)
Ever wondered about the credit ratings of your friends and neighbors? We have estimated how many Grosse Pointe residents are in each range of FICO scores.
|FICO Score||% of Population||Residents|