Bad Credit Auto Loans in Hamtramck (MI)

If you’d like to secure financing for a new or used vehicle, we’d be happy to help. Each and every lender has their own approval requirements, so it’s crucial that you find one that matches your needs. The application itself is completely web-based, and it requires fewer details than our competitors.

Low credit score? Not to worry. We enable you to find an auto loan in Hamtramck, even when your history of credit is problematic. There are three subprime credit tiers:

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

Regardless of what tier you fall into, we have lenders that want to give you a second chance at financing. A down payment, as well as proof of income will typically be expected, but most people who apply through us get approved within minutes. We can get you approved for financing by a bad credit car dealer in your area – today! It’s a simple process. Simply submit your application online.

How Much Do I Qualify to Borrow?

The chart that follows shows you a range of loan amounts, derived from a monthly income of $1,951, the average in Hamtramck. These amounts are merely estimations. You may be entitled to a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit History Income Factor Sum
Excellent Credit 10 $19,510
Fair Credit 9 $17,559
Subprime Credit 8 $15,608
Bad Credit 7 $13,657
Very Bad Credit 6 $13,657

Again, the numbers above are estimations. For a detailed quote, please submit your application.

Should I Offer a Down Payment?

No down payment? No problem. That said, a down payment gives you substantial benefits:

  • Shortens loan, meaning you pay less in interest.
  • Lessens monthly installment.
  • Reduces the risks of an upside down loan.

With that being said, you don’t need a down payment to get pre-approved. Our application placement system will probably be able to help you find a dealer, bank, or lending company who wants to get you in the driver’s seat, regardless of whether you have a down payment or not.

Hamtramck Buy Here Pay Here Car Lots

In House financing is otherwise known as:

  • We Finance
  • Rent to Own
  • Tote The Note
  • Your Job is Your Credit

These dealerships work with consumers who have been turned down by traditional firms. They specialize in helping people with issues like bankruptcy or repossession within the last 12 months.

Hamtramck Consumer Profile

Though important, your credit score is just part of the equation. Lenders review your ability to pay (income), stability, and credit history.

The following are average stats for Hamtramck residents.

  • Gross Income: $23,410 Per Year
  • Average Monthly Payment: $215 (11% of Income)
  • Recommended Car Payment: $156 to $195 (8%-10% of Income)

Ever wondered about the credit scores of your friends and neighbors? We’ve calculated how many Hamtramck residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,140
500-549 5% 2,851
550-599 8% 4,562
600-649 12% 6,843
650-699 15% 8,553
700-749 18% 10,264
750-799 27% 15,396
800-850 13% 7,413

This shows that more than 25% of Hamtramck residents have credit scores lower than 649, generally considered subprime. If you fall into one of the lower tiers, don’t worry. We have lenders who help people in each of these credit tiers.