Bad Credit Auto Loans in Howell (MI)

We understand that auto financing can be stressful, and we’re here to help. Our vast, statewide network of lenders and dealers is standing by, awaiting your application. When you apply online, the dealers and lenders in our network compete against each other for your business.

Credit Scores of 600 or Less

Poor credit is rarely a deal-breaker. If you simply were to go from one dealer to another, submitting applications, you’ll probably be rejected more than once. We offer a better solution, in that you can submit just one loan application, and we’ll find a bad credit car dealer who is ready and willing to fund your loan. Income is their primary concern, not credit score. To be sure, the APR on your loan won’t be as low as someone with a credit score of 700 plus, meaning it’s crucial that you finance an economical vehicle with low monthly payments. Allow us to find you a dealer that finances bad credit. Apply Online!

The amount you can finance is primarily determined by your income and credit. The following table displays loan amounts for people of a variety of credit tiers, based on an income of $1,339 a month, which is the average in Howell. Please bear in mind that these are only estimates.

Credit Score Income Factor Loan
Great Credit 10 $13,390
Decent Credit 9 $12,051
Subprime Credit 8 $10,712
Poor Credit 7 $9,373
Terrible Credit 6 $9,373

To work out your own loan amount, multiply your pre-tax monthly income by the appropriate income factor.

If you’ve got a credit score of 700 or higher, then yes: you can usually get a car loan with no money down. If you have a low credit score, however, your dealer may want you to supply a payment in advance. That’s because lenders are interested in the Loan-to-Value Ratio (LTV). Divide the the amount you want by the wholesale value of the vehicle in question. This is the LTV.

Loan Amount Vehicle Value Loan-to-Value
$7500 $10,000 75%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $30,000 67%

The lower the LTV, the less risk for the lender. That said, we have dealers that provide auto loans with no down payment.

Submit your application, and leave the down payment field empty. We’ll connect you with a lender who can finance your purchase, zero down payment necessary.

Buy Here Pay Here Dealerships in Howell

If you have a very low credit score, chances are you are at least aware of buy here pay here financing. Shoppers who cannot get approved for a loan due to serious credit problems often find themselves at these types of dealerships. The rates of interest are especially steep, but they often offer guaranteed approval.

Howell Consumer Profile

There’s more to auto financing than just your FICO score. Creditors look at your ability to pay (income), history of employment and residence, and credit profile.

Listed below are average statistics for Howell residents.

  • Gross Income: $16,066 Per Year
  • Average Car Payment: $147 (11% of Income)
  • Recommended Car Payment: $107 to $134 (8%-10% of Income)

If you have a low credit score, you aren’t the only one. This chart depicts how many people in Howell are in each credit level.

FICO Score % of Population Residents
300-499 2% 883
500-549 5% 2,207
550-599 8% 3,531
600-649 12% 5,297
650-699 15% 6,621
700-749 18% 7,946
750-799 27% 11,918
800-850 13% 5,738

Are you ready to find your Howell auto loan? Go here to submit your application.