At Wolverine Auto Finance, we’ve streamlined the approval process. Our loan-finding system makes it easy to get approved. Just apply online, and we’ll start working to get you approved from a lender or dealer that suits your needs.
What About Credit Problems?
Have you got a FICO score of 620 or less? Not to worry. Less-than-perfect credit is not a deal-breaker. There are several principal credit tiers when it comes to auto financing, and we work with companies that accept applicants in each of them. If your credit is weak, your rate of interest might be higher, but that just comes with the territory. Let us get you approved by a bad credit car dealership in Jackson – online!
How Much Am I Eligible to Finance?
It’s easy to estimate the amount you can borrow. Just multiply your monthly income by the income factor associated with your credit score. We’ve included such an estimation, based on Jackson’s average per capita income: $2,480.
|Credit Score||Income Factor||Loan|
Simply because it’s possible to borrow such an amount, doesn’t mean it’s a good idea. A smaller loan is advised, because it will mean less financial stress.
Getting Approved with No Money Down
Down payments can be offered in cash or trade equity, and typically cover anything from 5-20% of the vehicle’s price. They are often required of people who have a less than ideal history of debt repayment. After all, loans to such consumers are much more risky for the finance company. Failure to pay is more likely, and a down payment ensures that at least a percentage of the vehicle’s value is not at stake. With that being said, there are car dealers who approve financing with no down payment.
Submit your application. We’ll place your application with a lender who can approve you for financing, no down payment necessary.
If you are thinking of working with a buy here pay here car lot in Jackson, because of bankruptcy or repossession, then bear in mind that a down payment will probably be required. Consumers who cannot get approved for financing due to seriously bad credit often turn to dealerships like these. The rates of interest are steep, but they often offer guaranteed approval.
Credit and Income: Jackson
There’s more to auto financing than just your FICO score. Lenders evaluate the following:
- Debt to Income Ratio
- Payment History
Here are some average stats for residents of Jackson.
- Average Income: $29,755 Per Annum
- Average Car Payment: $273 (11% of Income)
- Ideal Monthly Payment: $198 to $248 (8%-10% of Income)
If you have a bad credit score, you’re not the only one. This chart shows the estimated number of Jackson residents at each credit tier.
|FICO Score||% of Population||Residents|