Bad Credit Auto Loans in Kalamazoo (MI)

Live in Kalamazoo and need an auto loan? We can help. Many lenders and dealers now have whole departments specializing in web-based approvals, and we can get you approved straight from your own home or office. Apply online, and we will find you a car loan that is right for you. You will be matched to single lender or dealer, and a finance representative will guide you step-by-step into the drivers seat of your new car. By the time you visit the lot, you will be able to pick out the car or truck you want, without spending long hours in the dealer finance office working out the details.

Credit Scores of 600 or Lower

KalamazooKalamazoo may have been listed as one of the cheapest cities in the US (Kiplinger), but that doesn’t mean credit problems aren’t rampant. Have you got a low credit score? Don’t worry. We help consumers with damaged credit get financed on a daily basis. If you went from dealer to dealer, completing applications, you might get turned down a few times. With our process, you can submit just one finance application, and we’ll find a bad credit car dealership who is ready and willing to get you behind the wheel, even if your credit is less than ideal. As a subprime borrower, you can expect an interest rate of 7-24% APR.

Your actual rate will be determined by a host of factors, including not just your actual credit score, but the length of your loan, the type of vehicle financed, the down payment you provide, how long you’ve been employed, and other factors. Sure, the APR on your loan would be lower if you had a credit score of 700 plus, so it’s crucial that you purchase a cost-effective car or truck with easily-affordable monthly payments. That way you can make all of your payments when they’re due, thereby re-establishing your credit. Let us find you a dealer who funds auto loans for people in Kalamazoo with credit problems – today!

Getting the Best Rate (APR)

In order to secure the lowest rate possible, you will want to make sure that there are no errors on your credit report. You don’t have to pay for your report. You can pull it for free, once annually, from Annual Credit Report. Some studies claim that as many as 80% of American consumers have errors on on their credit history, many of which are detrimental to one’s credit score. Obviously, you want the highest score possible, as this translates into the lowest auto finance rates.

How Much Can I Borrow?

The table below shows you multiple loan amounts, based on a monthly income of $2,206, the average in Kalamazoo. These numbers are simply estimates. You may qualify for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan
Excellent Credit 10 $22,060
Fair Credit 9 $19,854
Temporary Bad Credit 8 $17,648
Bad Credit 7 $15,442
Horrible Credit 6 $13,326

Again, these are simply estimations. For a definitive quote, please submit your application.

Down payments are payments made at the time that you buy your new car or truck. They are normally required of borrowers with a poor history of debt repayment. That’s because lending to customers with credit problems is a much riskier proposition, and a down payment means that at least a percentage of the loan has been secured. That’s not to say that dealers don’t ever approve people with no money down.

Submit your application. We’ll work tirelessly to place your application with a lender willing to fund your loan, zero down payment required.

Auto Loans for Students of Western Michigan University (WMU)

Kalamazoo auto loan
Are you a student of Western Michigan University or Kalamazoo College? If so, financing a car can be a tough proposition. After all, most lenders are looking at two main criteria:

  • Steady income (W2 employment preferred)
  • Established credit history

As a student, it’s likely that one, if not both of these areas isn’t fully established. Most finance companies prefer that you can show a consistent income of $1500 per month. If you can do this, it’s likely that we can place your application with an interested dealer or lender, even if your credit history is limited or nonexistent. However, if you can’t show an income of $1500 per month ($375 per week), either because you don’t earn that much or because all of your income is from tips, then you have two options:  1) ask someone to cosign the loan, or 2) save up the cash to buy a cheap used vehicle outright. If you have a cosigner, the lender will based their approval, as well as your interest rate, on the income and credit of the person who cosigns, typically a parent if you’re a college student.

Kalamazoo Buy Here Pay Here Car Lots

This sort of financing is sometimes referred to as:

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

Shoppers who cannot get approved for financing due to serious credit problems often end up at these types of dealerships. The loan rates are steep, but acceptance is generally guaranteed.

Kalamazoo-Specific Income, Credit Statistics

Contrary to popular belief, there is more to auto financing than just your credit score. Lenders evaluate the following:

  • Ability
  • Stability
  • History of Debt Repayment

Listed below are average stats for Kalamazoo residents.

  • Average Earnings: $2,206 Per Month
  • Average Car Payment: $243 (11% of Income)
  • Suggested Car Payment: $176 to $221 (8%-10% of Income)

For more information on life in Kalamazoo, you can visit the city’s official website here:  www.ci.kalamazoo.mi.us.

Below-average credit is quite pervasive nowadays in Kalamazoo and across the state of Michigan. The chart below depicts the estimated number of Kalamazoo residents at each credit level.

FICO Score % of Population Residents
300-499 2% 3,958
500-549 5% 9,896
550-599 8% 15,833
600-649 12% 23,750
650-699 15% 29,687
700-749 18% 35,624
750-799 27% 53,437
800-850 13% 25,729