Bad Credit Auto Loans in Lansing (MI)

We’re excited to support the residents of Lansing and all of Mid-Michigan as they search for the auto loan they need. After all, financing a car can be a bewildering process. There are so many factors to consider:  income, credit, down payment? Fortunately, we can guide you from application to approval. In fact, we’ve developed a system that streamlines the process, offering a wide range of advantages in the process:

  • One application, multiple lending companies.
  • Quick placement for most candidates.
  • Bad credit not normally an issue.

The application itself is a breeze, and it requires fewer details than you might expect.

What if I Have Credit Problems?

Credit ratings of 620 or lower are typically considered subprime or “bad” credit, but our service is just the thing for applicants with problematic credit. We have lenders who accept credit scores of 620 and lower, and they are ready and willing to fund your loan. A down payment and monthly income of $1500 per month will typically be required. Fortunately, of our clients are approved the same day they apply. And, keep in mind, a paid-as-agreed car loan is a good way to increase your credit score. So let us find you a dealership who approves loans for people in Lansing with subprime credit – today! Apply Online!

Obviously, the loan amount has a tremendous impact on your choice of vehicle, so it’s always a primary concern. This table shows loan amounts for people of several different credit scores, based on an income of $843 per month, which is the average in Lansing. Please be aware that these are only estimations.

Credit Rating Income Factor Amount Borrowed
Good Credit 10 $8,430
Average Credit 9 $7,587
Slow Credit 8 $6,744
Poor Credit 7 $5,901
Very Bad Credit 6 $5,901

Just because it’s possible to borrow this amount, doesn’t mean you ought to. A smaller loan is a wise idea, because it will lower the risk of non-payment.

Auto Loans for Students of MSU and LCC

auto loan LansingAs the home of Michigan State and Lansing Community College, Lansing is a city chock full of college students, many of whom are faced with a specific challenge:  lack of credit. Few undergraduates have had time to establish much in the way of credit history. So, when it comes time to finance a vehicle, they are left to wonder:  is it possible to get a car loan without credit? Yes. If you meet certain requirements. In general, there are two avenues to approval for college students:

  1. No Co-signer:  In order to get a car loan without a co-signer, you will need to have a weekly income of $375 or more, before taxes. Part-time employment should not be a problem, as long as it meets this income requirement. If you earn sufficient income, we can typically place you with a willing lender, despite a lack of credit history.
  2. Co-signed Loan:  If you do not earn $375 a week before taxes, then you will need a co-signer to get approved. Most students have a parent or older, established sibling serve as co-signer. Just keep in mind that this is not a casual agreement. The person who co-signs for your loan is agreeing to pay off the loan in the event that you cannot. They will be “on the hook,” so to speak.

Some dealers do provide discounts for students and recent grads. After you apply online, you can inquire with them about what promotions they’re offering for MSU students.

Lansing Auto Loans, No Money Down?

We can assist you in finding dealers who fund loans for people with no down payment. Having said that, providing a down payment gives you considerable benefits:

  • Reduces the length of the loan, meaning less is paid in interest.
  • Reduces monthly payment.
  • Reduces negative equity.

That said, our lenders and dealers understand that down payments tend to be tricky in today’s economic climate. We help consumers get approved everyday, even with no money down.

In House Financing Dealerships in Lansing

You’ve probably wondered about dealerships in Lansing that advertise buy here pay here loans? Dealers like these specialize in helping people who cannot get approved by a traditional lender. Without a doubt, the rates are higher, but there are a lot fewer obstacles to credit acceptance.

Credit and Income: Lansing

Your FICO score is just part of the equation. Loan companies consider such things as:

  • Ability
  • Stability
  • History of Debt Repayment

Below are some average statistics for residents of Lansing.

  • Pre-Tax Salary: $10,110 Annually
  • Average Car Payment: $93 (11% of Income)
  • Recommended Monthly Payment: $67 to $84 (8%-10% of Income)

Mid-Michigan has weathered the economic recession relatively well, with major employers such as the university and various insurance companies not nearly as affected by the financial climate as the auto industry in other parts of the state. Still, higher unemployment, coupled with the shaky housing market, has led to credit problems for many Lansing area residents.

FICO Score % of Population Residents
300-499 2% 3,298
500-549 5% 8,245
550-599 8% 13,193
600-649 12% 19,789
650-699 15% 24,736
700-749 18% 29,683
750-799 27% 44,525
800-850 13% 21,438

Regardless of where you find yourself on this chart, we can help. We work with consumers of all credit scores and income levels. That’s our mission. Please keep in mind, we also serve customers in East Lansing and Greater Lansing as whole.