Bad Credit Auto Loans in Livonia (MI)

We know that auto financing can be stressful. That’s why we launched our system for online credit acceptance. Each lender has their own approval standards, so it’s crucial that you find one willing to work with your credit. Submit your application, and the dealers and lenders in our network compete against one another to fund your loan. A finance manager will then guide you through the rest of the process, from determining your lender and interest rate to making an appointment to choose your vehicle.

What About Bad Credit?

LivoniaCredit issues have been on the rise in Livonia, Wayne County, and the greater Detroit area ever since the housing crisis and recession of recent years. Problematic credit is often a roadblock to financing, but not when you apply through us. In fact, we work with with Michigan banks, dealers, and auto finance companies who specialize in each credit level. Yes, bad credit scores mean increased interest rates, meaning it’s crucial for you to choose an inexpensive car or truck with affordable payments.

You’ll probably be approved by a bad credit dealership or subprime auto finance company. Both of these types of companies submit payment information to the credit agencies, which is crucial to reestablishing your credit. In fact, 35% of your FICO is based on your payment history, so paying off a car as agreed is one of the highest-impact ways to improve your ailing credit. The key is making each payment on time, as even late or “slow” payments can hurt your score. Apply Now!

How Much Am I Eligible to Finance?

The table that follows depicts how much you can borrow, based on a monthly income of $3,170, the average in Livonia. These numbers are only estimations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Score Income Factor Amount
Excellent Credit 10 $31,700
Average Credit 9 $28,530
Slow Credit 8 $25,360
Bad Credit 7 $22,190
Really Bad Credit 6 $22,190

To calculate your own loan amount, multiply your monthly income by the appropriate income factor.

No Money Down Auto Loans?

We do have lenders in our network who don’t require credit-seekers to offer a down payment. Having said that, providing a down payment affords you substantial benefits:

  • Reduces the length of the loan, meaning you pay less in interest.
  • Lessens monthly payment.
  • Protects against negative equity.

Still, we realize that down payments are particularly challenging these days. Our approval platform will probably help you find a lender or dealer who’s willing to work with your down payment, or lack thereof.

In House Financing Car Dealers in Livonia

If you’ve gone through a bankruptcy or repossession, you’ve likely considered working with an in house financing dealership in Livonia. These dealers work with people that can’t get approved anywhere else. Of course, the annual percentage rates are inflated, but there are a lot fewer hurdles to approval.

Credit and Income: Livonia

A consumer’s FICO score is just part of the equation. Creditors check your income, history of employment and residence, and individual credit history.

Here are average stats for Livonia residents.

  • Average Earnings: $38,037 Annually
  • Average Monthly Payment: $349 (11% of Income)
  • Recommended Car Payment: $254 to $317 (8%-10% of Income)

Below-average credit. It’s quite pervasive these days in Livonia and across Michigan. This table depicts the estimated number of Livonia residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 2,015
500-549 5% 5,038
550-599 8% 8,061
600-649 12% 12,092
650-699 15% 15,115
700-749 18% 18,138
750-799 27% 27,207
800-850 13% 13,100