Bad Credit Auto Loans in Macomb (MI)

Income, credit, down payment – getting a car financed can be a confusing process, but we’ll help you each step of the way. A growing number of lenders and dealers have whole departments devoted to web-based approvals, and we can help you line up your loan right from your computer. Here is how it all works:

  1. Apply for your Macomb car loan online.
  2. Sign in to your new account to check your approval status.
  3. Consult your lender about your interest rate and conditions.
  4. Complete any additional paperwork.
  5. Now you can purchase your vehicle.

Sound simple? It really is! Apply Now!

What if I Have Subprime Credit?

Below-average credit is often a big obstacle when it comes to financing, but not when you apply through us. There isn’t a minimum credit score for applying, and we can help borrowers who fall fall into any of the subprime credit tiers. Yes, your rate of interest won’t be as low as someone with a credit score of 700 plus, but that’s to be expected. Don’t delay. Allow us to find you a lender or dealership that funds auto loans for people with subprime credit.

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included a sample, based on the average income of Macomb residents, $6,190.

Credit History Income Factor Amount
Good Credit 10 $61,900
Decent Credit 9 $55,710
Temporary Bad Credit 8 $49,520
Bad Credit 7 $43,330
Really Bad Credit 6 $43,330

Just because you’re able to borrow a particular amount, doesn’t mean it’s a good idea. A smaller loan is a good idea, because you’ll be able to repay it in less time, with less interest.

Can You Buy a Car with Zero Down Payment?

Buyers with good credit can usually get an auto loan without a down payment. But if your credit is less than perfect, your dealer may want you to supply a down payment. The reason is simple: lending to customers with bad credit is a much riskier process, and a down payment ensures that some percentage of the vehicle’s value has already been secured. What’s promising is, as the economy gets better, more and more dealers and lenders should be able to approve car loans in Macomb with zero down.

Simply enter your down payment amount on your application, and our system can often find you a dealer, bank, or lender who wants to fund your loan, whether or not you can put money down.

What About Buy Here Pay Here Financing in Macomb?

In House financing is sometimes known as:

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

These dealers specialize in helping people who can’t get approved by a traditional lender due to problematic credit. Everything is paid to the dealership directly, and the vehicles are typically $10,000 or less.

Macomb-Specific Financial Profile

There’s more to the approval process than just your credit score. Lenders look at such things as:

  • Income
  • Employment History
  • Credit History

Listed here are average stats for Macomb residents.

  • Gross Earnings: $74,280 Per Year
  • Average Car Payment: $681 (11% of Income)
  • Suggested Monthly Payment: $495 to $619 (8%-10% of Income)

If you have poor credit, you aren’t alone. This chart shows the estimated number of Macomb residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,009
500-549 5% 2,523
550-599 8% 4,036
600-649 12% 6,054
650-699 15% 7,568
700-749 18% 9,082
750-799 27% 13,623
800-850 13% 6,559

Your credit score will primarily determine your interest rate, but as long as you have sufficient income, we can typically find someone to finance you, even when you have a bad credit score.

Ready to get approved for a car loan in Macomb? It’s easy to apply online.