Bad Credit Auto Loans in Midland (MI)

At Wolverine Auto Finance, we get our users approved for financing with no fees, no headaches, and no obligations. Our industry-leading network of Michigan dealers and lenders is standing by, awaiting your application. The actual application takes less than three minutes to submit, and it requires less information than you might expect.

Have you got a credit score of 620 or lower? That’s ok. Bad credit is not a deal-breaker. There are several principal credit tiers in the auto finance industry, and we have companies that accept applicants in each of them. A down payment, as well as proof of income will typically be expected; however, most of our clients are approved nearly instantly. Plus, making regular payments on an installment loan like this will help increase your credit score. So let us find you a dealer who finances bad credit – online! Apply Online!

Car Loan Pre-Approval: How Much?

The chart below depicts how much you can borrow, based on a monthly income of $1,150, the average in Midland. These sums are only approximations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount Borrowed
Excellent Credit 10 $11,500
Average Credit 9 $10,350
Temporary Bad Credit 8 $9,200
Bad Credit 7 $8,050
Very Bad Credit 6 $8,050

Simply because you can borrow a particular amount, doesn’t mean you should. A smaller loan is advised, because it will lower the risk of repossession.

Down payments can be paid in cash or via trade-in, and typically range from 5-20% of the vehicle’s price. They are frequently required of borrowers with a substandard history of debt repayment. At this point, the Loan-to-Value ratio becomes important. Divide the amount you borrow by the wholesale value of the vehicle in question. This is the LTV.

Loan Amount Vehicle Value LTV
$10,000 $15,000 67%
$15,000 $17,500 86%
$17,500 $22,000 79%
$20,000 $30,000 67%

Most lenders and dealers who work with bad credit prefer lower LTV ratios. Because the lender has less invested in the vehicle, they are in a better position if borrower defaults – a bona fide risk when financing subprime borrowers. The good news is, as the economy improves, more lenders and dealers should be able to offer auto loans with zero down.

Our approval platform can probably help you find a dealer, bank, or finance company who can work with you, even if you can’t put any money down.

Nearly all buy here pay here car lots consider down payments a requirement. Dealers like these make credit decisions on site, instead of working with banks or lenders. Everything is paid to the dealer directly, and the vehicles they sell are usually $10,000 or less.

Credit and Income: Midland

There is more to the approval process than just your FICO score. Loan companies look at the following:

  • Income
  • Job Stability
  • History of Debt Repayment

Here are average stats for Midland residents.

  • Average Income: $1,150 Per Month
  • Average Monthly Payment: $127 (11% of Income)
  • Ideal Car Payment: $92 to $115 (8%-10% of Income)

Next we have broken down Midland’s population by FICO score. These are just estimates, but they should give you a general idea of where you stand in relation to other consumers in Midland.

FICO Score % of Population Residents
300-499 2% 1,288
500-549 5% 3,219
550-599 8% 5,150
600-649 12% 7,725
650-699 15% 9,657
700-749 18% 11,588
750-799 27% 17,382
800-850 13% 8,369