Bad Credit Auto Loans in Monroe (MI)

How would you like to arrange your financing before heading off to the dealership? You’ve come to the right place. Our application placement system makes it easy to get a loan. When you apply online, your credit application will enter our placement system. There we will match you with a lending company given your location, your income, your down payment, and other factors.

Auto Loans with Bad Credit

Special Finance is our specialty. There are three “bad credit” credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

Regardless of what tier you are in, there are lenders that want to finance your loan. Yes, the APR on your loan won’t be as low as someone with a FICO score of 700 plus, but that’s unavoidable. You’ll probably be matched with a dealer or lender in Monroe that specializes in special finance scenarios. Companies like these report to the credit agencies, which is great if you want to re-establish your credit. It’s easy. Just submit your secure application.

The chart that follows depicts a wide array of loan amounts, derived from a monthly income of $2,518, the average in Monroe. These sums are simply estimations. You may be eligible for more or less, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Rating Income Factor Amount
Excellent Credit 10 $25,180
Fair Credit 9 $22,662
Slow Credit 8 $20,144
Bad Credit 7 $17,626
Terrible Credit 6 $17,626

To see your own loan amount, multiply your monthly income by the most suitable income factor.

How Much Will I Owe at Signing?

Don’t have a down payment? No worries. However, a down payment is a good idea for a number of reasons: it decreases your payment amount, the amount of interest, and problems with being underwater. Here are the ideal down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

With that said, you don’t need a down payment to submit an application. Submit your application. We’ll match you with a dealer or lender willing to fund your loan, zero down payment needed.

In House Financing Dealerships in Monroe

If you have serious credit problems, then you probably know about buy here pay here dealers. Consumers who cannot secure a loan because of major credit problems like bankruptcy often turn to these types of dealerships. Everything is paid to the dealership, often weekly, and the vehicles they sell are normally less than $10,000.

Monroe Consumer Profile

Lenders are worried about much more than just your FICO rating. Lenders check your ability to pay (income), stability, and credit history.

The following are average statistics for Monroe residents.

  • Average Earnings: $2,518 Monthly
  • Average Car Payment: $277 (11% of Income)
  • Suggested Monthly Payment: $201 to $252 (8%-10% of Income)

Next we have broken down Monroe’s population by FICO rating. These are just estimations, but they should give you a sense of where you stand.

FICO Score % of Population Residents
300-499 2% 1,094
500-549 5% 2,735
550-599 8% 4,376
600-649 12% 6,565
650-699 15% 8,206
700-749 18% 9,847
750-799 27% 14,770
800-850 13% 7,112

The good news is, we can help nearly any applicant who makes $1500 or more per month, no matter what their credit score is.