Bad Credit Auto Loans in Mount Pleasant (MI)

You need to finance a car, and we’re here to help. Every lender has their own approval requirements, so it’s crucial that you find one willing to approve your credit. Apply online, and your finance application will enter our cutting-edge placement platform. There we will find you a car loan that fits your credit and income.

FICO Scores Considered Subprime

Less-than-perfect credit is often a roadblock to financing, but not with us. If you go from bank to bank, completing your application, you’ll probably experience several denials along the way. Our process is significantly more streamlined: you can submit a single application, and we’ll find a lender who can approve your credit, even if you’ve had credit problems in the past. Of course, low credit scores translate into higher rates of interest, so it’s vital that you opt for an inexpensive vehicle with easily-affordable monthly payments. Let us help you find a bad credit car dealer or lender in Mount Pleasant who’s willing to approve you for a loan – online!

How Much Can I Finance?

It’s easy to estimate the amount you can borrow. Just multiply your monthly income by the income factor that corresponds to your credit score. We’ve included a sample, based on Mount Pleasant’s average per capita income, $869.

Credit Income Factor Loan Amount
Great Credit 10 $8,690
Decent Credit 9 $7,821
Subprime Credit 8 $6,952
Poor Credit 7 $6,083
Very Bad Credit 6 $6,083

Simply because it’s possible to borrow such an amount, doesn’t mean you ought to. A smaller loan is a wise idea, because it will put less strain on you financially.

Buyers with good credit can usually get an auto loan without providing a down payment. But if your credit is a problem, your dealer may want you to provide a down payment. This is because financing customers with subprime credit is a much riskier proposition, and a down payment helps to ensure that at least a percentage of the vehicle’s value has been secured. That’s not to say dealers don’t ever approve people with no down payment.

We help our clients get approved everyday, despite issues with their credit and down payment.

In House Financing Car Lots in Mount Pleasant

If you have been through a bankruptcy or foreclosure, you have likely thought about going to one of the buy here pay here car lots in Mount Pleasant. These dealerships work with people who have been declined by conventional banks. Sure, the rates are higher than average, but there are a lot fewer hurdles to getting approved.

Mount Pleasant-Specific Financial Profile

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

  • Debt to Income Ratio
  • Stability
  • History of Debt Repayment

Here are some average stats for residents of Mount Pleasant.

  • Average Earnings: $869 Per Month
  • Average Car Payment: $96 (11% of Income)
  • Ideal Car Payment: $70 to $87 (8%-10% of Income)

Bad credit is quite pervasive nowadays in Mount Pleasant and across Michigan. The table below shows the estimated number of Mount Pleasant residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 884
500-549 5% 2,209
550-599 8% 3,535
600-649 12% 5,302
650-699 15% 6,628
700-749 18% 7,953
750-799 27% 11,930
800-850 13% 5,744

Are you ready to apply for a car loan in Mount Pleasant? Go here to apply online.