Hoping to get approved for financing before you ever set foot on the car lot? We can help. Our vast network of Michigan dealers and lenders is standing by, awaiting your application. Simply submit your application, and we’ll work to get you the car loan you need.
Financing a Car with Credit Problems
Credit scores of 620 or less are often considered subprime or “poor” credit, but our system is a great option for applicants with low credit scores. We have lenders and dealers who help people with subprime credit, and they would love to fund your loan. Yes, poor credit scores result in more costly interest rates, but that’s just how the financing industry works. We can find you a dealer in Novi who’s willing to work with your credit – online! Apply Now!
How Much Am I Eligible to Borrow?
The table below shows you a wide array of loan amounts, derived from a monthly income of $4,954, the average in Novi. These amounts are only approximations. You may be entitled to a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.
|Credit Rating||Income Factor||Loan|
|Temporary Bad Credit||8||$39,632|
|Very Bad Credit||6||$34,678|
Remember, these are only estimations. For a precise quote, you must submit your application.
Getting Approved with No Down Payment
Credit score of 700 or higher? Then you might not need to offer up a down payment. Unfortunately, it’s a little more difficult for applicants with bad credit. At this point, the Loan-to-Value ratio becomes a critical factor. Divide the the amount you want by the wholesale value of the vehicle being financed. This is the LTV.
|Amount Borrowed||Vehicle Value||LTV|
The lenders who approve bad credit typically prefer lower LTV ratios, because these mean less risk. That said, we get a lot of applicants financed anyway.
Submit your application. We’ll match you with a dealer or lender willing to offer you a loan, zero down payment necessary.
Novi Buy Here Pay Here Financing
Buy here pay here financing is otherwise known as:
- We Finance
- Rent to Own
- Tote The Note
- Your Job is Your Credit
These dealers make credit decisions on site, rather than outsourcing this to banks or lenders. Sure, the rates are higher than average, but there are a lot fewer roadblocks to approval.
Novi Consumer Profile
Banks, dealers, and auto finance companies are concerned with more than just your credit rating. Loan companies review your ability to pay (income), history of employment and residence, and history of repayment.
The following are average statistics for residents of Novi.
- Average Earnings: $4,954 Per Month
- Average Car Payment: $545 (11% of Income)
- Recommended Monthly Payment: $396 to $495 (8%-10% of Income)
Ever wondered about the credit ratings of your community as a whole? We’ve estimated how many Novi consumers are in each range of FICO scores.
|FICO Score||% of Population||Residents|
No matter what your credit rating is, we’re here to help. We work with consumers of all credit scores and income brackets. That’s our mission.