Bad Credit Auto Loans in Portage (MI)

Looking for the best financing in Portage? You’ve come to the right place. Our extensive network of Michigan dealers and lenders is standing by, awaiting your application. The actual application takes less than three minutes to complete, and there isn’t any fee or obligation.

Special Finance is our specialty. There is no minimum FICO score for applying, and we can help consumers at each of the subprime credit tiers.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

A down payment, as well as income verification will typically be required, but most users are approved nearly instantly. Don’t delay. Let us find you a dealership that funds loans for people with bad credit – today!

How Much Can I Finance?

Loan creditors work out how much to lend you through two main factors: your income and credit score. The following table details loan amounts for people of several different credit scores, based on an income of $2,693 monthly, which is the average for Portage residents. Remember, these are only estimations.

Credit Income Factor Loan Amount
Great Credit 10 $26,930
Decent Credit 9 $24,237
Subprime Credit 8 $21,544
Bad Credit 7 $18,851
Really Bad Credit 6 $18,851

To find out your own loan amount, multiply how much money you earn on a monthly basis by the corresponding income factor.

Financing a Car with No Down Payment

Down payments can be paid in cash or via trade-in, and typically are priced between 5-20% of the vehicle’s sticker price. They are frequently required of borrowers with a disappointing history of debt repayment. That’s because lenders are concerned with the Loan-to-Value Ratio, or LTV. Divide the amount of the loan by the wholesale value of the vehicle. This is the LTV.

Loan Amount Vehicle Value Loan-to-Value
$10,000 $15,000 67%
$20,000 $25,000 80%

Most subprime lenders prefer LTV ratios of less than 100%. Because the lender has less invested in the vehicle, they are in a stronger position if the vehicle has to be repossessed – a bona fide risk when financing subprime borrowers. The good thing is, as the economy gets better, more lenders and dealers should be able to approve auto loans in Portage with no money down.

Submit your application. We will work hard to connect you with a dealer or lender willing to approve you, zero down payment necessary.

What About In-House Financing in Portage?

This sort of financing is commonly known as:

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

Consumers who cannot get approved for financing due to serious credit problems often turn to dealerships like these. Payments are made to the dealership, sometimes weekly, and the cars and trucks for sale are typically less than $10,000.

Portage-Specific Income, Credit Statistics

Contrary to popular belief, there is more to the approval process than just your FICO score. Loan companies look at your income, stability, and credit profile.

Listed below are average statistics for Portage residents.

  • Pre-Tax Earnings: $32,319 Per Year
  • Average Monthly Payment: $296 (11% of Income)
  • Recommended Car Payment: $215 to $269 (8%-10% of Income)

Next we have an overview of Portage’s population by FICO score. These estimates should give you a general idea of where you stand in relation to other consumers in the area.

FICO Score % of Population Residents
300-499 2% 945
500-549 5% 2,363
550-599 8% 3,780
600-649 12% 5,671
650-699 15% 7,088
700-749 18% 8,506
750-799 27% 12,759
800-850 13% 6,143

Let us help you get the bad credit auto loan in Portage you need. Go here to apply online.