Bad Credit Auto Loans in Redford (MI)

At Wolverine Auto Finance, we get our users approved for financing with no fees, no hassles, and no obligations. Our service is fast, secure, and effective. Users with sufficient income have a 90% chance of getting financed. Here is how it all works:

  1. Take a couple of minutes to complete your credit application.
  2. Sign in to our members’ area to monitor your application status.
  3. Speak with your dealer rep about your interest rate and terms.
  4. Sign your agreement.
  5. Finally, buy the vehicle you want.

Sound simple? It really is!

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Dealerships That Accept Bad Credit in Redford

For those who have less-than-perfect credit, we can help. After all, subprime financing is our specialty. Many larger dealerships now have entire sales teams devoted to something known as “special financing.” Such establishments are commonly called Redford bad credit car dealers, and we have a great many of them in our network. Generally, loan companies do require individuals with subprime credit to provide a down payment, but most people who apply through us get approved right away. If you have poor credit, you’ll probably be approved by a bad credit dealership or subprime auto lender. In most cases, they submit payment information to the credit reporting agencies, which is crucial to restoring your credit.

Variables like credit and income dictate the amount you’re eligible to borrow. This table shows how much people of different credit scores can borrow, given an income of $4,070 a month, which is the average in Redford. Bear in mind, these are only estimations.

Credit Income Factor Amount
Good Credit 10 $40,700
Average Credit 9 $36,630
Slow Credit 8 $32,560
Poor Credit 7 $28,490
Really Bad Credit 6 $28,490

To calculate how much you can borrow, multiply how much money you get paid each month by the most suitable income factor.

Zero Down Car Loans in Redford?

We have many lenders in our network who offer car loans with zero down payment, even for people with credit problems. However, providing a down payment gives you important benefits:

  • Shortens loan, meaning less paid in interest.
  • Decreases payment amount.
  • Safeguards against negative equity.

That being said, you no longer need a down payment to submit an application. Just indicate your down payment amount when you submit your application, and our system will probably be able to help you find a lender or dealer who’s willing to accept you, even though you can’t offer them a down payment.

Keep in mind that buy here pay here dealerships require a down payment, often a substantial one. Dealers like these finance consumers who have been turned down by other loan companies. Sure, the annual percentage rates are higher than average, but there are fewer hurdles to approval.

Credit and Income: Redford

Lenders are worried about a lot more than just your credit score. Creditors consider your ability to pay (income), stability, and credit profile.

Here are some average statistics for residents of Redford.

  • Average Income: $48,843 Per Annum
  • Average Monthly Payment: $448 (11% of Income)
  • Suggested Car Payment: $326 to $407 (8%-10% of Income)

Next we have a breakdown of Redford’s population by credit score. These estimations should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 1,135
500-549 5% 2,838
550-599 8% 4,541
600-649 12% 6,811
650-699 15% 8,514
700-749 18% 10,217
750-799 27% 15,325
800-850 13% 7,379

No matter what your credit rating is, we can help. We work with borrowers of all credit scores and income levels. That’s what we do.