Bad Credit Auto Loans in Rochester (MI)

At Wolverine Auto Finance, we get you the loan you need with no headaches, and no obligations. We have relationships with lenders and dealers in Rochester and across Michigan who want to approve your credit – this week! When you apply online, our network of dealers and loan companies compete against each other to fund your loan.

Our system is ideal for people with weak credit. A large number of large lenders and dealers now have entire sales teams committed to something known as “special finance.” These are sometimes called bad credit dealerships. Naturally, we have relationships with many of them. If your credit score is low, your rate of interest might be higher, but that just comes with the territory. And, as you may know, repaying a car loan will increase your credit scores. So let us find you a lender or dealership who funds car loans for people in Rochester with bad credit – online! Apply Now!

How Much Am I Eligible to Borrow?

The table below depicts how much you can borrow, given a monthly income of $5,224, the average in Rochester. These figures are only estimates. You may be eligible for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan
Excellent Credit 10 $52,240
Fair Credit 9 $47,016
Temporary Bad Credit 8 $41,792
Poor Credit 7 $36,568
Terrible Credit 6 $36,568

To determine how much you can borrow, multiply your monthly income by the most suitable income factor.

Can I Buy a Car with Zero Down Payment?

Down payments are payments made the day you buy your new car or truck. They tend to be required of individuals with a subpar history of debt repayment. Obviously, loans to such consumers pose a greater risk for the lender. Default is much more likely, and a down payment makes certain that some percentage of the vehicle’s value has already been secured. Don’t have a down payment? We get a lot of borrowers approval, even with their lack of down payment.

Apply online. We will connect you with a dealer or lender willing to fund your loan, no down payment required.

Rochester Buy Here Pay Here Car Lots

This sort of financing is sometimes known as:

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

These dealers specialize in helping consumers that have been declined by conventional banking institutions. Everything is paid to the dealership directly, and the vehicles are typically less than $10,000.

Rochester-Specific Credit, Income Numbers

Contrary to popular belief, there is more to auto financing than just your credit score. Loan companies review such things as:

  • Ability
  • Employment History
  • Credit History

Here are some average statistics for residents of Rochester.

  • Pre-Tax Salary: $62,689 Annually
  • Average Monthly Payment: $575 (11% of Income)
  • Suggested Monthly Payment: $418 to $522 (8%-10% of Income)

If you have below-average credit, you aren’t the only one. This table depicts the estimated number of Rochester residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,792
500-549 5% 4,479
550-599 8% 7,166
600-649 12% 10,750
650-699 15% 13,437
700-749 18% 16,125
750-799 27% 24,187
800-850 13% 11,646