Bad Credit Auto Loans in Royal Oak (MI)

Pre-arranging your financing streamlines the car-buying process, and we can help. We work with dealers and lenders in Royal Oak who want to approve you for financing – today! Apply online, and our network of dealers and finance companies compete against each other to fund your loan.

Royal Oak Bad Credit Auto Loans

Poor credit isn’t a deal-breaker. We have lenders who work with FICO scores of 620 and lower, and they would love to approve you for financing. Most loan providers do require people with below-average credit to provide a down payment; however, most of our clients receive their approval nearly instantly. We can find a dealer in Royal Oak who’s willing to work with your credit – today!

Financing Pre-Approval in Royal Oak: How Much?

Loan providers determine how much to lend you based on your income and credit score. Below, we’ve displayed loan amounts for people of a variety of credit scores, based on the average monthly income in Royal Oak, $2,903. Remember, these are only estimations.

Credit Score Income Factor Sum
Great Credit 10 $29,030
Decent Credit 9 $26,127
Temporary Bad Credit 8 $23,224
Poor Credit 7 $20,321
Terrible Credit 6 $20,321

Just because you can borrow a particular amount, doesn’t mean you should. A smaller loan is a good option, because it will lower the risk of default.

Do I Have to Put Money Down?

No down payment? No worries. However, a down payment is recommended for a number of reasons: it minimizes your payment amount, interest paid, and problems with negative equity. Listed here are the ideal down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

That being said, this era’s lenders and dealers understand that down payments are hard to come by in this economy. Just enter your down payment amount on your application, and our platform can often find you a dealer or lender who’s willing to accept you, even if you can’t put any money down.

How About In-House Financing in Royal Oak?

Buy here pay here financing is also known as:

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

These dealerships make credit decisions on the lot, instead of outsourcing this to banks or finance companies. Payments are made to the dealer, sometimes in person, and the vehicles are usually $10,000 or less.

Royal Oak Consumer Profile

Lenders are concerned with much more than just your credit score. Creditors check the following:

  • Income
  • Stability
  • History of Credit

Listed below are some average stats for Royal Oak residents.

  • Pre-Tax Income: $34,835 Per Year
  • Average Monthly Payment: $319 (11% of Income)
  • Recommended Car Payment: $232 to $290 (8%-10% of Income)

Curious about the credit scores of your neighbors? We have estimated how many Royal Oak residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 1,199
500-549 5% 2,996
550-599 8% 4,794
600-649 12% 7,191
650-699 15% 8,989
700-749 18% 10,787
750-799 27% 16,181
800-850 13% 7,791