Bad Credit Auto Loans in Saginaw (MI)

If you want to get approved for a new car or truck, we’d be happy to help. We have relationships with dealers and lenders in Saginaw who want to approve you for financing – right now! Here is how it all works:

  1. Apply online.
  2. Check your inbox for your approval status.
  3. When approved, consult your lender or dealer to finalize your documentation.
  4. Go purchase the vehicle you want.

Today, you can become one of the many Saginaw residents who’ve submitted their application through us!

Apply Now!

Bad Credit Car Dealerships in Saginaw

Industrial decline has taken its toll on Saginaw and the Tri-Cities area, leading to higher rates of unemployment and subprime credit. Don’t worry. We help consumers with low credit scores find a loan every day. If you go from lender to lender, completing applications, you might get rejected more than once. With our process, you can apply just once, and we’ll find a bad credit car dealer in Saginaw who wants to get you behind the wheel, even if your credit is less than ideal. An agent from the dealership will lead you through each step of the process, until you sign your contract and drive your new car or truck off the lot. Here are the requirements important to these dealers:

  • Income of $1500 per month. This must be verifiable through pay slips or tax returns.
  • No open bankruptcy. Discharged Chapter 7 bankruptcies are okay, as is an open Chapter 13 if can obtain an authorization to incur debt.
  • 18 years of age. In the United States, you must be 18 to enter into a legally-binding contract like a car loan. Obviously this is integral to the financing process.

Most loan companies do require borrowers with below-average credit to provide a down payment, and you will need to carry full coverage insurance on your vehicle as long as it is being paid off. Fortunately, of our clients receive their approval nearly instantly. You’ll typically have your application placed with a dealer or lender in Saginaw that finances special finance scenarios. In most cases, they do submit information to the credit bureaus. This is great when you need to rebuild your credit. Apply Online!

How Much Can I Finance?

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor that corresponds to your credit score. We’ve included an example, based on the average income of Saginaw residents: $1,555.

Credit Rating Income Factor Sum
Great Credit 10 $15,550
Fair Credit 9 $13,995
Slow Credit 8 $12,440
Bad Credit 7 $10,885
Terrible Credit 6 $9,330

To work out your own loan amount, multiply how much money you get paid on a monthly basis by the appropriate income factor.

Do You Need a Down Payment?

We do work with lenders who offer car loans with zero down payment, even for people with credit problems. However, a down payment affords you considerable benefits:

  • Shortens loan, meaning less paid in interest.
  • Decreases monthly installment.
  • Decreases negative equity.

Still, you don’t need a down payment to apply. Apply online, and enter a zero in the down payment field. We will match you with a dealer or lender who can grant you the loan you need, zero down payment required.

Saginaw Buy Here Pay Here Financing – Bad Idea?

Yes, Buy here pay here financing is usually a bad idea. You may recognize it through the following advertising slogans common to the industry:

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

These dealerships work with people who cannot get approved by a traditional lender because of problematic credit. Everything is paid to the dealership, sometimes at the lot, and the vehicles they sell are normally $10,000 or less. Payments are typically due weekly, in cash, and down payments can be as high as 50% of the vehicle purchase price. Interest are off-the-charts, and often not even discussed. With no relationship to credit reporting agencies like Equifax and Transunion, these dealers can’t help you rebuild your credit. In the end, chances are you’ll have a much better experience working with a more traditional dealer that works with bad credit.

Credit and Income: Saginaw

Truth be told, there is more to auto financing than just your FICO score. Lenders check the following:

  • Debt to Income Ratio
  • Stability
  • History of Credit

Listed below are some average statistics for residents of Saginaw.

  • Gross Income: $1,555 Per Month
  • Average Monthly Payment: $171 (11% of Income)
  • Recommended Monthly Payment: $124 to $156 (8%-10% of Income)

If you have bad credit, you’re not the only one. This table depicts how many people in Saginaw are in each credit tier.

FICO Score % of Population Residents
300-499 2% 2,925
500-549 5% 7,313
550-599 8% 11,701
600-649 12% 17,551
650-699 15% 21,939
700-749 18% 26,327
750-799 27% 39,491
800-850 13% 19,014

If you’re in one of the lower groupings, don’t fret. We can still help you get approved. We also serve customers in nearby Flint, as well as the rest of the state.