Bad Credit Auto Loans in Saint Clair Shores (MI)

We understand that getting approved for a car loan can be stressful. That’s why we developed our loan-matching technology. Our system is fast, safe, and effective. Clients who meet the minimum criteria have a 90% chance of approval. The application itself takes under three minutes to complete, and there’s no obligation to accept the offer you’re given.

When you have poor credit, we can help. Indeed, Special Finance is our primary focus.

The truth is, we have dealers and lenders in our network who work with each different credit tier. Of course, bad credit scores result in increased rates of interest, so it’s important to choose an inexpensive car or truck with easily-affordable monthly payments. And, keep in mind, making regular payments on a car loan is a good way to boost your credit rating. So let us find you a dealership who finances bad credit – today! Apply Online!

Auto Loan Pre-Approval: How Much?

It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included such an estimation, based on the average income of Saint Clair Shores residents: $4,041.

Credit Income Factor Loan
Great Credit 10 $40,410
Average Credit 9 $36,369
Slow Credit 8 $32,328
Poor Credit 7 $28,287
Really Bad Credit 6 $28,287

Just because it’s possible to borrow a particular amount, doesn’t mean you should. A smaller loan is a good idea, because you’ll be able to pay it off faster.

Do I Have to Put Money Down?

No down payment? Often, this won’t be a dealer-breaker. However, a down payment is recommended because it lowers your payment, interest paid, and risk of negative equity. An ideal down payment is 20% for a new vehicle, and 10% for a pre-owned one.

Nevertheless, you don’t need a down payment to submit an application. Just indicate your down payment amount when you submit your application, and our system can probably help you find a dealer, bank, or finance company who’s willing to accept you, even if you can’t offer them a down payment.

What About Buy Here Pay Here Financing in Saint Clair Shores?

In House financing is also known as:

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

These dealers specialize in helping consumers who cannot get approved any place else. Payments are made to the dealership, sometimes in person, and the cars and trucks for sale are usually $10,000 or less.

Credit and Income: Saint Clair Shores

There’s more to auto financing than just your credit score. Lenders check the following:

  • Ability
  • Job Stability
  • Credit History

Below are some average stats for Saint Clair Shores residents.

  • Gross Earnings: $48,494 Per Annum
  • Average Car Payment: $445 (11% of Income)
  • Recommended Monthly Payment: $323 to $404 (8%-10% of Income)

If you have less-than-perfect credit, you’re not alone. This chart depicts the estimated number of Saint Clair Shores residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,249
500-549 5% 3,122
550-599 8% 4,995
600-649 12% 7,493
650-699 15% 9,366
700-749 18% 11,239
750-799 27% 16,859
800-850 13% 8,117

No matter where you find yourself on this chart, we’re here to help. We help borrowers of all credit scores and income brackets. That’s our mission.