Bad Credit Auto Loans in Sterling Heights (MI)

Need a car loan? We can help. Our industry-leading network of Michigan dealers and lenders is standing by, awaiting your application. Apply online, and our lenders compete to fund your loan.

A bad credit score isn’t a deal-breaker. There are six main credit tiers when it comes to auto financing, and we work with lenders that support each of them. If your credit score is low, your interest rate might be higher, so it’s crucial that you finance an inexpensive car or truck with low monthly payments. Allow us to find you a dealer who approves loans for people with subprime credit – online! Apply Now!

How Much Do I Qualify to Finance?

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor associated with your credit score. We’ve included such an estimation, based on the average income of Sterling Heights residents: $4,015.

Credit Income Factor Sum
Excellent Credit 10 $40,150
Average Credit 9 $36,135
Subprime Credit 8 $32,120
Bad Credit 7 $28,105
Horrible Credit 6 $28,105

Simply because you’re able to borrow such an amount, doesn’t mean you should. A smaller loan is advisable, because it will lower the risk of being delinquent with payments.

Do I Have to Put Money Down?

We have many lenders in our network who don’t require credit-seekers to offer a down payment. Having said that, providing a down payment gives you substantial advantages:

  • Shortens loan, meaning you pay less in interest.
  • Lowers monthly payment.
  • Protects you against the risks of an upside down loan.

Nevertheless, you don’t need a down payment to get pre-approved. Simply enter your down payment amount on your application, and our system will probably be able to help you find a dealer or lender who can accept you, even though you can’t put any money down.

If you are thinking of working with a buy here pay here dealer in Sterling Heights, because of a really low credit score, keep in mind that they will most likely require you to provide a hefty down payment. These dealerships finance consumers who cannot get approved by a traditional lender due to bad credit. Everything is paid to the dealership, sometimes weekly, and the cars and trucks for sale are typically less than $10,000.

Credit and Income: Sterling Heights

Truth be told, there’s more to auto financing than just your FICO score. Loan companies look at your ability to pay (income), history of employment and residence, and history of credit.

Below are some average stats for Sterling Heights residents.

  • Average Salary: $48,174 Annually
  • Average Car Payment: $442 (11% of Income)
  • Suggested Car Payment: $321 to $402 (8%-10% of Income)

Next we have broken down Sterling Heights’s population by credit score. These are just estimations, but they should give you a general idea of where you stand in relation to other consumers in Sterling Heights.

FICO Score % of Population Residents
300-499 2% 2,482
500-549 5% 6,205
550-599 8% 9,928
600-649 12% 14,892
650-699 15% 18,615
700-749 18% 22,337
750-799 27% 33,506
800-850 13% 16,133

Why not get approved for your Sterling Heights auto loan? Go here to submit your application.