Bad Credit Auto Loans in Taylor (MI)

Here at Wolverine Auto Finance, we take great pride in getting our customers approved for financing with no fees, no hassles, and no obligations. We work with dealers and lenders in Taylor and across Michigan who want to get you in the driver’s seat of a new vehicle – today! Simply submit your application, and we’ll start working to get you the car loan you need.

Car Loans with Bad Credit

Subprime credit can be a serious setback when it comes to financing, but not with Wolverine Auto Finance. There are several primary credit tiers when it comes to auto financing, and we have lenders that support each of them. If your credit score is low, your rate of interest might be higher, but that’s no surprise. You’ll probably be matched with a bad credit car dealer or subprime auto lender. Both of these types of companies report to the credit bureaus. This is crucial to reestablishing your credit. It’s easy. Simply submit your secure application.

How much will you be eligible to borrow? That depends on your income and credit rating. Below, we’ve listed the maximum loan amount for people of various credit scores, based on the average monthly income in Taylor, $3,579. Please know that these are only estimations.

Credit Income Factor Loan Amount
Great Credit 10 $35,790
Average Credit 9 $32,211
Temporary Bad Credit 8 $28,632
Poor Credit 7 $25,053
Really Bad Credit 6 $25,053

Keep in mind, these are merely estimations. For an accurate quote, you must submit your application.

Excellent credit? If so, you probably won’t need to concern yourself with a down payment. Of course, it’s considerably harder for people with less-than-perfect credit. When dealing with subprime credit, lenders are worried about the Loan-to-Value Ratio, often called the LTV. This is the amount you borrow in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$15,000 $17,500 86%
$20,000 $25,000 80%

The lenders who work with people with credit problems typically favor lower LTV’s, because these mean less risk. That’s not to say that dealers don’t ever finance people who don’t have a down payment.

Simply indicate your down payment amount on your application, and our system will probably be able to find you a lender or dealer who’s willing to work with you, even though you don’t have a down payment.

In House Financing Car Lots in Taylor

For those who have been through bankruptcy or repossession, you’ve likely considered working with one of the buy here pay here dealers in Taylor. Shoppers who cannot secure financing due to serious credit problems often find themselves at these types of dealerships. The rates of interest are especially high, but acceptance often is guaranteed.

Taylor-Specific Credit, Income Numbers

Truth be told, there is more to auto financing than just your credit score. Lenders review your ability to pay (income), stability, and history of credit.

Listed below are average stats for Taylor residents.

  • Pre-Tax Salary: $3,579 Per Month
  • Average Car Payment: $394 (11% of Income)
  • Ideal Car Payment: $286 to $358 (8%-10% of Income)

Ever wondered about the credit ratings of your community as a whole? We’ve calculated how many Taylor residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,317
500-549 5% 3,293
550-599 8% 5,269
600-649 12% 7,904
650-699 15% 9,880
700-749 18% 11,856
750-799 27% 17,784
800-850 13% 8,563