Bad Credit Auto Loans in Trenton (MI)

Would you like to get pre-approved for financing? We can help. We’ve been in the auto finance industry for years, developing a deep network of lenders and dealers, many of whom offer online approvals. Submit your application, and the dealers and lenders in our network compete against one another for your business.

Dealers That Finance Bad Credit in Trenton

For those who have bad credit, we can help. The truth is, bad credit financing is a significant part of our business. There are six principal credit tiers in the auto finance industry, and we have lenders that service each of them. As an applicant with bad credit, your interest rate might be higher, but we can typically get you in the driver’s seat of a new car. You’ll typically have your application placed with a dealer or lender in Trenton that specializes in special finance scenarios. Companies like these will report your debt repayment to the credit reporting agencies, which is great if you want to restore your credit.

It’s easy to estimate the amount you can borrow. All you have to do is 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 Trenton residents: $4,587.

Credit Income Factor Amount
Great Credit 10 $45,870
Decent Credit 9 $41,283
Subprime Credit 8 $36,696
Poor Credit 7 $32,109
Terrible Credit 6 $32,109

To figure out your own loan amount, multiply how much money you earn on a monthly basis by the applicable income factor.

Should I Offer a Down Payment?

We can find you dealers who work with people in Trenton with no money down. However, a down payment is a smart choice for a number of reasons: it lowers your monthly payment, the amount of interest paid, and problems with negative equity. These are the suggested down payments for new and pre-owned vehicles.

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

Still, you don’t need a down payment to get pre-approved. Submit your application, and enter a zero in the down payment field. We’ll strive to place your application with a lender who can approve you, no down payment required.

How About Buy Here Pay Here Financing in Trenton?

This type of financing is sometimes known as:

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

These dealers make credit decisions on-site, rather than relying on banks or lenders. The loan rates are especially high, but acceptance will likely be guaranteed.

Trenton-Specific Credit, Income Numbers

Banks, dealers, and car finance companies are concerned with a lot more than just your credit rating. Creditors check the following:

  • Debt to Income Ratio
  • Employment History
  • History of Payments

Below are some average stats for residents of Trenton.

  • Gross Income: $55,045 Per Year
  • Average Monthly Payment: $505 (11% of Income)
  • Ideal Monthly Payment: $367 to $459 (8%-10% of Income)

Next we have broken down Trenton’s population by FICO rating. These estimates should give you a general idea of where you stand in relation to other consumers in your community.

FICO Score % of Population Residents
300-499 2% 818
500-549 5% 2,045
550-599 8% 3,271
600-649 12% 4,907
650-699 15% 6,134
700-749 18% 7,360
750-799 27% 11,041
800-850 13% 5,316