Bad Credit Auto Loans in Utica (MI)

Need an auto loan? We can help. Every lender has their own approval requirements, so it’s important to find one willing to work with your credit. Simply apply online, and we’ll begin working to get you the auto loan you need.

Utica Bad Credit Auto Loans

Below-average credit? Not to worry. We help you find a car loan in Utica, even when your credit history is problematic. There are three different credit tiers typically considered “bad credit”:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

Whatever your score, there are lenders who want to approve you for financing. A down payment and monthly income of $1500 per month will typically be required, but most applicants are approved nearly instantly. And, keep in mind, making regular payments on an installment loan like this will help boost your credit score. So let us find you a lender or dealership that approves loans for people in Utica with bad credit.

What size loan will you be able to get? That will depend on your income and credit history. This table shows how much individuals of different credit ratings can borrow, based on an income of $4,186 monthly, which is the average for Utica residents. Please bear in mind that these are only estimates.

Credit Income Factor Amount
Great Credit 10 $41,860
Fair Credit 9 $37,674
Subprime Credit 8 $33,488
Poor Credit 7 $29,302
Terrible Credit 6 $29,302

Remember, the numbers above are estimates. For a precise quote, you must submit your application.

Zero Down Payment Deals?

Down payments can be offered in cash or via trade-in, and typically cover anything from 5-20% of the vehicle’s sticker price. They are sometimes required of individuals who have a disappointing history of debt payment. That’s because lenders are worried about the Loan-to-Value Ratio (LTV). This is the amount of the loan 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%
$15,000 $20,000 75%
$17,500 $22,000 79%

The recession had a massive effect on LTV’s for borrowers with bad credit. Back in 2005, it was nearly 100%, and fell to around 60% once the recession hit. Currently it is going back up as the economy recovers. Having said that, there are lenders that approve auto loans for people with no money down.

Just indicate your down payment amount when you submit your application, and our system can probably find you a dealer, bank, or lending company who can accept your down payment, or lack thereof.

Utica Buy Here Pay Here Financing

This sort of financing is commonly known as:

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

These dealerships approve car loans on the lot, instead of working with banks or finance companies. They work with people with issues like open bankruptcy, foreclosure, or repossession within the last year.

Credit and Income: Utica

Banks, dealers, and car loan lenders are worried about a lot more than just your FICO score. Creditors consider such things as:

  • Ability
  • Source of Income
  • History of Payments

The following are average stats for residents of Utica.

  • Gross Earnings: $50,234 Per Annum
  • Average Car Payment: $460 (11% of Income)
  • Ideal Monthly Payment: $335 to $419 (8%-10% of Income)

Next we have divided up Utica’s population by FICO score. These estimates should give you a sense of where you stand in relation to other consumers in your area.

FICO Score % of Population Residents
300-499 2% 1,396
500-549 5% 3,491
550-599 8% 5,585
600-649 12% 8,377
650-699 15% 10,472
700-749 18% 12,566
750-799 27% 18,849
800-850 13% 9,076