Bad Credit Auto Loans in Warren (MI)

Pre-arranging your financing is one of the best ways to streamline the car-buying process, and we can help. We’ve been in the auto finance industry for years, developing an extensive network of lenders and dealers, many of whom can approve you for financing – online! The actual application is easy to understand, and there is no obligation to accept the offer you’re given.

Below-average credit? No problem. We enable you to get pre-approved for your Warren auto loan, even if your history of credit is less than perfect. There are three separate credit tiers generally classified as “bad credit”:

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

Whatever your score, there are lenders that want to get you into a new car. It is true that poor credit scores mean more costly interest rates, so it’s crucial for you to purchase a cost-effective vehicle with easily-affordable payments. Let us get you approved for financing by a bad credit car dealership in your area – online! Apply now!

The table below shows you how much you can borrow, derived from a monthly income of $2,137, the average in Warren. These numbers are only approximations. You may qualify for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan Amount
Great Credit 10 $21,370
Fair Credit 9 $19,233
Slow Credit 8 $17,096
Bad Credit 7 $14,959
Really Bad Credit 6 $14,959

Just because it’s possible to borrow such an amount, doesn’t mean you should. A smaller loan is a wise idea, because you will pay less interest, and your payment amount will be more affordable. Warren may be the home of Cadillac, but if your credit isn’t perfect, your best bet is a late-model, pre-owned vehicle that won’t be too taxing on your monthly budget.

Do I need a down payment? We get this question a lot. If you’ve got a favorable credit record, then yes: you can usually get financed without a down payment. Of course, it’s a bit more complicated for applicants with less-than-perfect credit. The reason is simple: financing consumers with below-average credit is a much riskier process, and a down payment helps to ensure that some percentage of the vehicle’s value is not on the line. That being said, we get many clients approved for financing anyway.

Apply online. We’ll strive to place your application with a lender or dealer who can grant you the loan you need, no down payment necessary.

What About Warren Buy Here Pay Here Car Lots?

In Warren, in-house financing is typically referred to as “buy here pay here” financing. There are a few significant ways in which this differs from financing a loan through a traditional dealership.

  • Payments made directly to dealer, not third-party lender.
  • Only used vehicles available, typically with high mileage.
  • Payments not reported to credit bureaus.

These dealerships finance consumers who can’t get approved any place else. Everything is paid to the dealer directly, and the vehicles are normally less than $10,000. Typically, you will have a better experience opting for a bad credit car loan. Warren has a number of companies offering such loans, and we can get the process started for you right now. Apply online.

Warren Consumer Profile

Warren-MichiganDealers and lenders are concerned with more than just your credit rating. Creditors look at the following:

  • Debt to Income Ratio
  • Employment History
  • Payment History

Listed below are average statistics for residents of Warren.

  • Pre-Tax Salary: $25,647 Per Annum
  • Average Car Payment: $235 (11% of Income)
  • Ideal Car Payment: $171 to $214 (8%-10% of Income)

These figures are significantly better than those of Detroit.  However, Warren residents still suffer with credit issues.

FICO Score % of Population Residents
300-499 2% 2,763
500-549 5% 6,908
550-599 8% 11,052
600-649 12% 16,578
650-699 15% 20,723
700-749 18% 24,867
750-799 27% 37,301
800-850 13% 17,960

If you’re ready, we can help you get the bad credit car loan in Warren you need. Click here to apply online.