Bad Credit Auto Loans in Waterford (MI)

Don’t waste your time driving from bank to bank, applying for financing. We will help you get approved in less time. Each lender has their own approval criteria, so it’s crucial that you find one that matches your needs. Simply apply online, and we’ll work to get you the car loan you need.

FICO Scores Considered Subprime

FICO scores of 620 or less are often deemed subprime or “bad” credit, but our system is perfect for people with problematic credit.

The truth is, we have lenders and dealers in our network who specialize in each credit level. Generally, loan companies do require individuals with bad credit to have an income of a minimum of $1500 a month. Fortunately, applicants get approved the same day they apply. We can get you approved from a bad credit car dealership in your area – and since we’re compensated by the dealers for referrals, it’s free!

Things such as credit and income determine the amount you qualify to finance. In the table that follows, we’ve outlined the maximum loan amount for people of several different credit scores, given the average monthly income in Waterford, $3,421. Please know that these are only estimations.

Credit Income Factor Loan
Excellent Credit 10 $34,210
Average Credit 9 $30,789
Temporary Bad Credit 8 $27,368
Poor Credit 7 $23,947
Horrible Credit 6 $23,947

To determine how much you can borrow, multiply your pre-tax monthly income by the corresponding income factor.

Waterford Car Loans, No Down Payment?

Don’t have a down payment? In many instances, this won’t prevent you from getting approved. However, supplying a down payment is a good idea because it reduces your payment, the amount of interest, and risk of being upside down. The optimal down payment would be 20% for a new vehicle, and 10% for a pre-owned one.

Nevertheless, we understand that down payments are hard to come by given the current economic climate. Apply online. We’ll strive to place your application with a lender or dealer willing to fund your loan, zero down payment needed.

Buy Here Pay Here Car Dealers in Waterford

If you have really bad credit, then you probably are familiar with buy here pay here car lots. These dealerships finance consumers that cannot get approved any place else due to poor credit. Payments are made to the dealership directly, and the cars and trucks for sale are normally $10,000 or less.

Waterford-Specific Credit, Income Numbers

Banks, dealers, and lenders are worried about more than just your FICO score. Creditors check your ability to pay (income), stability, and history of repayment.

The following are average stats for Waterford residents.

  • Gross Income: $41,048 Annually
  • Average Car Payment: $376 (11% of Income)
  • Recommended Car Payment: $274 to $342 (8%-10% of Income)

Have you ever wondered about the credit scores of your friends and neighbors? We’ve calculated how many Waterford residents are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,472
500-549 5% 3,680
550-599 8% 5,888
600-649 12% 8,832
650-699 15% 11,040
700-749 18% 13,248
750-799 27% 19,873
800-850 13% 9,568