Bad Credit Auto Loans in West Bloomfield (MI)

Looking for the best auto loan in West Bloomfield? You’ve come to the right place. More and more lenders and dealers now have entire departments devoted to online approvals, and we can help you put together your loan without leaving your computer. The actual application takes less than three minutes to complete, and we’ve made sure it asks less information than other services.

Our services are just the thing for applicants with problematic credit. If you go from bank to bank, submitting applications, you may be turned down once or twice. Our process is significantly easier: you can apply from the privacy of your home or office, and we’ll find a bad credit car dealership who can approve your credit, even if you’ve had credit problems over the years. A down payment and proof of income may be expected; however, most of our clients get approved the same day they apply. If you have below-average credit, you’ll typically be matched with a bad credit car dealer or auto finance company. Companies like these do submit payment data to the credit reporting agencies, which is great if you want to rebuild your credit. It’s a simple process. Just submit your online credit application.

Car Loan Pre-Approval: How Much?

The table that follows depicts how much you can borrow, based on a monthly income of $5,872, the average in West Bloomfield. These amounts are simply estimations. You may be entitled to a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount
Excellent Credit 10 $58,720
Fair Credit 9 $52,848
Temporary Bad Credit 8 $46,976
Poor Credit 7 $41,104
Horrible Credit 6 $41,104

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

Should I Put Money Down?

Quite a few of our dealers approve people with no money down. However, a down payment affords you significant benefits:

  • Shortens loan, meaning less paid in interest.
  • Reduces monthly repayment.
  • Minimizes negative equity.

Nevertheless, you no longer need a down payment to get pre-approved. Apply online. We will place your application with a lender willing to offer you a loan, zero down payment necessary.

West Bloomfield Buy Here Pay Here Car Lots

Buy here pay here financing is also referred to as:

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

These dealerships finance people that have been turned down by other firms. The annual percentage rates are always steep, but approval will likely be guaranteed.

Credit and Income: West Bloomfield

Credit ratings are just part of the picture. Lenders check such things as:

  • Debt to Income Ratio
  • Source of Income
  • Credit History

Listed below are average statistics for residents of West Bloomfield.

  • Average Income: $70,463 Per Year
  • Average Monthly Payment: $646 (11% of Income)
  • Suggested Monthly Payment: $470 to $587 (8%-10% of Income)

If you have a bad credit score, you aren’t alone. This table depicts how many people in West Bloomfield are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,324
500-549 5% 3,311
550-599 8% 5,297
600-649 12% 7,946
650-699 15% 9,932
700-749 18% 11,919
750-799 27% 17,878
800-850 13% 8,608

Regardless of where you find yourself in this chart, we’re here to help. We work with credit-seekers of all credit scores and income brackets. That’s our mission.