Bad Credit Auto Loans in Wyandotte (MI)

Would you like to arrange your financing before setting foot on the dealer lot? We can help. Every lender has their own approval standards, so it’s important to find one willing to work with your credit. Just apply online, and we’ll start working to get you approved from a lender or dealer that suits your needs.

Special Finance is our principal focus. We have dealers and lenders who work with FICO scores of 620 and lower, and they want to fund your loan. Sure, your interest rate won’t be as low as someone with a FICO score of 700 or higher, but that’s to be expected. We can find a dealer in Wyandotte who can work with your credit – and since we’re reimbursed by the dealers themselves, it’s free!

How Much Do I Qualify to Finance?

Naturally, the amount you borrow basically determines what type of vehicle you can purchase, so it’s always a primary concern. This chart details how much people of different credit scores can borrow, given an income of $1,897 monthly, which is the average in Wyandotte. Keep in mind, these are only estimations.

Credit Income Factor Sum
Great Credit 10 $18,970
Average Credit 9 $17,073
Subprime Credit 8 $15,176
Bad Credit 7 $13,279
Really Bad Credit 6 $13,279

Again, these are just estimations. For a detailed quote, please submit your application.

Financing a Car with No Down Payment

Good credit? Then you probably won’t have to provide a down payment. Buyers with problematic credit, however, may need to provide a down payment. As you can imagine, lending to consumers with credit problems is a much riskier proposition, and a down payment means that some percentage of the vehicle has already been paid off. With that being said, we get quite a few clients approved for financing anyway.

Submit your application, and enter a zero in the down payment section. We will do our very best to place your application with a lender or dealer who can offer you a loan, no down payment required.

Wyandotte Buy Here Pay Here Dealers

Buy here pay here financing is often referred to as:

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

These dealers approve people for financing on site, rather than relying on banks or finance companies. The interest rates are high, but acceptance is often guaranteed.

Wyandotte Consumer Profile

Truth be told, there is more to auto financing than just your credit score. Loan companies review your income, stability, and individual credit history.

The following are average stats for residents of Wyandotte.

  • Pre-Tax Earnings: $22,762 Per Year
  • Average Monthly Payment: $209 (11% of Income)
  • Ideal Monthly Payment: $152 to $190 (8%-10% of Income)

Below-average credit. It’s pretty pervasive these days in Wyandotte and across the state of Michigan. This table shows the estimated number of Wyandotte residents at each credit level.

FICO Score % of Population Residents
300-499 2% 898
500-549 5% 2,245
550-599 8% 3,592
600-649 12% 5,387
650-699 15% 6,734
700-749 18% 8,081
750-799 27% 12,121
800-850 13% 5,836