Bad Credit Auto Loans in Wyoming (MI)

Here at Wolverine Auto Finance, we’ve been helping people in Wyoming, Michigan, get financed for years. We’ve been in the automotive business for years, long enough to develop a deep network of dealers and lenders, many of whom are standing by, ready to fund your loan. The actual application is a breeze, and we’ve made sure it asks less information than you might expect.

Less-than-perfect credit? No problem. We make it easier to find a lender who wants to fund your loan, even when your history of credit is problematic. If you went from bank to bank, completing applications, you’ll probably be rejected once or twice. Our process is much more streamlined: you can apply just once, and we’ll find a lender willing to approve you for financing. Income is their primary concern, not credit rating. Of course, poor credit scores mean higher interest rates, but that’s no surprise. And, keep in mind, paying off a car loan is an excellent way to boost your credit score. So let us find you a dealership who approves loans for people in Wyoming with bad credit – online!

Securing a Competitive Interest Rate

Your interest rate is heavily influenced by your credit score, which itself is based on the following factors in descending order of importance:  payment history, credit utilization, length of credit, new credit, and credit mix. Although there are few (legitimate) ways to boost your credit score in quick fashion, there is one tried-and-true method:  checking your credit report for inaccuracies and errors that could negatively influence your score. Once per year, you can pull your score for free from AnnualCreditReport.com, If you see any mistakes, you can file a credit dispute with the bureau in question, and your claim should be investigated and acted upon within 30 days.

Financing Pre-Approval: How Much?

It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor that corresponds to your credit score. We’ve included one such example, based on the average income of Wyoming residents: $2,928.

Credit Income Factor Amount
Excellent Credit 10 $29,280
Fair Credit 9 $26,352
Slow Credit 8 $23,424
Bad Credit 7 $20,496
Very Bad Credit 6 $17,568

To determine your own loan amount, multiply your pre-tax monthly income by the most suitable income factor.

Buyers with good credit can typically buy a car without providing a down payment. If you have below-average credit, however, your dealer may want you to offer a down payment. That is because financing consumers with subprime credit is a much riskier proposition, and a down payment means that some percentage of the vehicle’s value has already been secured. That said, we get quite a few loan-seekers financed without a down payment.

We help consumers get approved each and every day, despite issues with their credit and down payment.

Buy Here Pay Here Car Dealers in Wyoming, MI

If you have serious credit problems, chances are you are familiar with buy here pay here financing. These dealerships finance people who cannot get approved by a traditional lender. The interest rates are steep, but approval often is guaranteed.

Wyoming-Specific Income, Credit Statistics

Wyoming enjoys the largest manufacturing industry in Western Michigan. About a third of the businesses in the city fall into this category, though Metro Health Hospital continues to be the largest employer in the county. This strong economic base has helped the city during financial tribulations that have rocked the nation at large. All of this, of course, has a “trickle down” impact on the average citizen. Truth be told, there’s more to auto financing than just your credit score. Creditors review your ability to pay (income), history of employment and residence, and individual credit history – all of which are heavily dependent on the health of the local economy.

Here are average stats for Wyoming residents.

  • Average Salary: $2,928 Per Month
  • Average Car Payment: $322 (11% of Income)
  • Suggested Monthly Payment: $234 to $293 (8%-10% of Income)

If you have below-average credit, you aren’t alone. This table shows how many people in Wyoming are in each credit tier.

FICO Score % of Population Residents
300-499 2% 3,791
500-549 5% 9,478
550-599 8% 15,165
600-649 12% 22,748
650-699 15% 28,435
700-749 18% 34,122
750-799 27% 51,183
800-850 13% 24,644

Are you ready to submit your application for your Wyoming, MI auto loan? It’s easy to submit your application. If you enjoy our service, please don’t hesitate to suggest us to your friends. We also serve nearby Grand Rapids, as well as most of Michigan as a whole.