Need a car loan? We can help. We have relationships with lenders and dealers in Ypsilanti who want to get you in a new vehicle – this week! Apply online, and we will find you an auto loan that meets your needs.
Less-than-perfect credit can be a problem when trying to finance a new vehicle, but not when you submit an application through us.
The truth is, we have lenders and dealers in our network who are experts in bad credit auto loans. It is true that bad credit scores result in more costly interest rates, but that just comes with the territory. If you have below-average credit, you’ll probably be matched with a bad credit car dealer or subprime auto lender. Companies like these do submit information to the credit bureaus, which is a prerequisite for reestablishing your credit.
Loan providers calculate how much you qualify to borrow through two key variables: your income and credit score. In the table below, we’ve detailed how much consumers of various credit scores can borrow, given an income of $3,551 a month, which is the average in Ypsilanti. Bear in mind, these are only estimates.
|Credit Rating||Income Factor||Loan Amount|
To determine how much you can borrow, multiply how much money you make each month by the applicable income factor.
Zero Down Payment Deals?
Down payments are payments made the day you buy your new car or truck. They are sometimes required of consumers with a less than ideal history of debt payment. At this point, the Loan-to-Value ratio becomes one of the most important factors. Divide the loan amount by the wholesale value of the car or truck. This is the LTV.
|Loan Amount||Vehicle Value||Loan-to-Value|
Most lenders and dealers who work with bad credit prefer LTV ratios of less than 100%. Because the lender doesn’t have as much invested in the vehicle, they are in a better position if the vehicle has to be repossessed – a serious risk when financing subprime borrowers. That’s not to say dealers don’t offer financing for people with no money down.
We help our clients get into a new car everyday, despite issues with their credit and down payment. Get approved now!
Keep in mind that buy here pay here dealerships consider down payments mandatory. Consumers who have been unable to secure financing due to serious credit problems often find themselves at these types of dealerships. Of course, the interest rates are high, but there aren’t many roadblocks to getting approved.
Ypsilanti Consumer Profile
There is more to the approval process than just your FICO score. Lenders consider your income, employment history, and history of credit.
Listed below are some average stats for residents of Ypsilanti.
- Gross Earnings: $3,551 Per Month
- Average Car Payment: $391 (11% of Income)
- Suggested Monthly Payment: $284 to $355 (8%-10% of Income)
Next we have a breakdown of Ypsilanti’s population by credit rating. These are just estimations, but they should give you an idea of where you stand in relation to other consumers in your area.
|FICO Score||% of Population||Residents|