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Auto Loans in Battle Creek (MI)

Getting your credit approved was no big issue prior to the downturn, but not any longer. It’s best to find a lender who can provide you with the loan you need at a rate that won’t break the bank. We’ve developed an unrivaled network of dealers and finance companies who work with lots of different Michigan drivers, not just those with credit scores greater than 700. Just submit your credit application, and we’ll find you a company willing to accept your credit.

Car Loans Battle Creek MI

Battle Creek Car Dealerships for Bad Credit

These days, there are dealerships with finance departments that specialize in subprime auto lending. Since this is a high-risk loan, you can expect:

  • Increased interest rates.
  • Larger down payments.
  • More stringent repayment terms.

With that being said, the experience is far superior to that of a buy here pay here dealer, and your vehicle will likely cost you less in the end. At Motive Auto Finance, we work with many of these dealerships, and when you apply online, we can match you with one who wants to approve your credit.

Documentation That’s Required

Any time you buy a car, certain paperwork has to be supplied, and if you’ve got a low credit score, additional documentation may be required.

  • Driving License: If you do not have a license, odds are most lenders won’t be willing to work with you.
  • Proof of Income: If you are a 1099 worker who doesn’t have pay stubs, presenting tax statements from the last two years will typically do.
  • Proof of Insurance: Not just liability, but collision will be required, but you can often wait to obtain it until you’re at the dealership.
  • Proof of Residence: A power or light bill verifies where you live.
  • List ofPersonal References: References enable loan officers to verify the data you’ve supplied, and they act as a place to start if your vehicle ends up being repossessed.

You should definitely ask your vehicle finance professional what documentation is necessary for the lending company who approves your credit.

In House Financing Car Dealers in Battle Creek, MI

Maybe you’ve thought about getting your vehicle through a buy here pay here car dealer in Battle Creek? These kinds of Battle Creek bad credit dealerships provide car loans on site, often without checking the applicant’s credit. Since they don’t depend on a bank or credit union for financing, they can service a broad array of clientele.

Many men and women with really horrible credit feel like a buy here pay here car lot is the only real place that will finance them, even though the cost of your vehicle will be higher due to ridiculous annual percentage rates. And if that weren’t enough, it is likely that your credit rating won’t get better as you pay off the borrowed funds. This is because these dealers rarely report back to the credit reporting agencies.

Budgeting for Your New Car

Want to know what kind of car is in your budget? Just 8% of your monthly income should be spent on your car payment. If you live in Battle Creek and make $1,593 each month, this would be $127.

Prime Credit Fair Credit Subprime Credit
Payment $127 $127 $127
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $1,751 $1,609 $1,465
Interest Paid $641 $1,210 $1,785
Total Investment $9,398 $9,255 $9,112
Car Price $8,757 $8,045 $7,327

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