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Auto Loans in Jackson (MI)

Worried about getting a car financed in Jackson with poor credit or no money down? You needn’t be. We feel that too many people are being turned down for auto financing, even if they have bad credit.

Benefits of Michigan Bad Credit Financing

  • Advanced Credit Approval System
  • Vast Dealer Network
  • Extensive Shopper Education

Auto Loans Jackson Michigan

Jackson Dealerships That Finance Bad Credit

Car dealers that have sub-prime finance offices are commonly known as bad credit car dealerships. As compared to a buy here pay here car lot, such dealers are able to offer:

  • More competitive rates.
  • Smaller down payments.
  • Better repayment terms.
  • Tighter oversight.
  • Chance to improve your credit score.

Your income and credit will dictate how much car you can afford. Here we have an example based on the average per-capita income in Jackson, $2,480 per month:

  • Good Credit: $24,800 (Income x 10)
  • Fair Credit: $22,320 (Income x 9)
  • Sub-Prime Credit: $19,840 (Income x 8)
  • Poor Credit: $17,360 (Income x 7)
  • Really Bad Credit: $14,880 (Income x 6)

These sums are by no means absolute. You could meet the requirements to borrow more than this, or less.

A finance professional will determine how much you’re eligible to borrow, and at what APR. If you want to speak with one, just submit your application.

Jackson Auto Finance Rates: How to keep Them Low

In order to save money on your car or truck, make a plan to decrease your rate of interest. This could lead to big savings over the life of your loan. Check this out: a 60 month car loan of $22,320 would cost you $2,042 at 3.50% APR, $4,198 at 7.00% APR, and $6,797 at 11.00% APR.

Thank goodness there are steps you can take to help reduce the rate of interest you’re quoted.

  • Credit Profile: Greatly improve your credit score by requesting the correction of even the smallest inaccuracy showing up in your credit history.
  • Down Payment: Put 20% down on your new car or truck. This will bring down the risk inherent in your loan, bringing about a decreased rate.
  • Debt-to-Income: Less debt may mean a more affordable rate, so it’s a good idea to pay off what you can.
  • 36-60 Month Loan: Lengthier loans offer smaller payments, but shorter ones have cheaper interest rates.
  • Vehicle Condition: It is significantly cheaper to finance a new car versus a pre-owned one–as long as you don’t pay more in terms of purchase price.

Jackson Buy Here Pay Here Dealerships

Buy here pay here dealers hopes you assume that they’re the only ones that will finance you, but this is seldom the way it is. These dealers will approve practically anyone, regardless of their credit, but you will find disadvantages. More often than not, preowned vehicles are the only ones on the lot, and you may be required to pay weekly, in person. Rates of repossession are extremely high, and so are the interest rates. And if that weren’t enough of an issue, these car lots seldom report back to the credit agencies, which means you could make each and every payment punctually without improving your FICO score.

Selecting a Vehicle

Wondering how much you ought to devote to a car? This is a solid guideline: spend just 8% of your monthly income on a car payment. For example, Jackson consumers make, on average, about $2,480 each month, and 8% of this is $198.

Great Credit Okay Credit Poor Credit
Car Payment $198 $198 $198
APR 3.50% 7.00% 11.00%
Down Payment $2,727 $2,505 $2,281
Borrowed Funds $10,906 $10,020 $9,125
Total Interest $998 $1,884 $2,779
Total with Interest $14,631 $14,409 $14,185
Sticker Price $13,633 $12,524 $11,406

Cars in Jackson

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