In Lansing, there are several options for getting a car loan, but few if any companies have taken financing approval online like us. We have access to an extensive network of lenders and dealers, and we have some of the highest success rates in the business. We assign you a credit specialist who’ll assist you through the process.
Lansing Car Lots That Take Bad Credit
Most banks don’t do business with individuals who have poor credit. However, there are dealers and finance companies that do accommodate sub-prime consumers. With any subprime loan, there are certain things to be expected:
- Interest rates that are more expensive.
- Down payments that are larger.
- Loans that are more modest in size.
On the plus side, keep in mind you’re getting a car, yes, but also the chance to re-establish your credit. We have many such dealers in our network, and you can get pre-approved by submitting your application.
Will You Need a Down Payment?
A down payment may be a challenge, but if you have a bad credit score, it might be a requirement. A down payment offers many advantages:
- Less risk of negative equity.
- Fewer funds need be borrowed.
- Lower risk loan, translating to a more affordable rate of interest.
Residents of Lansing are sometimes able to buy cars without a down payment, but more commonly they trade in their used vehicle to fulfill the lender’s down payment standards.
Buy Here Pay Here Auto Loans in Lansing, MI
In house financing, otherwise referred to as buy here pay here financing, keeps growing, largely because so many people’s credit scores were impacted by the down economy. They might not pull your credit, which means bad credit probably won’t be a hurdle to getting approved, but chances are you’ll pay more than you think for this service. You’ll find that higher-mileage autos are the only thing you can buy, and dealers may have you have a GPS tracking device placed in your vehicle. Repossession frequently occurs, and the interest rates are about as high as Michigan law allows. For this reason, these dealerships have a dirty track record. We want to place you in the hands of subprime finance specialist who can get you in the car you need, not matter your credit.
Can a Car Loan Help You Rebuild Your Credit?
It’s the truth: a car loan can rebuild your credit. In total, an auto loan can beef up two essential credit score factors:
- Payment History (35% of score).
- Credit Mix (10% of score).
Remember that credit improvements are progress, building with time. You don’t want to underrate the advantages of a much healthier credit score. The benefits are tremendous, and you simply have to pay your lender by the due date on a monthly basis.