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Auto Loans in Midland (MI)

Having bad credit can make it tricky to secure an auto loan, but we can help. We enable you to find a lending company that caters to people with your type of credit. We’re proud to represent a wide-ranging network of dealers and lenders that whose mission it is to get you into the car of your dreams.

Your vehicle finance specialist will serve as your guide, helping you set up your loan before you even walk into dealer showroom. Go here to submit your finance application and discuss your options with a specialist.

Bad Credit Car Dealerships in Midland, MI

Have you given thought to where to buy your new car or truck? When you have poor credit, private party auto loans are typically not available. Chances are you’ll have to buy from a dealer. Fortunately, there are dealers that cater to bad credit. Since you’re a higher-risk applicant, expect:

  • Elevated rates of interest.
  • Substantial down payments required.
  • Smaller sized loans.

On the other hand, they will get you financed through banks and finance companies that report back to the credit bureausallowing you to boost your credit score. Here at Motive Auto Finance, we work with many of these dealerships, and you can find one ready to fund your loan by applying online.

Is it Best to Purchase a Brand New Car or Truck?

New versus used? Both have benefits. You’re able to finance new cars at more affordable rates of interest, but you wind up paying a good deal more in terms of purchase price and down payment.

New Car Used Car
Age New 1 Year Old
Price $11,500 $8,625
Down Payment $2,300 $863
APR 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $173.62 $187.69
Finance Charge $1,217 $1,247
Amount Paid $12,717 $9,872

Buy Here Pay Here Dealerships in Midland, MI

Have you thought about getting your vehicle through a buy here pay here dealer in Midland? These kinds of Midland bad credit dealerships supply car loans in-house, normally without checking the applicant’s credit. Given that they don’t depend on a traditional bank or credit union for financing, they can service a diverse range of borrowers. For folks who have really bad credit, Midland buy here pay here dealers tend to be the only real way to go. But the truth is, Michigan bad credit car loans from credit unions and banks typically involve lower rates.

Financing Guidelines for Midland Car-Shoppers

Divide the amount you make on a monthly basis, pre-taxes, by 10. You should spend this much, or less, on your car payment each month. On top of this, aim to repay your loan in no more than 5 years. This means a vehicle that costs roughly half of what you earn per year. For Midland residents with incomes of $13,795 a year, the average, this is $6,900. By and large, the less you’re able to spend to acquire a solid vehicle, the better.

New And Used Cars for Sale in Midland

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