In Saginaw, there are several options for securing an auto loan, but we offer exceptional convenience and service. Instead of waiting until you are in negotiations at the dealership, we allow you to apply for a car loan ahead of time. Enjoy the convenience of having a committed finance expert to answer the questions you have and arrange your loan.
Bad Credit Car Dealerships in Saginaw, Michigan
If you’re looking for a dealership that offers loans to people who have poor credit, you’re in luck. Unlike buy here pay here dealers, these dealers offer:
- Less expensive rates of interest.
- Acceptable down payments.
- New and used vehicles.
Your credit and income will dictate how much car you can get financed. Below is an example based on the average per-capita income in Saginaw, $1,555 per month:
- Great Credit: $15,550 (Income x 10)
- Average Credit: $13,995 (Income x 9)
- Sub-Standard Credit: $12,440 (Income x 8)
- Bad Credit: $10,885 (Income x 7)
- Very Bad Credit: $9,330 (Income x 6)
These amounts are by no means guaranteed. You could qualify to finance a greater or lesser amount.
An experienced lending specialist will determine how much you can borrow, and at what interest rate. To begin, all you have to do is apply online.
Do You Need a Down Payment?
Do you want to purchase a car, but you don’t have a down payment? If you’re concerned about your ability to furnish a down payment, a second-hand car or truck might be more reasonable. Take a look at the table we’ve included.
|New Car||1 Year Old Car||2 Year Old Car||3 Year Old Car|
|Percentage of Initial Value||100%||75%||60%||50%|
We may be able to get you financed with no money down, but typically a down payment makes sense.
Buy Here Pay Here (BHPH) Dealerships in Saginaw, MI
Car lots in Saginaw that offer on-the-lot financing have a few things in common:
- These dealerships offer car loans directly.
- They rarely check your credit.
- They want you to pay them 2-4 times per month, often in person.
Often folks with very bad credit feel like a buy here pay here car lot is the only real establishment that will be willing to approve their credit. But bear in mind, the cost of your car or truck will be higher due to higher annual percentage rates. And if that weren’t enough, chances are your credit score will not get better as you repay the borrowed funds. That is because these car lots rarely report back to Equifax, Experian, and Transunion.
Rules of Thumb for Buying a Car in Saginaw
If you want to make a smart financial move, you should spend no more than 10% of your monthly income on this car loan. Also, select a 5-year repayment term at the very most. With this payment and lending term, you will be buying a car or truck that costs around half of your yearly income. If you make $18,655 a year, the average in Saginaw, you would buy a car that costs $9,330. In most cases, the less you’re able to spend to obtain a dependable vehicle, the better.