Get an Auto Loan Quote

Auto Loans in Southfield (MI)

Has your credit been rejected before? We help you find a lender or dealer that can offer you the loan you need at a rate that won’t break the bank. We’ve spent years developing a wide-ranging network of dealers and lenders that want to finance your car, whether you’d like a used car or a new one. Your vehicle finance agent will help you:

  • Compare interest rates.
  • Select a lending company.
  • Make an appointment to purchase your vehicle.

Go ahead and submit your loan application.

Bad Credit Car Dealerships in Southfield, Michigan

It is advisable to avoid buy here pay here dealers, which are notorious for unethical practices of one type or other. There are big franchise dealerships that work with people with damaged credit and provide a far better lending experience. Since this is a high-risk loan, expect:

  • More expensive APR rates.
  • More money down required.
  • More modest loan amounts.

Having said that, they will arrange your financing through lenders that supply information to the credit agencies, giving you the ability to raise your credit score. There are many of these dealerships in our network, and when you apply online, we can connect you with one who wants to get you the loan you need.

New or Pre-owned Vehicle

It’s perhaps the most common question: is a new or used vehicle the best option? Because new cars drop in value so quickly, you might get a better deal on a used vehicle.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $22,620 $16,965 $13,572 $11,310
Down Payment $4,524 $1,697 $1,357 $1,131
Loan Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Payment $341.49 $369.18 $295.34 $246.12
Interest Paid $2,394 $2,452 $1,962 $1,635
Amount Paid $25,014 $19,417 $15,534 $12,945

Buy Here Pay Here Car Lots in Southfield, Michigan

Buy here pay here dealers customarily do business with people who’ve got serious credit problems like repossession and bankruptcy. They may not perform credit assessments, meaning bad credit shouldn’t be an obstacle to getting approved, but you will really pay for this over the long haul. You will see that used vehicles are the only models available, and these are not zero down cars. Normally, the down payment is close to what you would pay for the vehicle from an individual seller, and you could find yourself paying at least 20% APR. There’s a good reason why these dealers don’t have a good reputation. Let us connect you with subprime finance specialist who will work with you, even if you’ve experienced bankruptcy.

Recommendations for Financing

Divide the amount you get paid each month, before taxes, by ten. It’s best to spend no more than this on your monthly payment. On top of this, you don’t want to get a loan for more than 60 months. This will get you a car or truck which costs around half of what you earn on a yearly basis. For Southfield residents with incomes of $27,145 per year, this is a car which costs $13,572. Automobiles, unless they are classics, are never good investments, in light of how fast they begin losing value the instant they leave the lot, so you should fork out the least amount possible to get a car that does what you need it to.

Used Cars from Southfield Dealerships


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