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Auto Loans in Taylor (MI)

At Motive Auto Finance, we understand the stumbling-blocks faced by car-shopping consumers all over Michigan, particularly those with credit problems. We allow you to find a dealer or lender that won’t just accept your credit, but help you restore it. We’ve established a vast network of dealers and lenders that will consider your application, even if you’ve got a credit score of 650 or lower. All you have to do is submit your loan application, and you could be in the driver’s seat of a new car in no time.

Auto Loan Taylor MI

Bad Credit Car Dealerships in Taylor, Michigan

For anyone who is looking for a dealership in Taylor that will take poor credit, you’re in luck. Contrary to buy here pay here dealers, these dealers offer:

  • Interest rates that are fair.
  • Down payments that are reasonable given the vehicle’s worth.
  • Vehicles that are more reliable.

Your income and credit will dictate which cars you’re qualified to finance. Below is an example based on the average per-capita income in Taylor, $3,579 per month:

Credit History Income Factor Loan Amount
Excellent Credit 10 $35,790
Fair Credit 9 $32,211
Slow Credit 8 $28,632
Bad Credit 7 $25,053
Very Bad Credit 6 $21,474

These figures are simply approximations. You might not be able to finance this much, depending on your other debts and credit record.

Apply online to learn how much car you can afford.

Purchasing a Car in Taylor with Zero Down

Need to finance a new car, but you haven’t got any money down? If you’re worried about your ability to supply the funds for a down payment, a second-hand car might be a more sensible choice. Take a look at the chart below.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Percentage of New Value 100% 75% 60% 50%
Price $35,790 $26,843 $21,474 $17,895
Percentage 20% 10% 10% 10%
Money Down $7,158 $2,684 $2,147 $1,790

If you have a low credit score, it could be tough to get financed with no down payment, but keep this in mind: your trade equity could help you make your down payment in lieu of cash.

Buy Here Pay Here Dealers in Taylor, MI

Buy here pay here car dealers ordinarily do business with people with truly serious credit problems such as:

  • Chapters 7 or 13
  • Involuntary Repossession
  • IRS Liens

These types of car lots provide funding in-house, while conventional dealerships utilize third-party lenders, and they finance just about anyone.

Negatives include:

  • Ridiculous Finance Fees
  • Huge Down Payments
  • Overpriced Autos
  • Aggressive Repossession Practices

There’s more: these car lots very rarely report back to the credit agencies, which means you could make all of your payments on a monthly basis with no lift in your FICO score.

Credit Improvement for Taylor Borrowers

If you get financed through a lender that reports to the credit bureaus, financing a vehicle has the ability to help you rebuild your credit. Credit improvement is progressive, but after 6-8 months of scheduled payments, your FICO score should begin to improve. Of course, the opposite is likewise a risk: you can intensify your credit problems if you fall behind on your payments. Of course, the potential benefits to a healthier score are enormous:

  • Minimized APR rates.
  • Less expensive insurance premiums.
  • Less money down required.
  • Faster credit approval.

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