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Auto Loans in Milwaukee (WI)

Having bad credit can make it difficult to get approved for financing, but it doesn’t have to be. We help you find a lender who will not only finance your credit, but allow you to repair it. We’ve spent years developing a vast network of dealers and lenders that can finance people who have all sorts of credit profiles, even those who have:

  • Bad credit.
  • Little to no credit.
  • Zero money down.

Simply submit your finance application. We will match you with a finance specialist from a dealer or lender near you.

Milwaukee Car Lots for Bad Credit

In this day and age, there are dealerships with finance departments specializing in subprime auto lending. Typically, these dealerships offer:

  • Less expensive APR rates.
  • Acceptable down payments.
  • New and used vehicles.

The cars and trucks you’re eligible for will be based on your monthly income and credit. We recommend you opt for an economical, fuel-efficient vehicle that has payments amounting to 10% of your income–at the most. For people earning $2,109 per month, the average among Milwaukee residents, this would be a payment of $211. Submit an application to have a finance specialist confirm your options.

Should You Purchase a New Car or Truck?

It’s a common question: which is best, a new or used car? A brand new car loses 20% of its value during the first 12 months of ownership, and 50% after 36 months. This is why you can usually get more for your money when you purchase pre-owned.

New Car Used Car
Age New 3 Years Old
Price $21,090 $10,545
Down Payment $4,218 $1,055
Loan Rate 5.00% 7.50%
Months 60 48
Payment Amount $318.40 $229.47
Finance Fees $2,232 $1,524
Total Amount Paid $23,322 $12,069

Buy Here Pay Here (BHPH) Dealers in Milwaukee, WI

Maybe you’ve considered getting approved through a buy here pay here car dealer in Milwaukee? These Milwaukee in house financing car dealerships supply financing on location, frequently without a credit check. Seeing as they don’t depend on a bank or investment company for financing, they’re able to assist a larger selection of customers.

If you have really bad credit, Milwaukee in house financing dealerships tend to be the only real option. However, the interest rates are much higher than you’d expect from a conventional lender. In addition, they don’t usually report payments to the credit agencies. This means the consumer’s credit rating isn’t likely to go up even if they pay off the loan as agreed.

Guidelines for Buying a Car in Milwaukee

It’s always best to commit, at the very most, 10% of your monthly income for your car payment. Moreover, to minimize interest and negative equity, go with a 60-month loan at the very most. With a 10% payment and 60 month term, you will be getting a vehicle costing around half of your yearly income. with an income of $25,303 annually, the average in Milwaukee, this would be a car costing $12,654. Unlike real estate, an automobile won’t retain its value, meaning you should spend as little as you can and still buy a car that won’t cost you a lot in undue maintenance.

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