Subprime Credit Loans near Lansing MI

Many customers search for subprime credit loans near Lansing, Michigan. So, we make it easy to find them. No matter your current credit situation, we’re ready to devise your ideal payment plan. At LaFontaine Family Deal, we strive to bring affordable and flexible auto loans to all our customers.

Definition of Subprime Credit

The term subprime credit may only arise once you look up your credit score and learn that you have it. It refers to your personal FICO score and ability to repay a loan. The range for this category of credit scores falls between 580 and 669.

If you have this type of credit score, it determines your eligibility for being approved for loans. With this score, you may be limited in the plans you qualify for or face higher interest rates.

With the Family Deal, our finance center works with you to secure a satisfying loan. Our finance experts can reach out to various lenders around the greater Lansing area to find a loan that’s right for you, no matter your credit.

Why Do I Have Subprime Credit?

Learning that you have subprime credit may surprise you. For future reference, you’ll want to know why your credit worthiness has been categorized this way. You are not alone in facing this issue. Your credit might be less than ideal for many reasons.

If you missed payments on a loan or a credit card or sent them in late, your credit score will reflect the impact. When individuals carry significant credit card balances or have delinquent accounts, this affects their scores as well. Applying for a variety of credit cards may also lower your score.

You may have dealt with hardship due to factors, such as job loss or medical issues. This may offer financial challenges, like bankruptcy, property foreclosure, and car repossession. When a credit analyst reviews your credit history, these items will appear and affect your eligibility.

If you’re interested in subprime credit loans near Lansing, a loan is out there for you—and our experts will do their best to find it.

Can My Credit Score Improve?

So, now that you know what may affect your credit score, can you improve it? Of course you can!

Knowing that you have subprime credit will put you on the road toward improving it. Let’s go over the ways that you can rehabilitate your credit.

Order your credit report to review what may be affecting your score. You may recognize where your credit score took a dip.

Start the next day by turning over a new leaf—attempt to pay all your bills on time and submit the minimum payment. If you can, pay the maximum to reduce any interest accrued and put a dent in that debt. Your efforts will show in your future credit score.

While you may be tempted to snatch up every credit card you’re offered at the Eastwood Towne Center, it’s best to keep your cards to a few select ones. Whether you’re approved or not, every inquiry deducts five points from your score.

Taking these steps toward repairing your credit can help you score subprime credit loans near Lansing and better your financial situation in the long term.

How Is a Subprime Credit Loan Different?

So, you can get subprime credit loans near Lansing, if you have less-than-perfect credit. How do subprime credit loans differ from other car loans? If you have subprime credit, the bank or lender might give you stricter terms, as they’ll want to ensure you’ll pay them back. Thus, you’ll likely have a higher interest rate.

Additionally, since you have subprime credit, banks and lenders will want to assess you thoroughly. So the approval process may take longer than it would for someone with perfect credit. You may need to provide additional documents to prove your creditworthiness.

You also will have to search for lenders who specialize in this type of loan, as some lenders don’t offer subprime credit loans near Lansing. Luckily, when you visit dealerships like ours who have a team of subprime credit loan specialists, you will have a better chance of finding eligible lenders.

How Do I Get Approved for a Subprime Credit Loan?

If you’re currently working on rebuilding your credit or are a young driver looking to establish yourself for the first time, you might wonder how to be approved for a subprime credit loan.

When lenders decide whether to give you a loan, they want to see a high credit score. That way, they can feel confident that you’ll pay them back. What do you do, if you don’t have that?

If you have subprime credit, you might ask banks or lenders if they’ll consider other information besides your credit score. For example, let’s say you have a job with a stable income. You could offer the bank or lender information about your salary and employment situation, showing them that you have a steady source of income and will be able to pay the loan back.

You might also want to compare multiple banks or lenders to see what subprime credit loans near Lansing they’ll offer you. By doing your due diligence before deciding, you can ensure you’re getting the best loan option.

Our Financing Center near Lansing MI

If you’re interested in subprime credit loans near Lansing, you should seek out a dealership with experience in this area. When you visit us and consult with our financing experts, they can use their knowledge about this type of loan to assist you. We have years of experience helping customers with all kinds of credit backgrounds.

When you visit us, one of our financing pros will sit down with you to talk about your credit background and loan needs. They’ll use their connections with local banks and lenders to help you navigate the loan application process. Feel free to ask any questions—we’re here for you!

Since we care about your time and convenience, we make it easy to get started online. Our payment calculator lets you compare multiple models, loan terms, and interest rates so that you can make an educated choice. If you want to sell your current car, use our Value Your Trade tool to learn how much it’s worth.

Talk to Us About Subprime Credit Loans

If you’re searching for subprime credit loans near Lansing, MI, talk to the finance experts at LaFontaine Family Deal. We work with customers all around the capital city and southeastern Michigan, and can help you apply for a loan.

Schedule a consultation online today!

  CONTACT US
LaFontaine Automotive Group 42.715208, -83.642866.