Auto Loans in Janesville (WI)

Need a car loan as soon as possible? We can help. Our loan-finding system takes the legwork out of getting approved. Simply apply online, and we’ll begin working to get you approved from a dealer or lender that suits your needs. You will have the opportunity to work one-on-one with a finance manager to complete your purchase, covering such details as your interest rate, down payment, term length, and of course your vehicle.

Janesville Auto Loans, No Down Payment?

We do work with lenders who offer auto loans with no down payment, even for people with bad credit. However, providing a down payment affords you substantial benefits:

  • Reduces the length of the loan, meaning less paid in interest.
  • Lessens payment per month.
  • Safeguards against negative equity.

Nevertheless, modern day lenders and dealers realize that down payments take a lot more time and effort these days. Apply online, and enter a zero in the down payment field. We’ll place your application with a lender who can fund your loan, no down payment necessary.

Financing a Car with Bad Credit in Janesville

Wisconsin in general, and southern Wisconsin in particular, has a relatively strong consumer credit base as compared to other parts of the country. However, a large percentage of consumers in Janesville and greater Rock County have financial setbacks of one kind or another, leading to a lessened credit score. Fortunately, this isn’t typically an insurmountable obstacle to approval, but you can expect the following:

  • Income verification in the form of pay stubs or tax returns for the self-employed.
  • Interest rates in excess of 10% APR
  • Down payment requirements of at least $500

Fortunately, most people who apply through us are approved right away, and you could be finalizing your financing arrangement with your consultant by day’s end. Let us find you a bad credit car dealership in Janesville who’s willing to approve you for a loan – and since we’re compensated by the dealers themselves, it’s free! There are no obligations when you use our service, and no hassles. Go here to submit your online credit application.

Buy Here Pay Here Financing Car Lots in Janesville

We generally discourage people from resorting to car lots that finance you with no credit checks. These dealers often advertise themselves with messages such as:

  • We Finance
  • Rent to Own
  • We Tote The Note
  • Your Job is Your Credit

They do finance people who have been rejected by traditional lenders, and without credit checks, but they are notorious for unscrupulous sales tactics. You will pay an exorbitant rate of interest, and believe it or not, chances are your down payment will be equal to what the dealer has invested in the vehicle.

Janesville-Specific Credit, Income Numbers

The big Janesville GM Plant closed in 2008, but the city has weathered the ups and downs of the economy quite well over the years. This is important, because your FICO score is just part of the equation. Creditors evaluate your ability to pay (income), history of employment and residence, and credit profile – factors that are all influenced by the health of the city economy at large. Below are some average statistics for Janesville residents.

  • Gross Income: $2,005 Monthly
  • Average Car Payment: $221 (11% of Income)
  • Suggested Car Payment: $160 to $201 (8%-10% of Income)

Less-than-perfect credit is fairly common nowadays in Janesville and across the state of Wisconsin. This table depicts the estimated number of Janesville residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,395
500-549 5% 3,487
550-599 8% 5,580
600-649 12% 8,370
650-699 15% 10,462
700-749 18% 12,554
750-799 27% 18,832
800-850 13% 9,067