Auto Loans in Kenosha (WI)

Searching for a car loan in Kenosha or the surrounding area? We can help. Many dealerships, banks, and other lenders have entire departments committed to online applications, and we can help you put together your loan without leaving your computer. When you apply online, we will find you a lender based on location, income, credit profile, and other factors.

Financing a Car with Bad Credit in Kenosha

bad credit auto loan KenoshaDespite being listed one of America’s top 50 high-tech economies, Kenosha has a population that struggles with credit problems, much like the rest of the country. There is no doubt that bad credit can be a roadblock to financing. After all, lenders are in the business of managing risk, and bad credit car loans are a high-risk investment. However, we have lenders and dealers in our network who assist people with credit problems.

Your APR, of course, won’t be as low as someone with a credit score of 700 or higher, so it’s important to purchase an inexpensive vehicle with affordable monthly payments. You’ll typically have your application placed with a lender or dealer in Kenosha that finances bad credit. Typically, they do submit payment information to the credit bureaus, which is great if you want to restore your credit. It’s easy. Simply submit your secure application.

Should I Offer a Down Payment?

We do have lenders in our network who don’t require borrowers to offer a down payment. However, supplying a down payment is recommended because it decreases your payment per month, interest paid, and risk of being upside down. Here are the suggested down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

That said, we realize that down payments are especially difficult in this economy. Apply online, and indicate zero down payment in the appropriate section. We will connect you with a lender willing to finance your purchase, no down payment needed.

Kenosha Buy Here Pay Here Car Lots

These dealers typically have three things in common:

  • They don’t perform credit checks
  • They only sell used, higher-mileage vehicles
  • They require payment to be made directly to the dealership

These dealers are also known in Kenosha as “your job as your credit” dealers, because they evaluate your income – not your credit – when deciding whether to approve you. Customers who have been unable to get approved for financing due to serious credit problems often resort to these types of dealerships. Payments are made to the dealer directly, and the cars and trucks for sale are typically $10,000 or less. The issue is twofold:

  1. The cost of financing is very high, both in terms of interest rate and down payment. That’s because the rate of default is high among borrowers with a poor history of debt repayment. Higher risk equals higher rates.
  2. There is minimal opportunity to rebuild credit through such a dealer. That’s because few of them report to credit reporting agencies like Equifax, Experian, and Transunion. That means payments won’t show up on the buyer’s credit history.

Instead, we recommend that you utilize our service to find a car loan in Kenosha for bad credit, as our dealers and lenders can help you improve your credit. Plus, they offer more reasonable rates than in-financing car lots.

Kenosha-Specific Credit, Income Numbers

Your FICO score is just part of the picture. Loan companies look at your ability to pay (income), stability, and credit profile.

Here are average stats for residents of Kenosha.

  • Pre-Tax Income: $3,320 Monthly
  • Average Car Payment: $365 (11% of Income)
  • Suggested Car Payment: $266 to $332 (8%-10% of Income)

Next we have divided up Kenosha’s population by FICO score. These are just estimations, but they should give you a general idea of where you stand in relation to other consumers in the area.

FICO Score % of Population Residents
300-499 2% 2,321
500-549 5% 5,801
550-599 8% 9,282
600-649 12% 13,923
650-699 15% 17,404
700-749 18% 20,885
750-799 27% 31,327
800-850 13% 15,083

Your FICO score will primarily determine your interest rate, but if you have sufficient income, we can typically find a lender for you, even if you have below-average credit.