Auto Loans in Madison (WI)

From FICO scores to down payments, getting a car loan can be a bewildering process, but we’re here to guide you every step of the way. Our extensive, statewide network of dealers and lenders is standing by, waiting for your application. Apply online, and your secure application will enter our placement platform. There we will find you a lender based on location, income, credit profile, and other factors. The process is painless and secure, and there are no obligations to accept the Madison auto loan you’re offered.

Financing a Car with Bad Credit in Madison

Credit ratings of 620 or less are often considered subprime or “bad” credit, but our service is just the thing for Madison residents with below-average credit. There are three separate credit tiers into which “bad credit” applicants fall, based on their specific FICO score:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter your score, there are lenders that want to give you a second chance at financing. Sure, the APR on your loan would be lower if you had a credit score of 700 plus, but we can typically get you in the driver’s seat of a new car. If you have subprime credit, you’ll typically be approved by a dealer or lender in Madison that specializes in bad credit auto loans. Both of these types of companies will submit information to the credit reporting agencies. This is imperative when you need to improve your credit. Apply for financing online!

Auto Loans for Students of UW-Madison

Madison WI auto loanWe receive many inquiries from UW undergrads and graduate students who are worried about their lack of credit. Many students in their late teens or early twenties simply haven’t had the opportunity to establish much in the way of credit history. Other than a credit card, a loan for a vehicle is often one of the first real credit-builders for college students.

Of course, it is true that getting a car loan with no credit history can be nearly as challenging as getting one with bad credit. We have helped many students across the state get into their first financed vehicle, and we have dealers and lenders in our Madison network who work with such borrowers. That said, there are a few things you can do to make the process go smoothly:

  • Ask a parent or relative to co-sign the loan.
  • Have a part or full-time job that pays at least $300 per week.
  • Keep the balances on your credit cards low, ideally no more than 30-50% of your limit.

Whether you’re a student, a senior, or more likely somewhere in between, down payments are a consideration. We do have lenders in our network who don’t require borrowers to offer a down payment. That said, a down payment gives you important advantages:

  • Reduces the length of the loan, meaning you pay less in interest.
  • Lowers payment amount.
  • Minimizes negative equity.

With that said, you no longer need a down payment to get pre-approved. We get people financed everyday, even with credit and down payment issues.

Madison Buy Here Pay Here Car Lots

This sort of financing is otherwise known as:

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

Shoppers who cannot secure financing because of serious credit problems often find themselves at these types of dealerships. They work with people with issues like open bankruptcy, foreclosure, or repossession in the last 12 months.

Madison-Specific Financial Profile

Banks, dealers, and auto finance companies are worried about more than just your credit score. Loan companies look at such things as:

  • Ability
  • Stability
  • Credit History

Below are some average stats for residents of Madison.

  • Gross Income: $17,154 Per Annum
  • Average Car Payment: $157 (11% of Income)
  • Recommended Car Payment: $114 to $143 (8%-10% of Income)

Next we have an overview of Madison’s population by FICO score. These are just estimates, but they should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 5,630
500-549 5% 14,075
550-599 8% 22,520
600-649 12% 33,780
650-699 15% 42,225
700-749 18% 50,670
750-799 27% 76,006
800-850 13% 36,595

Lastly, we’d like you to know that we serve not only Madison, but surrounding communities such as Sun Prairie, McFarland, Middleton, and Fitchburg.