Auto Loans in New Berlin (WI)

Arranging your financing ahead of time simplifies the car-buying process, and we can help. A growing number of lenders and dealers now have entire departments committed to web-based applications, and we can get you approved straight from your own home. Submit your application, and our lenders compete for your business.

New Berlin Bad Credit Auto Loans

Credit score of 620 or less? That’s often deemed subprime or “poor” credit, but our system is just the thing for people with problematic credit. A large number of larger lenders and dealers now have complete sales teams specializing in “special financing.” These are often called bad credit dealerships. Of course, we have a wide range of them in our network. Many loan providers do require applicants with subprime credit to provide a down payment, but most users are approved within minutes. If you have poor credit, you’ll typically be matched with a bad credit dealership or subprime auto finance company. Companies like these will report your payments to the credit bureaus. This is imperative when you need to rebuild your credit.

Can You Finance a Car with Zero Down Payment?

If you have good credit, then yes: you can typically get an auto loan with no money down. But if your credit is less than perfect, your dealer may want you to furnish a payment in advance. That’s because lending to consumers with bad credit is a much riskier proposition, and a down payment means that at least a percentage of the vehicle’s value is not in jeopardy. That isn’t to say that dealers don’t offer financing for people who don’t have a down payment.

Just indicate your down payment amount when you submit your application, and our system will find you a dealer or lender who can work with your down payment, or lack thereof.

New Berlin Buy Here Pay Here Dealers

This type of financing is also known as:

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

These dealers make credit decisions on the lot, rather than relying on banks or lenders. Sure, the rates are higher, but there are few obstacles to credit acceptance.

Credit and Income: New Berlin

There’s more to auto financing than just your credit score. Lenders look at your income, stability, and credit history.

Listed below are average statistics for residents of New Berlin.

  • Pre-Tax Income: $5,526 Monthly
  • Average Car Payment: $608 (11% of Income)
  • Recommended Car Payment: $442 to $553 (8%-10% of Income)

If you have poor credit, you’re not alone. This chart shows the estimated number of New Berlin residents at each credit level.

FICO Score % of Population Residents
300-499 2% 765
500-549 5% 1,913
550-599 8% 3,061
600-649 12% 4,591
650-699 15% 5,739
700-749 18% 6,886
750-799 27% 10,330
800-850 13% 4,974

This shows that approximately 10,330 New Berlin residents have a credit score of 650 or lower, which is typically regarded as subprime. If you fall into one of the lower tiers, fear not. We can still help you get approved.