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Michigan Online Credit FAQS
How much will I qualify for?
The loan amount that you qualify for is based on a number of factors. Michigan Online Credit uses state of the art special finance options to determine the exact amount.
How much of a down payment will I need?
The down payment that you need is bases on a number of variables. Our Representative will discuss these variables with you. Many of our customers even qualify for a zero down payment.
Can I use may trade as a down payment?
YES YOU CAN!! However, additional cash may be required if there is a lien on the automobile you are trading in.
Will inquiries effect my credit rating?
Yes. Every time a creditor checks your credit it places an inquiry on your credit report. Inquiries can add up, which will negatively affect your credit. For this reason, too many inquiries can actually make getting an auto loan more difficult.
What are the minimum qualifications for an auto loan?
There are no minimum qualifications! Each application is evaluated based on the credit profile and equity position of the applicant. An Applicant with a good credit rating, for example, may not have to meet certain income and job requirements, whereas an applicant with a recent repossession or bankruptcy would.
Will I qualify if I had a repossession less than a year ago?
If the repossession wasn’t included in a bankruptcy and there is still an outstanding balance on the vehicle, we can still help. A greater down payment may apply and the vehicle selection may be limited.
I have had a bankruptcy in the last year? Do I still qualify?
If the bankruptcy has been discharged, Michigan Online Credit can help. Apply Today!
I have never established any credit. Will I still qualify?
YES! Michigan Online Credit has the programs to assist you.
Will a Cosigner help?
Yes. A Cosigner may be required for a buyer who does not meet all of the credit requirements. However the buyer must still meet all of the income and budget guidelines required, without reliance upon the income of the income of the cosigner.
How can Michigan Online Credit help if I’ve been turned down before?
Michigan Online Credit evaluates your credit profile, available inventory, income, and debt factors to ensure that each application has the best possibility of approval.
What are the payments?
Your payments are based on your credit profile and the vehicle that you are purchasing. A weekly, Bi-Weekly, or monthly payment can be set up to best fit your particular needs.
What is the interest rate?
Great Question! Interest rates are based on your credit profile, the exact vehicle that you are purchasing and the equity position of the loan. We will get you the best rate based on your credit profile. The higher the credit rating and down payment, the lower your interest rates will be. The model year of the vehicle you are purchasing plays and important role in the interest rate. The older the vehicle, the higher the interest rate.