Looking For A Car Loan In Southfield MI During June 2020?
Getting the best deal on an auto loan in Southfield MI can save you a significant amount of money over the life of your loan. That’s why you need a partner who knows how to get you approved for the vehicle that you want at the lowest interest rate possible and without hassle.
The AllCreditCarLoans network of lending partners provides quick and easy auto loan decisions for all credit situations. Our lender partners are making more loans, approving buyers with lower credit scores, offering lower monthly payments and making larger loans than ever before. There has never been a better time to get an auto loan than right now.
By working with AllCreditCarLoans, you can get preapproved for an auto loan before going to the dealership, so that you can negotiate as a cash buyer and get the best deal possible.
So, no matter what your credit situation, if you are looking for a quick, no-hassle car loan at the best rate, just click the button below to get the process started. Our one-page application form only takes a few minutes to complete.
We Can Get You Financed Despite Any Special Circumstances
You need a new car and we are here to help you get it!
Your chances of obtaining vehicle financing are very good. Via our network of dealer and lender partners, we have many options available to get you financed. Difficult circumstances are our specialty and we have seen nearly every situation possible.
We have helped…
Car buyers get their first car
Car buyers with a past repossession
Car buyers with a past bankruptcy
Car buyers who are paid in cash
Car buyers who are self-employed
Car buyers who receive social security benefits
Car buyers who are on disability
Car buyers who are retired
Car buyers with no money to put down
Car buyers with a trade-in vehicle
Apply today and let us start helping you get that new car that you need!
Watch Our Video On Getting A Car Loan In Southfield MI
AllCreditCarLoans Follows A Simple 1-2-3 Car Loan Application Process
No need to wait for hours at your nearest dealership or submit tons of paperwork. No need to worry about your credit history. With AllCreditCarLoans, everything is as easy as 1-2-3.
- 1 - COMPLETE OUR ONLINE APPLICATION - This process only takes a few minutes to complete. Our one-page application is safe and secure, so you don’t have to worry about the safety of your information. Everything is done online. There are no fees or hidden charges. Applying is totally FREE.
- 2 - RECEIVE YOUR LOAN APPROVAL - Getting your credit approval is fast and easy. AllCreditCarLoans has an extensive lending network, so the loan approval process is fast and efficient. You don’t have to wait for days, weeks or months. Many applicants receive loan approval on the same day they apply.
- 3 - PURCHASE YOUR VEHICLE - With our easy as 1-2-3 process, you can purchase your vehicle on the same day your loan is approved. You just visit your favorite auto dealership and negotiate like a cash buyer.
Your Car Financing Options
Your credit history and where you are buying your auto from will determine the kind of auto deal you can get.
Whether you are buying a new or used auto from a dealer; you need a program designed to help you get a vehicle loan despite some credit challenges; or you are looking to refinance your existing loan - we can help.
We provide a variety of auto loan options to suit your needs and credit situation:
- Southfield MI New Car Loans
- Southfield MI Used Car Loans
- Southfield MI Auto Refinance Loans
- Southfield MI Good and Fair Credit Car Loans
- Southfield MI Bad, Poor and Horrible Credit Auto Loans
Our loan programs are tailored to your exact needs and budget and are designed to meet or exceed the features of national auto finance companies like Capital One Auto Navigator, Carmax Finance, USAA Car Loans, Chase Auto, Wells Fargo Car Loans, Bank of America Auto Loans, Navy Federal Auto Loans, AAA Auto Loans, Key Bank Auto Loans, PNC BankAuto Loans, Bankrate Auto Loans, US Bank Auto Loans, TD Bank Auto Loans and State Farm Bank Auto Loans.
We also specialize in sub-prime auto loans including financing an auto after bankruptcy and helping borrowers to obtain a loan after an auto repossession.
If you are looking for an auto title loan or the best place to refinance your vehicle, we have programs that can help you as well.
We've provided auto loans for first-time buyers, auto financing for college students and we are proud to have arranged military and veteran auto loans for service members and their spouses. We've even been able to help foreign nationals and others who do not qualify for a social security number to obtain an auto loan with their ITIN.
AllCreditCarLoans works with the best buy here pay here car lots, bad credit car dealers, second chance car dealers and other lenders to provide the best interest rates.
You are never alone in this process. Our lender partners will guide you every step of the way -- from the time you begin processing your application, all the way to the day when you drive home your new vehicle. Click the button below to let us get started helping you today!
Car Finance Calculator For Southfield MI
Use the AllCreditCarLoans monthly car payment calculator to help determine how much you can afford to spend when financing or refinancing a car. You can run multiple scenarios varying the "down payment" and "number of months" in order to get the monthly payments where you would like them to be.
We recommend that you target your total car expenses to be no more than 20% of your take-home pay.
What To Know Before You Apply For An Auto Loan
Car Loan Credit Score
Credit scores give lenders an idea of how you manage your finances. These scores are essential in helping you plan your finances well. Likewise, credit scores can be testaments of how well you make decisions, as well as how healthy your spending habits are. Credit scores can help determine whether you pay your bills on-time, if you use your credit cards wisely, and how well you manage your loans.
The higher your credit score, the lower the interest rate you will likely be asked to pay.
Therefore, if you have multiple loans that are unpaid; if your credit cards have been maxed out and several of your bills remain unpaid, you earn a low credit score. While it does not define the kind of person that you are, your score can indicate an unhealthy financial habit, which can make you appear "too risky" and turn away lenders.
A lot of lenders do not offer auto finance loans to applicants who have a low credit score because they do not want to encounter problems when collecting payments. Some lenders accept borrowers with low scores, but they often charge higher interest rates for the loans they make. This is because they want to lessen the risks that your low credit score represents.
But AllCreditCarLoans is different. We work with leading car finance lenders and auto dealers to help you find the best auto loan terms for your credit situation. Fill out our quick and easy one-page application to let us get you financed today.
Car Loan Interest Rates
The interest rate you’ll receive depends upon your credit history, your income, the length of the loan and the vehicle you choose.
Soft vs. Hard Credit Pull
Your auto lender may do a "soft" credit pull in order to pre-qualify you for a car loan. A "soft" credit pull doesn’t subtract from your credit score the same way a "hard" pull does, but it also doesn’t guarantee you’ll be approved for a loan or that you'll get the exact rate you’ve been quoted. A "hard" credit pull will be required before the loan terms are finalized.
If you are applying with multiple lenders in order to shop the best interest rates, it makes sense to complete all your loan applications within a short time-frame. The credit reporting agencies tend to count multiple hard inquiries made within a short period as only one inquiry.
It's a good idea to know your credit score before you apply for your loan. If you are unsure what your credit score is, you can always use this service to find your credit score.
If your credit score could use improvement, you can work with a credit repair vendor to improve your credit score.
Car Loan Terms
While it is possible to find a lender who will finance a vehicle for up to 84 months, we don't recommend stretching out payments any longer than you need. It’s best to pay off a car loan as quickly as you can since cars depreciate rapidly. The longer the loan term, the more probable that at some point you will end up owing more on the loan than the car is worth. Being underwater or upside-down on a loan is a risky financial situation. The best interest rates are available for shorter loan terms. We recommend keeping your loan term to 3 years for used cars and up to 5 years for new cars.
Auto Loan Restrictions
Some lenders only work within a specific network of auto dealerships. This could limit your choice of vehicles to a handful of auto makes, models and vehicle types.
Some lenders will only work with car dealers so you won't be able to use them to buy a car from a private seller.
Steps To Get An Auto Loan
Shopping for an auto has never been easier. Our streamlined process and vast network of lending partners make getting a car loan quick and easy.
1 - Budget For Your Auto Purchase
The first step in obtaining auto financing is to figure out how much you can afford to spend.
If you have a car to trade-in, you should determine its value so that you can factor that into your budget. A good resource for determining your auto's market value is Kelley Blue Book.
Next, you'll want to consider how much money you have to use for a down-payment. The more money you put down, the lower your monthly payment will be. If you need an auto loan with no down payment, don't worry. We can still help you.
Finally, use our vehicle finance calculator to estimate your monthly payment. You can vary the interest rate and loan term to see how that affects the potential monthly payment.
2 - Choose Whether You Want A New Or Used Vehicle
If you are looking to get the most value for your dollar, you will likely be better off financing a used car. For the best results, follow our used car recommendations.
If you've chosen to buy a new car, you will most likely be purchasing the vehicle from a car dealership. In order to get the best deal on new car financing, follow our new car recommendations.
3 - Apply For Your Loan
Click the button below and fill out our quick and easy application form to get started right away!
New Vehicle Loans
New auto loans are the most common type of vehicle financing. Beyond the traditional option of getting approved through a dealer, many consumers have found that they can save money and gain negotiating leverage by arranging their car financing in advance.
Most new dealerships are able to apply rebates and incentives to reduce the need for money down. If you have negative equity in a car that you're trading in, you may have to provide money down to cover the negative equity so that it's not carried over into your new loan. While buying a new auto with bad credit isn't so common, there are many manufacturers that offer lower-priced new vehicles with attractive financing incentives to make buying easier for people with lower credit scores.
Let us help you get preapproved for that loan you want and you will become a cash buyer. This saves you time at the dealership and gives you the power to negotiate your best deal on any vehicle you choose. Apply for a new car loan in Southfield MI and see how much we can save you.
Used Auto Loans
A used car loan is our most commonly requested loan. By letting us help pre-arrange your funding source, you know that you'll have the power to negotiate the best deal. Apply for a used vehicle loan and see what type of rate & term you can get from our participating lenders.
Buying a used auto will typically provide the best value. That's because the prior owners have already absorbed the biggest portion of the vehicle's depreciation and you may have the option to buy directly from a private seller, thus saving dealer fees. We can help you with an auto loan to buy from a private seller.
If you choose to purchase a used vehicle, you can click here to view the inventory of used car dealerships in Southfield MI.
Shopping For The Best Car Loan Rates In Southfield MI?
Whether you are looking for the best auto loan interest rate for a new or used vehicle, or you want to refinance an auto loan, we can help.
With a lower interest rate, you'll save money and pay off your auto loan faster. The single most important thing you can do to save money on a car loan is to shop for the best loan rate before you set foot in a dealership. By knowing what kind of rate you qualify for before you try to buy a vehicle, you accomplish three things:
- You can focus your negotiations with the dealer on the vehicle price rather than on financing terms
- You'll know what range of car payments you can qualify for
- You won't end up getting a higher cost loan than you want
Use our auto loan calculator to determine what range of payments you can expect. You can enter your balance, term, and interest rate to calculate what the payment will be. You can compare different scenarios to see how much more you can save by increasing your down payment.
Average Auto Payment Interest Rates You Can Expect
|Credit Score Range||Average APR for a New Car||Average APR for a Used Car|
|781 - 850||3.68%||4.34%|
|661 - 780||4.56%||5.97%|
|601 - 660||7.52%||10.34%|
|501 - 600||11.89%||16.14%|
|300 - 500||14.41%||19.98%|
Why Getting Preapproved For An Auto Loan Is Important
Having a preapproved car loan streamlines the buying process because you become a cash buyer and you can bypass the usual salesman's tactic of negotiating based on monthly payment. The problem with negotiating based on the monthly payment amount is that you can easily lose sight of the total cost and end up paying more in the long run.
As you negotiate your best deal, be sure to leave enough money to cover the sales tax and any additional fees. This way your total "out the door" cost does not exceed the maximum amount of your preapproved auto loan.
While you are at one of the auto dealers near you, the finance manager may try to beat the interest rate of your preapproved loan. Before accepting the dealer's replacement loan, make sure that the interest rate is lower, all of the other terms are comparable, and the final total price is less. It's good to be cautious because there is always a risk that the finance manager could juggle the numbers in the dealership's favor and you could end up spending more money than you would with your preapproved car loan.
How Does Getting Preapproved For A Car Loan Work?
Car dealers usually offer auto financing through their preferred lenders, typically at a higher loan rate than available elsewhere. Getting preapproved directly with one of our lending partners helps you to negotiate the best auto loan rate before you even get to the dealership so that you can save money in the long run.
When you start your car buying process at a dealership, the salesmen will focus on the monthly payment, which makes it easier to forget about the actual price of the car. But when you show up with a preapproved auto loan, negotiations can be based on the price of the car instead.
How To Get Pre-Qualified For An Auto Loan
When you’re applying with us, the application process is simple and quick. You should have the following information on-hand:
- Driver’s license and Social Security number
- Proof of income
- Employment verification
This information helps our lending partners to get a clear picture of your financial status, making it easier to secure the best auto loan rates for your credit situation.
About Southfield MI
Southfield is a city in Oakland County of the U.S. state of Michigan. It is a northern suburb of Detroit. As of the 2010 census, the city had a population of 71,739. A part of Metro Detroit’s upscale office market, the city’s marque is a cluster of five golden skyscrapers – known as the “Golden Triangle” – that form the contemporary 2,200,000 square feet (204,400 m) Southfield Town Center office complex with a Westin Hotel and a conference center. In addition, a 33-story luxury residential high-rise is separate from the complex. To the west, near the confluence of I-696/Reuther Freeway and M-10/Lodge Freeway, is the American Center.
According to the United States Census Bureau, the city has a total area of 26.28 square miles (68.06 km), of which, 26.27 square miles (68.04 km) is land and 0.01 square miles (0.03 km) is water. The main branch of the River Rouge runs through Southfield. The city is bounded to the south by Eight Mile Road, its western border is Inkster Road, and to the east it is bounded by Greenfield Road. Southfield’s northern border does not follow a single road, but lies approximately around Thirteen Mile Road. The city is bordered by Detroit and Redford Township to the south, Farmington Hills to the west, Franklin, Bingham Farms, and Beverly Hills to the north and Royal Oak, Berkley and Oak Park to the east. The separate city of Lathrup Village sits as an enclave in the eastern part of the city, completely surrounded by Southfield.
As of the census of 2010, there were 71,739 people, 31,778 households, and 18,178 families residing in the city. The population density was 2,730.8 inhabitants per square mile (1,054.4/km). There were 35,986 housing units at an average density of 1,369.9 per square mile (528.9/km). The racial makeup of the city was 70.3% African American, 24.9% White, 0.2% Native American, 1.7% Asian, 0.4% from other races, and 2.4% from two or more races. Hispanic or Latino of any race were 1.3% of the population.
There were 31,778 households of which 26.7% had children under the age of 18 living with them, 33.5% were married couples living together, 19.4% had a female householder with no husband present, 4.4% had a male householder with no wife present, and 42.8% were non-families. 37.9% of all households were made up of individuals and 13.7% had someone living alone who was 65 years of age or older. The average household size was 2.22 and the average family size was 2.96.
The median age in the city was 42 years. 20.5% of residents were under the age of 18; 8.5% were between the ages of 18 and 24; 24.7% were from 25 to 44; 29.2% were from 45 to 64; and 16.9% were 65 years of age or older. The gender makeup of the city was 44.7% male and 55.3% female.
As of the census of 2000, there were 78,296 people, 33,987 households, and 19,780 families residing in the city. The population density was 2,984.6 per square mile (1,152.5/km²). There were 35,698 housing units at an average density of 1,360.8 per square mile (525.5/km²). The racial makeup of the city was 54.22% African American, 38.83% White, 3.09% Asian, 0.20% Native American, 0.03% Pacific Islander, 0.64% from other races, and 2.99% from two or more races. 1.19% of the population were Hispanic or Latino of any race.
Of the city’s 33,987 households, 25.3% had children under the age of 18 living with them, 40.2% were married couples living together, 14.3% had a female householder with no husband present, and 41.8% were non-families. 36.2% of all households were made up of individuals and 11.9% had someone living alone who was 65 years of age or older. The average household size was 2.27 and the average family size was 3.01.
The age distribution in the city’s population was spread out with 21.6% under the age of 18, 7.9% from 18 to 24, 30.6% from 25 to 44, 24.8% from 45 to 64, and 15.2% who were 65 years of age or older. The median age was 38 years. In terms of gender distribution, for every 100 females there were 84.9 males. For every 100 females age 18 and over, there were 80.9 males.
The median income for a household in the city was $51,802, and the median income for a family was $64,543. Males had a median income of $48,341 versus $37,949 for females. The per capita income for the city was $28,096. About 5.8% of families and 7.4% of the population were below the poverty line, including 8.2% of those under age 18 and 10.2% of those age 65 or over.
The most prevalent occupations for people in Southfield are a mix of both white- and blue-collar jobs. Overall, Southfield is a city of sales and office workers, professionals and managers. A relatively large number of people living in Southfield work in office and administrative support (16.00%), sales jobs (10.93%), and management occupations (9.72%). The population of Southfield is very well-educated relative to most cities and towns in the nation. Whereas the average community has 21.84% of its adult population holding a 4-year degree or higher: 38.73% of adults in Southfield have a bachelor’s degree or advanced degree. The per capita income in Southfield in 2010 was $28,995. “
In 2002 Southfield had 42,259 black people, giving it the second-largest black population in Metro Detroit and third-largest in the state of Michigan.
As of 2011 many African Americans from Detroit are moving into Southfield and other suburbs of Oakland and Macomb counties. Tensions have occurred between existing middle-class blacks in Southfield and newcomers from Wayne County.
As of 2001 many Chaldeans live in Southfield; they are mostly Assyrian Christians. The Chaldean Federation of America, an umbrella organization for most regional Chaldean groups, is located in Southfield. As of that year, the largest Chaldean church, in terms of the number of congregants, was based here. The city also had the area’s sole Chaldean retirement home.
Zip Code Map
48033, 48034, 48037, 48075, 48076, 48086
For more information, see Southfield Michigan wiki