First Time Auto Loans Help Detroiters with Essential Travel Needs

• Mar 11, 2023
• By Joumana McDad

In the Motor City, access to a reliable vehicle is a critical need. Public transit, particularly between the city and suburbs, is lacking and leaves most residents in need of a car to get to work. Many auto buyers have a steady income and don?t have issues paying off auto loans. However, many lenders rely solely on credit scores when determining whether to approve a borrower for financing and at what rate they are approved. In the city of Detroit, 49% of citizens are either unbanked or underbanked. Detroit?s average FICO score is 608, which is among the lowest for large cities in the U.S., according to Experian.�This leaves many first-time buyer...

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