Do You Have Bad or No Credit? We Can Help!

Bad things can happen to good people. Unexpected medical bills, bankruptcy, or the sudden need for a car without an established line of credit may not be in your control — but having bad or no credit doesn’t eliminate your options to purchase a reliable vehicle. If you’re asking “how can I get a car loan with bad credit?” the dealership teams across the Mike Anderson Auto Group in northern Indiana are here for you.

The Mike Anderson Auto Group is far different from most other dealerships or dealer groups when it comes to financing. Since 2006, our dealer group has had their own related finance company — Drive Now Loans. Conveniently located within easy distance from all of our dealerships, Drive Now Loans offers a simple solution, similar to what many think of as Buy Here, Pay Here. However, no one has to "pay" at our dealerships — the finance company handles it all. This page will give you more insight into our dealership's services regarding financing and credit through our Drive Now Loans program.

If you have any questions about the Drive Now Loans program available exclusively for car buyers at the Mike Anderson Auto Group in northern Indiana, contact us online. See which cars are available at our dealership locations by scrolling our current used inventory.

Buy Here Pay Here Dealership in Logansport, IN

What Makes the Mike Anderson Program Better Than Buy Here, Pay Here?

There are several differences in the Mike Anderson program, offered through our own captive finance company, Drive Now Loans.

  • Reporting: We report monthly to both TransUnion® and Equifax® to provide an accurate picture of your repayment history and help build your credit.
  • Payment Frequency: The bad credit auto loan specialists at the Drive Now Loans center will work with you to outline a payment plan with the frequency that’s right for you.
  • Multiple Payment and Lending Options: Get in touch with the Drive Now Loans specialists to work out the right payment option and lending program for your situation.

Another key aspect of the Drive Now Loans program is that our stores also offer new vehicles. So as your low credit scores rise and you find yourself back in the market, our dealer group can offer the entire selection of inventory — including certified pre-owned vehicles and new Chrysler, Dodge, Jeep, Ram models as well as Chevrolet, Buick, and GMC models at our various GM stores. Many Buy Here, Pay Here dealers sell only used cars and some do not even report to the credit bureau — thus your good payment history is not reflected.

Currently, Drive Now Auto Loans are only available for cars at the affiliated dealerships here in the Mike Anderson Auto Group. Contact us with any questions and one of our friendly representatives will be happy to assist you. Or, read more about the Drive Now Loans program and see frequently asked questions.

Subprime Car Loans

If you have a less than optimal credit score and need to take out a loan for a vehicle, you’ll secure what is called a “subprime” car loan. The phrase “subprime” simply indicates that you have a lower credit score than lenders consider “prime,” and lenders see you as more of a risk when it comes to lending money. As a result, subprime loans generally come with higher interest rates.

There can be several credit scores associated with you as lender, with different models — you’ve probably heard of the FICO® score — and different credit bureaus that compile your credit report. Because of this, there’s no official “subprime” cutoff rate, and no official loan rate for subprime car loans. However, it’s still wise to get an understanding of where your general range can fit.

You may hear the terms “low” or “bad” credit score applied to borrowers looking for a subprime loan and wonder where you fit. We’ve outlined the FICO credit score ranges for you in the section below.

What Is Considered Low Credit for a Car Loan?

Your credit score will most likely fall somewhere between 300 and 850. A "low" credit score is often described as one below 670. A score between 580 and 669 is often considered "fair," and one between 300 and 579 is "bad." Are you struggling with bad or non-existent credit? You don't have to worry here at the Mike Anderson Auto Group! Our team of financing experts will work closely with your unique situation and answer any questions you may have.

How Can Drive Now Auto Credit Affect Your Credit Score?

Drive Now Auto Credit reports payment history monthly to both TransUnion and Equifax. As long as your payments stay timely, this reporting shows your on-time payments, which will reflect positively on your credit score. Many things can impact your credit score in addition to your payment histories, so provided customers keep payments timely and avoid other items that might lower their credit score, they will soon feel the benefits of a rising credit score. DNAC offers financing alternatives similar to buy here pay here dealerships, however, there is a significant upside: as consumer credit improves with regular payments, we can begin to transition customers into newer vehicles through traditional lenders.

Which Cars Qualify for Subprime Financing?

Whether you’ve had a run of bad luck or are looking to build your credit for the first time, the dealership teams across the Mike Anderson Auto Group are committed to helping you drive home in a reliable ride. And a used car is a great choice for car buyers with subprime financing.

When you shop used, you can choose from a wide range of available makes and models, plus you get to avoid new car depreciation.

Shop our available inventory of used cars for sale at our dealership locations across northern Indiana and reach out to our team with any questions about a specific model.

Can I Buy a Car With No Credit?

Yes, you can! The Mike Anderson Auto Group started its own finance company in 2006 called Drive Now Auto Credit (DNAC). DNAC was started to assist our customers who either had zero credit or very poor credit histories, thus allowing them to obtain the vehicle they’ve always wanted. We’re proud to say that to date, DNAC has provided over 6,000 different loans and assists customers at all Mike Anderson dealership locations. Common customer situations that Drive Now Auto Credit specializes in financing would include those with:

  • No-credit
  • First time buyers
  • Prior bankruptcy
  • Prior repossession
  • Damaged credit due to circumstances such as divorce, medical bills, or collections

Why Choose Us?

There are so many great reasons to choose the Mike Anderson Auto Group! Just consider our various locations - all convenient to the Indiana Car Buyer - plus with these locations we typically stock well over 1,000 vehicles at any time.

Our dealership locations include:

  • Logansport, Indiana (2 locations)
  • Marion, Indiana
  • Rochester, Indiana
  • Gas City, Indiana
  • Ossian, Indiana (outside of Fort Wayne)
  • Kokomo, Indiana
  • Plymouth, Indiana
  • Peru, Indiana
Car keys being handed over

Apply for a Subprime Auto Loan

Are you ready to take the next step toward securing a subprime auto loan or bad credit auto loan from the Drive Now Loans company with the Mike Anderson Auto Group? Fill out our online application for financing or reach out to our team and let us help.

How Can We Help?