Getting a car financed was much easier before the economic crisis, but credit requirements have tightened since then. We allow you to find a dealer or lender that has your best interests at heart. We’re proud to be your key to an unrivaled network of dealers and lenders that can and will accept your finance request, regardless of whether you have good credit or bad. All you need to do is apply online, and we’ll find you a lender or dealer in Maryland able to approve you for a loan.
Maryland Car Lots for Bad Credit
Car dealerships that provide financing directly advertise themselves as in house financing car dealers, buy here pay here car lots, or tote the note dealerships. You’ll be happier finding a car dealer that can get you approved through an off-site lender. More often than not, these dealers offer:
- Interest rates that are manageable.
- Down payments that don’t break the bank.
- New vehicles, as well as used ones.
The types of vehicles you can buy will be based on your monthly income and credit. You’ll want to opt for a vehicle that won’t stretch your budget, having a payment that equates to 10% of your income. If you get paid $4,020 monthly, this would be a payment of $402. Submit an application to see your options.
Will You Need a Down Payment?
A down payment, as you probably know, is the amount you pay upfront, in cash or trade equity, on the day you sign for your vehicle. A down payment offers several different benefits:
- Decreases the number of months you’re upside down.
- Size of loan is decreased.
- Lower risk loan, translating to a reduced interest rate.
It may be possible to secure a car loan in Maryland without any cash down, particularly if you have an existing car or truck to trade in. Apply online to speak with a qualified finance specialist and discuss your options.
Buy Here Pay Here Dealers in MD
Dealerships in Maryland that offer in house financing are distinct from conventional dealerships in several key ways:
- These dealers approve car loans on site.
- They do not require credit checks.
- They require weekly or biweekly payments, often in person.
For consumers that have horrible credit, Maryland in house financing car lots in many cases are the only real option. However, the cost of your vehicle will be inflated due to higher interest charges, and it is unlikely that your FICO score will improve since these dealers have no relationship with Equifax, Experian, and Transunion.
Budgeting Guidelines for Maryland Car-Shoppers
Divide your monthly income, pre-taxes, by 10. It’s best to spend no more than this on your car payment each month. In addition, finance your vehicle for not more than 60 months. This means a car or truck costing about 50% of what you get paid per year. For Maryland residents with incomes of $48,241 a year, this is a vehicle costing $24,121. Basically, the less you can invest while still obtaining a reliable car, the better.
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