When it comes to financing a car in Annapolis, not many firms have optimized credit acceptance like ours has. Our industry partnerships are unparalleled, and we have lenders and dealers approve you for the financing you need. You’ll be led one step at a time through the process by a financing specialist in Annapolis.
Annapolis Car Dealerships That Finance Bad Credit
There are dealerships in Annapolis and across Maryland that look at your employment status instead of your credit. Many of them promote themselves as no credit check dealers, because they do not demand credit checks. However, odds are they don’t report to the credit agencies, meaning they won’t be helping you re-establish your credit. It’s far better to find a car dealership that can find you financing through an established lender. They’ll check your credit prior to approval, but they also work with the credit bureaus, which is uncommon among smaller car lots that offer financing on location. Since you’re a higher-risk applicant, expect:
- Interest rates that are more costly.
- Down payments that are more substantial.
- Payment terms that are shorter.
With that being said, keep in mind you’ll be getting a car, of course, but also the chance to rebuild your credit. There are many such dealerships in our network, and you can get pre-approved by applying online.
New Versus Used Cars
Lots of consumers don’t realize loans can be had for both used and new vehicles. Given that new cars drop in value so fast, it’s often a good idea to let another buyer pay the depreciation, and buy a car already has some mileage under its belt.
|New Car||Pre-owned Car|
|Term||60 months||48 months|
|Payment Per Month||$448.38||$323.15|
Buy Here Pay Here Car Lots in Annapolis, Maryland
Buy here pay here car dealers primarily help people with major credit problems like filing for bankruptcy. For the most part, dealer financing is sourced elsewhere, as dealerships work with banks and lenders with whom they have relationships to offer the loans. On the other hand, BHPH dealers function as both the lender and the dealer This is the origin of the expression buy here pay here.
Sadly, you can expect excessive annual percentage rates, big down payments, and vehicles that are too expensive for their mileage. Because of this, these dealerships have a lousy track record. We can match you with dealer finance specialist who can get you approved, even if you’ve been through bankruptcy.
Financing Guidelines for Annapolis Consumers
Your car payment, where to begin? Take 10% of your monthly income, which is the absolute maximum you should spend. Be careful, though, that you don’t end up with exceedingly protracted financing, which may lead to:
- More interest paid to the lending company.
- Greater APR.
- More time spent under water.
Instead, try and have your vehicle paid off within 5 years. With this payment and lending term, you will be getting a car that costs approximately 50% of your annual income. In Annapolis, where the average income is $35,635 annually, the average consumer would finance a car that costs $17,820. Cars and trucks lose value after every month of ownership, so you want to shell out no more than you have to, in order to bring home a solid car.