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Auto Loans in Bel Air (MD)

If you’re considering financing a car in Bel Air, the benefits of our service are unrivaled. We assist shoppers in Bel Air and all over Maryland who wish to get approved online for financing. You will enjoy the convenience of working with a committed financing expert who can help answer your questions and arrange your loan.

Auto Loans Bel Air MD

Bel Air Dealerships That Work with Bad Credit

Bad credit doesn’t have to stand in your way when it comes to your next car. We work with dealers all across Maryland that are prepared to give you a second shot at financing. With any subprime loan, certain things are to be expected steeper interest rates and bigger down payments, along with smaller loans. With that being said, the rates and terms are more favorable than you would be offered at a buy here pay here lot. Here at Motive Auto Finance, we work with many of these dealerships, and you can find one that wants to get you behind the wheel by submitting your application.

No Down Payment Car Loans in Bel Air?

Looking to buy a new car, but you don’t have any money down? Whenever financing a car, you don’t want to owe more than the car is worth. If the your vehicle depreciates faster than you can pay it off, then you have negative equity. A down payment works against depreciation.

Even though we might able to help you get an auto loan in Bel Air with zero down, we generally endorse down payments.

Buy Here Pay Here (BHPH) Car Dealers in Bel Air, MD

Commonly called in house financing, your job is your credit, or tote the note car dealerships, these businesses generally have a few primary features. They…

  1. Finance car loans on-site.
  2. Don’t perform credit checks.
  3. Require weekly or biweekly payments, often in person.

Many people with really terrible credit feel that a buy here pay here car lot is the only real place that will finance them. However, the cost of your vehicle will be inflated on account of higher loan rates. As if that weren’t enough, it is likely that your credit score will not get better as you repay what you owe. That is because these dealers rarely work with the credit reporting agencies.

How Much You Should Spend

The lot might well be filled with cars that you can own, but which are actually priced above what you should spend. Only about 8% of your monthly income should be allocated to your car payment. For a consumer with a monthly income of $5,298, the Bel Air average, this is $424.

Prime Credit Fair Credit Subprime Credit
Payment Amount $424 $424 $424
Interest Rate 3.50% 7.00% 11.00%
Down Payment $5,825 $5,351 $4,873
Total Interest $2,132 $4,026 $5,937
Price with Interest $31,255 $30,782 $30,304
Vehicle Price $29,123 $26,756 $24,367

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