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Auto Loans in Bethesda (MD)

If you’re in the market for a new car, odds are you need an auto loan to afford the car you want. We have access to an extensive network of lenders and dealers, and we have finance professionals approve you for the financing you need. Let us match you with a finance specialist who can help you get the loan needed for the vehicle you want.

Auto Loan Bethesda MD

Bad Credit Car Dealers in Bethesda, Maryland

Have you considered where to buy your new car or truck? If you have adverse credit, you’ll probably have to get your car from a dealer, instead of a private party, simply because lenders almost never offer private party loans for people with credit that isn’t perfect. Fortunately, there are dealers that finance adverse credit. Unlike buy here pay here dealers, these types of dealers offer:

  • Reasonable APR rates.
  • Lower down payments.
  • Lower mileage vehicles.

The dealer will review your credit and income to see which cars you’ll be able to finance. You’ll want to buy a low cost, reliable vehicle with payments of just 10% of your income–any higher, and you will run into problems. If you get paid $2,599 per month, this translates to a payment of $260.

An automobile finance expert is standing by, waiting to determine how much you can borrow, and at what rate. To get going, simply apply online.

Reducing Your Interest Rate

Quite a lot of shoppers focus on paying the least amount possible for the car or truck they’re looking at, but if you’ve got poor credit, APR rate is equally as essential.

Take a look at this chart that shows the impact of various rates.

Good Credit Fair Credit Bad Credit
Size of Loan $23,391 $23,391 $23,391
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $426 $463 $509
Interest Owed $2,140 $4,399 $7,124

As you can see, your interest rate is critical, and what’s great is that it can be lowered in a variety of ways.

  • Credit History: Dispute any inaccuracy you find on your credit report. These could be lowering your credit score, elevating the APR rate you’re charged.
  • Loan-to-Value Ratio (LTV): Provide a down payment of 10-20% on your vehicle. This will reduce lender risk, resulting in a decreased interest rate.
  • Debt to Income: Toting less debt will often mean a decreased rate of interest. Pay off what you can.
  • Loan Length: Longer loans are regarded as higher risk investments, so opting for a shorter loan could be to your benefit.
  • Age of Vehicle: It is significantly less expensive to finance a newer model–so long as you keep the price down,at least.

Tote The Note Car Dealers in Bethesda, MD

Maybe you’ve thought of getting a car loan at a buy here pay here car lot in Bethesda? Such Bethesda in house financing car lots don’t depend on banks or third-party lenders for approval, so they’re able to help a broad variety of borrowers. For people with really bad credit, Bethesda buy here pay here car dealers are often the only option, even though the annual percentage rates are much higher than you’d expect from a regular lender. At the same time, they seldom report payments to the credit bureaus, meaning your credit score will not increase as a result of the loan.

Will This Supercharge Your Credit Rating?

If your credit isn’t very good, you may be scared that financing a car will only decrease your score yet further. However, you don’t have to worry, as, financing a car is a good way to re-establish your credit. Taking out and paying off a loan, on schedule and as contracted, illustrates that you are a great person to invest in, leading to lower interest rates and more beneficial terms in the coming years.

You really can’t fall behind on your payments, because this can have a dramatic consequence: a decreased FICO score. It is impossible to estimate how much your score is going to go up, but increases of 5-10% have been reported.

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