Get an Auto Loan Quote

Auto Loans in Bowie (MD)

Lenders perform a credit check when deciding whether the should fund your loan. If you have bad credit, you may face issues getting financed. It’s best to find a dealer or lender who appreciates the opportunity to win your business, whatever your credit. We’ve developed an unmatched network of dealers and lenders that are hoping to fund your purchase, even if your credit isn’t very good. Your vehicle finance manager will serve as your guide, leading you from one step to the next through the car-financing process. Visit here to submit your secure application.

Car Loan Bowie MD

Bowie Car Dealers That Approve Bad Credit

If you have problematic credit, dealer financing is probably the only option you have, seeing as most all the banks in the area won’t be willing to accept your application. Fortunately, there are dealers that want to win your business. More often than not, these types of dealers offer:

  • Interest rates that aren’t excessively high.
  • Down payments that won’t leave you broke.
  • Vehicles that have fewer maintenance issues.

You may not meet the criteria to finance the higher-priced cars in the showroom. Here is an example based on a monthly income of $3,898, the average in Bowie:

Minimum Credit Score Income Factor Sum
700 10 $38,980
625 9 $35,082
575 8 $31,184
525 7 $27,286
300 6 $23,388

These are just estimations. You may be eligible to finance a bigger or lesser amount.

An automobile finance consultant can help you determine how much you can borrow, and at what APR. To get started, simply submit your application.

Documentation That’s Required

In order to keep your time spent negotiating as short as possible, it is important to furnish the documentation that’s required.

  • Driving License: You could present another type of ID, but the majority of banks and lenders are hesitant to finance men and women who don’t have a license.
  • Proof of Income: Paystubs are highly important, in that they help verify your income.
  • Proof of Insurance: Not just liability, but collision insurance is considered necessary on any vehicle bought with a loan.
  • Proof of Residence: In case the vehicle has to be recovered by repossession agents, lenders need to be sure they know where its is being kept.
  • List ofReferences: Generally, you don’t be required to provide references unless you have bad credit, in which case references can help repossession teams if ever you fall behind on your payments.

Your finance consultant will inform you of exactly what information you need.

Tote The Note Car Dealers in Bowie, MD

Buy Here Pay Here Car Dealerships in Bowie Maryland
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Often known as buy here pay here, tote the note, or your job is your credit car lots, these businesses typically have a few key features. They…

  1. Offer auto loans directly.
  2. Don’t check your credit.
  3. Demand weekly or twice-monthly payments, often at the lot.

For consumers who have really bad credit, Bowie buy here pay here dealers tend to be the only option, even though the cost of your vehicle will be higher due to exorbitant rates of interest. And if that weren’t enough, it’s unlikely that your credit rating will improve as you pay off the borrowed funds. This is because these dealers don’t report to the credit reporting agencies.

Can a Car Loan Boost Your Credit Score?

If you have poor credit, you’ll probably be looking for ways to strengthen it. In all actuality, a car loan is one of the best ways to re-establish your credit. An auto loan:

  • Provides you with the chance to revitalize your payment history (35% of your score).
  • Adds to the array of credit types in your profile (10% of your score).

Your score doesn’t spike the day you pay off your loan. Rather, it will increase slowly but surely as you keep on paying your bills month after month. Lots of lenders and dealers let you establish an automatic payment each month, so the payment is taken straight from your checking account.

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