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Auto Loans in Columbia (MD)

Has your credit been declined before? It’s advisable to work with a dealer or lender that really does care to fund your loan, whatever your credit. For years, we’ve been building a wide-ranging network of lenders and dealers who can finance people who have all kinds of credit profiles, even those who’ve been plagued by issues like:

  • Bad or no credit.
  • Reduced income.
  • Repossession.

A vehicle finance specialist will guide you through the purchasing process, helping you get the funds you need at a rate that’s affordable. Visit here to submit your credit application.

Columbia Car Dealers That Approve Bad Credit

Bad credit doesn’t have to stand in the way of your next car. We have access to dealers all across Maryland who are willing to compete for your business. In comparison with a buy here pay here car lot, such dealerships can offer:

  • Reduced rates of interest, as well as smaller down payments.
  • Tighter governmental oversight.
  • Ability to re-establish your credit.

The specific models you can buy will be decided by your monthly income and credit history. It is best to look for a vehicle that won’t overly tax your finances, having a payment that amounts to 10% of your income–at the most. For people bringing in $4,436 per month, the average in Columbia, this translates to a payment of $444.

Apply online to find out how much you can borrow.

Can You Get Approved without a Down Payment?

Is your idea to buy a car with zero down payment? A down payment lessens investment risk, simply because the lender will be more likely to recoup their losses if they have to repossess the vehicle. At the same time, lower risk will result in a lower interest rate.

For people with adverse credit, it’s often hard to get an auto loan with no down payment. That being said, remember that trading in a vehicle could cover your down payment.

Buy Here Pay Here Car Lots in Columbia, MD

Maybe you’ve wondered about getting your vehicle through a buy here pay here dealer in Columbia? These types of Columbia in house financing car dealers offer financing themselves, typically without a credit check. Considering that they don’t depend on a standard bank or finance company for approval, they’re able to help a diverse selection of borrowers.

Sometimes folks with really bad credit feel like a buy here pay here car lot is the only real place that will be willing to finance them, even though the loan rates are more expensive than you’d get from a dealership that offers indirect lending. In addition, they don’t often report payments to the credit reporting agencies, which means the consumer’s FICO score isn’t likely to go up even if they pay off the loan as agreed.

Recommendations for Buying a Car in Columbia

If you want to be a clever shopper, you should spend no more than 10% of your monthly income on your car payment. Simultaneously, it’s best not to finance for longer than 5 years. This equates to a vehicle that costs about half of your yearly income. Here in Columbia, where the average income is $53,235 annually, the average consumer would purchase a vehicle that costs roughly $26,616. All in all, the less you’re able to spend on a reliable car or truck, the better.

Used Cars for Sale in Columbia, MD

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