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Auto Loans in Gaithersburg (MD)

Getting approved for financing got a lot tougher after the economic crisis, but we can help. It’s important that you work with a lender or dealer who can finance folks who haven’t got the most ideal credit. We work with a wide-ranging network of lenders and dealers who will consider your application, even if you have fair to poor credit. Simply apply online, and you could be behind the wheel of your new car in a matter of hours.

Gaithersburg Dealerships That Accept Bad Credit

Have you thought about where to buy your next car or truck? If you’ve got less-than-perfect credit, private party auto loans are usually not available. Instead you’ll need to buy your vehicle from a dealership. Fortunately, there are dealers that cater to poor credit. As with all subprime loans, you can expect:

  • Rates of interest that are higher.
  • Down payments that are more substantial.
  • Payment terms that are shorter.

Having said that, they will get you approved for financing through lenders that supply information to the credit reporting agencies, giving you the ability to improve your credit score. There are many such dealers in our network, and you can get matched with one by submitting your application.

Affordable Rates of Interest for Gaithersburg Consumers

APR rate is vital if you want to limit the amount you will end up paying for your vehicle.

Have a look at how much more you’ll wind up owing in interest with an interest rate of 11.00% in contrast to 3.50%.

Good Credit Mid-Range Credit Poor Credit
Amount Borrowed $27,432 $27,432 $27,432
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment $499 $543 $596
Total Interest $2,510 $5,159 $8,354

An increased credit score will result in lower interest rates on car loans, along with credit cards and mortgages. At this site, you can check your report once per year, for free, and request the correction of any mistakes you find, possibly improving your credit score. Second of all, by paying off any existing debt you will decrease your debt-to-income ratio, enabling you to secure a cheaper interest rate. Always opt for a loan that won’t take 5-6 years to repay. Your monthly payments will be more, but you’ll pay less interest over time. As a final point, how much can you put down on your car or truck? An increased down payment will translate into a lower rate of interest.

Buy Here Pay Here Dealers in Gaithersburg, Maryland

For people with overwhelming credit problems stemming from bankruptcy or foreclosure, a buy here pay here dealer might possibly sound like a smart move. For the most part, dealer financing is indirect, in that car dealers go through a network of lenders to provide the loans, but BHPH dealers don’t. They are the actual loan originator. Drawbacks include:

  • Outrageous Finance Fees
  • Overpriced Down Payments
  • Steeply-Priced Cars and Trucks
  • GPS Tracking Units

Because of this, these dealerships don’t have the best track record. We can place you with dealer finance professional who can put you in the driver’s seat, even if your credit is terrible.

Revitalizing Your Credit in Gaithersburg

Along with providing you the funds needed to buy your new car, a car loan can actually help you regain a strong credit standing. Obtaining and repaying an auto loan, on time and as contracted, illustrates that you are a trustworthy borrower, which means lower rates of interest and more beneficial terms in the long run. At the same time, you can wreck your credit by making payments late or even missing them completely. Of course, the advantages of an improved score are enormous, including more affordable rates of interest and insurance rates, as well as more opportunities for refinancing existing loans.

Used Cars in Gaithersburg, MD

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