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Auto Loans in Glen Burnie (MD)

Your credit rating is extremely important when it comes to auto loans, and acceptance rates aren’t as high as they used to be. We believe that everyone is deserving of a car loan, whether or not they’re struggling with unfavorable credit scores. To get rolling, just submit your application online, and we will connect you with a dealership or lender ready to pre-approve you for an auto loan.

Bad Credit Car Dealerships in Glen Burnie, Maryland

When you have less-than-perfect credit, generally banks won’t accept your credit application. Luckily, there are dealerships and finance companies that do work with the sub-prime market. In any sub-prime financing arrangement, you can expect elevated interest rates and bigger down payments, along with tighter repayment conditions. Having said that, the experience is far better than that of a buy here pay here car lot, and your vehicle will in all probability cost you less in both upfront costs and interest. At Motive Auto Finance, we work with many of these dealerships, and they want to get you the car you deserve. Go here to apply online.

Is a Brand New Vehicle Best?

New and used vehicles each have distinct merits. It’s possible to finance a new car for longer, and at a cheaper interest rate, but you spend far more in the long run.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Price $25,550 $19,163 $15,330 $12,775
Down Payment $5,110 $1,916 $1,533 $1,278
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Installment $385.73 $417.00 $333.60 $278.00
Finance Fees $2,704 $2,770 $2,216 $1,846
Total Paid $28,254 $21,932 $17,546 $14,621

Glen Burnie Buy Here Pay Here Dealerships

In house financing, otherwise known as buy here pay here financing, keeps growing, largely due to the fact that so many people’s credit scores took hits on account of the economic crisis. They may not check your credit, meaning bad credit ought not be a hurdle to getting approved, but you really pay for this in the end. The fact is, you can expect excessive loan rates, big down payments, and somewhat battered vehicles that are overpriced. If strengthening your credit score is important to you, and why wouldn’t it be, you are better off applying through us, since BHPH dealers won’t assist you in boosting your credit.

Cars in Glen Burnie That Fit Your Budget

Make sure you don’t finance a car costs too much. Have a look at the following estimates, showing how much the Glen Burnie consumer ought to spend based on an income of $2,555 a month, a car payment equal to 8% of this income ($204), and a repayment term of 5 years.

Exceptional Credit Okay Credit Bad Credit
Income $2,555 $2,555 $2,555
Payment $204 $204 $204
Interest Rate 3.50% 7.00% 11.00%
Term 60 Months 60 Months 60 Months
Down Payment $2,809 $2,581 $2,350
Interest Paid $1,028 $1,941 $2,863
Price with Interest $15,073 $14,845 $14,614
Car Price $14,045 $12,903 $11,751

Used Cars in Glen Burnie, MD for Sale

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