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Auto Loans in Hagerstown (MD)

Here at Motive Auto Finance, we understand the stumbling-blocks that come with financing a car, especially if your credit score is low. It’s imperative to work with a dealer or lender that finances cars at reasonable rates, even for consumers with low credit scores. We have developed an extensive network of lenders and dealers who help people improve their credit through an auto loan.

Your vehicle finance professional will be there to walk you through the approval process, helping you obtain the funds you need at a rate that won’t cost you a fortune in interest. Go here to apply online for financing.

Auto Loan Hagerstown MD

Hagerstown Car Dealerships That Finance Bad Credit

Have you considered where to buy your next car? With bad credit, you’ll probably have to buy from a dealership, not a private individual, as lenders seldom provide private party loans for people with credit that isn’t perfect. Good thing there are dealerships that work with bad credit. Any time you have less-than-perfect credit, you can expect steeper rates of interest, heftier down payments, and smaller loans. On the other hand, it’s much better than not being able to get a car, and if you make your payments on schedule, you can raise your credit score at the same time. There are many of these dealers in our network, and they want to get you behind the wheel of the car you need. Just go here to submit your application.

How to Reduce Your Hagerstown Rates of Interest

Have you gotten a loan for a car before? If so, you know interest rate is as relevant as price, if you’re hoping to get the best deal possible. To illustrate, a car loan of $8,856, repaid in 60 months, would cost you the following:

  • 3.50% APR: $810 in interest.
  • 7.00% APR: $1,666 in interest.
  • 11.00% APR: $2,697 in interest.

Thankfully, your APR rate can be minimized in a range of ways.

  • Credit Score: Pull a copy of your credit report through this tri-bureau site, then be sure to rectify any inaccuracies you find.
  • Down Payment: A solid down payment will bring down your loan-to-value ratio–the amount of your loan as compared with the price of the vehicle being financed–thereby reducing the interest rate you can expect.
  • Debt to Income Ratio (DTI): Banks and finance companies always prefer consumers with little in the way of pre-existing debt, so paying off as much as possible is just common sense.
  • Repayment Period: Keeping your finance term to 60 months or less could result in a lower rate of interest.
  • Type of Vehicle: It doesn’t cost as much to finance a newer model–provided the purchase price is similar.

Buy Here Pay Here Car Dealers in Hagerstown, MD

Maybe you’ve considered getting financed at a buy here pay here dealer in Hagerstown? These kinds of Hagerstown in house financing car lots supply car loans on-site, quite often without a credit check. Considering that they don’t rely on a standard bank or credit union to approve the loan-seekers, they can assist a larger range of customers.

Sometimes consumers with really low credit feel that an in house financing car lot is the only establishment that will approve their credit. Unfortunately, Maryland bad credit auto loans from credit unions and banks typically feature lower rates.

Choosing a Vehicle

It’s easy to finance more car than is really required. Not more than 8% of your monthly earnings should be invested in this new payment. For a consumer making $984 per month, the Hagerstown average, this is $79.

Great Credit Decent Credit Subprime Credit
Income $984 $984 $984
Monthly Payment $79 $79 $79
Interest Rate 3.50% 7.00% 11.00%
Down Payment $1,082 $994 $905
Total Interest $396 $748 $1,103
Price with Interest $5,805 $5,717 $5,628
Sticker Price $5,409 $4,969 $4,526

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