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Auto Loans in Lanham (MD)

Are you worried about buying a car because of less-than-perfect credit? We can help. Our knowledge of the industry is unmatched, and we have lenders and dealers standing by, waiting for your application. You’ll be guided step-by-step through the auto financing process by a finance professional based where you live.

Bad Credit Car Dealers in Lanham, MD

Have you thought about where you could buy your next car? With poor credit, you’ll probably have to get your car from a dealer, not a private party, since most lenders don’t provide private party car loans for people who’ve sub-prime credit. Thank heavens there are dealerships that finance below-average credit. More often than not, these types of dealers offer:

  • Interest rates that aren’t astronomical.
  • Down payments that are reasonable given the vehicle’s worth.
  • Vehicles that have less mileage.

The specific models you’re eligible for will be based on your income and credit history. In order to forestall late payments or repossession, find a vehicle that won’t empty your savings, having a payment that equates to 10% of your income–any higher, and you may find it tough to make your payments on schedule. If you earn $3,010 per month, this would be a payment of $301. Apply online to see how much car you can afford.

Is a New Vehicle the Way to Go?

Most applicants are able to finance either a new or used car, but which should they go with? Since new cars drop in value so fast, you may be better off with a pre-owned vehicle.

New Car Used Car
Years Old 0 1
Price $30,100 $22,575
Down Payment $6,020 $2,258
Loan Rate 5.00% 7.50%
Months 60 48
Monthly Payment $454.42 $491.25
Finance Fees $3,185 $3,263
Total Expenditure $33,285 $25,838

Buy Here Pay Here Car Lots in Lanham, MD

Maybe you’ve thought of getting financed at a buy here pay here dealership in Lanham? These types of Lanham bad credit car dealers don’t depend on banks or finance companies to approve their customers, so they can service a larger selection of borrowers.

Sometimes men and women with really terrible credit believe that a buy here pay here car lot is the only real establishment that will finance them. But the truth is, there are quite a few disadvantages:

  • Excessive Financing Fees
  • High Down Payments
  • High Risk of Repossession

Rules of Thumb for Financing

If your financial fitness is a priority for you, no more than 8-10% of your income should be devoted to your car payment. Also, choose a 60-month repayment term at most. This equates to a vehicle which costs about half of your yearly income. For Lanham residents with incomes of $36,120 per year, the average, this is $18,060. Cars don’t appreciate like most homes do, so you want to shell out no more than you have to, in order to get a car that fits your specific needs.

Used Cars in Lanham, MD

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