Cars have become increasingly pricey over the years, so it is extremely important to lock down the lowest interest rate possible. Our industry relationships are second to none, and that means we can help applicants of every credit type and budget. We connect you to a financing specialist whose mission it is to get you approved for the car loan you need.
Bad Credit Car Dealerships in Rockville, MD
Don’t let credit stand in the way of your new car. We have access to dealerships all across Maryland who are willing to compete for your business. As with all subprime loans, you can expect:
- Increased rates of interest.
- Significant down payments required.
- Cheaper vehicles.
Having said that, the experience is superior to that of a buy here pay here dealer, and your vehicle will likely cost you less in the long run. We have many of these dealers in our network, and they want to get you the car you deserve. Just go here to apply online.
Documentation That’s Needed
In order to secure your new loan, you’ll have to provide some required documents.
- Driver’s License: This is a way for lenders and dealers to validate your identity.
- Proof of Income: Your two most recent paycheck stubs are normally sufficient to show your income.
- Proof of Insurance: Full coverage, not just liability, will be required, but you can often wait to buy it in the dealer F&I office.
- Proof of Residence: Lenders and dealers will want to see something verifying your address, likeyour latest electricity bill.
- List ofPersonal References: These are used to check the information supplied in your application.
More might be necessary, so make sure to double check what’s needed with your dealer or lender.
Rockville Buy Here Pay Here Dealers
For people with severe credit problems on account of issues like bankruptcy or foreclosure, a buy here pay here dealer might possibly seem like a good option. These dealers will finance nearly anyone, no matter their credit, but there are disadvantages.
- Exorbitant Interest
- Outrageous Down Payments
- Overpriced Cars and Trucks
- Uncompromising Repossession Practices
There is a reason that these dealerships have a dirty reputation. We can place you in the hands of a reputable dealer who can get you in the car you need, even if your credit is dreadful.
Rules of Thumb for Financing
In terms of the monthly payment on your car, it’s best not to spend greater than 10% of what you make on a monthly basis. On top of this, you don’t want to get a loan for more than 5 years. This will buy you a vehicle costing about 50% of what you get paid per year (pre-tax). For Rockville residents with incomes of $47,011 a year, this is a car which costs $23,508. Keep in mind, this is the upper limit of what you ought to budget. Many professionals suggest expending even less, just 10-30% of your income for any car you buy.