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Auto Loans in Silver Spring (MD)

Poor credit rankings are discouraging. Though many car creditors have been turning down individuals who have poor credit scores, we have many dealers and car finance companies in our network who fund car loans with bad credit in Silver Spring on a regular basis. Seven days a week, we help people in Silver Spring get approved for auto financing despite challenges like:

  • Low Credit Score
  • Zero Credit
  • Bankruptcy
  • Foreclosure

It’s our number one priority. Ready to get started? Click here to submit your application.

Bad Credit Car Dealerships in Silver Spring, Maryland

Most traditional lenders like banks don’t do business with individuals with credit problems. Luckily, there are dealers and specialty lenders that serve credit-challenged borrowers. As compared to a buy here pay here dealer, such dealers typically offer superior loans, financed by actual banks and finance companies. Your income and credit determines how much car you can afford. Here we have an example based on the average per-capita income in Silver Spring, $2,206 per month:

Credit Score Income Factor Sum
Excellent Credit 10 $22,060
Fair Credit 9 $19,854
Subprime Credit 8 $17,648
Bad Credit 7 $15,442
Terrible Credit 6 $13,236

These are only estimates. You may qualify to borrow a greater or lesser amount.

A lending professional can help you determine how much you can borrow, and at what APR. To get started, just apply online.

The Best Rates of Interest for Silver Spring Consumers

If you want to save on your next car or truck, take action to secure the most affordable rate of interest possible. This could save you a fortune.

Check out this table to see the impact of various rates.

Good Credit Mid-Range Credit Poor Credit
Size of Loan $19,854 $19,854 $19,854
Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Payment $361 $393 $432
Total Interest $1,817 $3,734 $6,046

The good news is, there are steps you can take to bring down your rate of interest.

  • Credit History: Strengthen your credit score by challenging even the smallest inaccuracy on your credit history.
  • Down Payment: A strong down payment will limit your loan-to-value ratio–the size of your loan as compared to the price of the vehicle you’re financing–thereby reducing your rate of interest.
  • Debt to Income Ratio: Have a ton of credit card debt? Reducing your debt will bring down your DTI and raise your credit score, which both will mean a reduced APR.
  • 36-60 Month Loan: The shorter your loan, the cheaper the interest rate.
  • Vehicle Type: Banks and lenders charge steeper rates for used cars and trucks than new vehicles, though they don’t cost as much to begin with.

Buy Here Pay Here Dealers in Silver Spring, Maryland

Buy here pay here dealerships wants you to assume that you can’t get financed anyplace but with them, but this is rarely the case. These dealers will approve practically anyone, no matter their credit, but there are drawbacks. The fact is, you can expect inflated annual percentage rates, expensive down payments, and high mileage vehicles that are overpriced. Is strengthening your credit a concern for you? Then you are better off applying through us, since BHPH dealerships will not help you improve your credit.

Credit Improvement for Silver Spring Consumers

If you have poor credit, it’s likely you’ll be thinking about ways to restore it. Believe it or not, an auto loan is among the easiest ways to restore your credit. The key is payment history, an enormous factor in the FICO scoring matrix. And as you can imagine, financing a car means 24 to 72 months of payments. Payments missed, meanwhile, can lower your credit score, and in a hurry! Many banks and finance companies enable you to establish a scheduled monthly payment, so the funds are subtracted directly from your bank.

Used Cars in Silver Spring, MD

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