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Auto Loans in Temple Hills (MD)

Auto financing with a bad credit rating was once very difficult. Then we emerged as an industry-leader and made it easy to get financed by a bad credit car dealership in Temple Hills. Nobody knows the challenges of getting a car financed with credit problems like us. Here’s how we enable our applicants to overcome their bad credit and obtain auto loan they need:

  • Step 1: You can complete your application in less than a minute..
  • Step 2: Our system leverages innumerable lenders and dealers.
  • Step 3: Approval typically takes only 48 hours.

Bad Credit Car Dealerships Temple Hills Maryland

Bad Credit Car Dealers in Temple Hills, Maryland

Those car dealers that grant financing themselves are classified as in house financing car dealers, buy here pay here car lots, or tote the note dealerships. Your best option is to find a dealer that arranges auto loans for people in Temple Hills with bad credit through a third party lender. More often than not, these larger dealers offer:

  • Affordable interest rates.
  • Acceptable down payments.
  • New and used vehicles.

Your income and credit dictates how much car you can afford. Here is an example based on the average per-capita income in Temple Hills, $2,324 per month:

Minimum Credit Score Multiplier Loan
700 10 $23,240
625 9 $20,916
575 8 $18,592
525 7 $16,268
300 6 $13,944

These sums are by no means guaranteed. You may not have the ability to finance this much, based on such factors as your other loan balances, housing payment, and the type of income you have.

An auto finance specialist can help you determine how much you’re eligible to borrow, and at what interest rate. Just go here to apply online.

Should You Buy a New Vehicle or a Used One?

It’s a big question: would it be best to purchase a new car or a used one? New vehicles come with more affordable interest rates. That said, they cost a lot more than their preowned equivalents, and additionally you’ll be charged a larger down payment.

New Car Used Car
Age New 3 Years Old
Price $23,240 $11,620
Down Payment $4,648 $1,162
Interest Rate 5.00% 7.50%
Length 60 months 48 months
Payment Per Month $350.85 $252.86
Interest $2,459 $1,679
Total Outlay $25,699 $13,299

Temple Hills Buy Here Pay Here Car Lots

The BHPH industry keeps growing, largely due to the fact that so many consumers’ credit ratings were hit by the housing market and slow economy. These dealers will finance virtually anybody, regardless of their credit, but there are drawbacks.

You will notice that higher-mileage autos are the only models on the lot, and these are not zero down cars. Usually, the down payment is less, but not much, than you would pay for the vehicle from an individual seller, and you could find yourself paying up to 20% APR. There is a reason that these dealerships don’t have the best reputation. We can place you in the hands of a reputable dealer who will work with you, even if your credit is awful.

Financing Recommendations for Temple Hills Borrowers

In terms of setting your monthly payment, it shouldn’t surpass 10% of what you make per month. If you’d rather not be upside down on your vehicle, agree to a loan of just 5 years or less. This will get you a vehicle costing around 50% of your yearly income. with an income of $27,890 a year, the average in Temple Hills, this would be a car costing $13,944. Any car you buy is a depreciating asset, so it’s best to shell out no more than you absolutely have to, in order to buy a car that isn’t going to have you on the side of the road.

Used Cars in Temple Hills for Sale

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