Getting approved for an auto loan became much more difficult following the downturn, but helping you get the car loan you need is our top priority. It’s crucial that you find a dealer or lender that really wants to fund your loan. Over the years, we’ve developed an unrivaled network of dealers and finance companies who want to get you into the car you want. Just submit your loan application, and we will do our best to find you a lender or dealer willing to grant you the loan you need.
Bad Credit Car Dealers in Upper Marlboro, MD
Some dealerships that provide credit themselves, generally known as buy here pay here car lots, don’t do credit inquiries. However, odds are they don’t report to the credit agencies, meaning they will not help you boost your credit score. It’s better to work with a dealership that can secure your approval through an off-site lender. As opposed to buy here pay here dealers, these types of dealerships offer:
- Interest rates that aren’t extortionate.
- Down payments that are fair given the vehicle’s worth.
- New vehicles, instead of only used ones.
The cars and trucks for which you’re qualified will be based on how much you earn each month, and how high your credit score is. In order to steer clear of late payments or repossession, buy a vehicle that won’t drain your savings, having a payment equal to 10% of your income. For people who earn $2,394 on a monthly basis, the average among Upper Marlboro residents, this is a payment of $239.
A lending consultant will determine how much you can borrow, and at what rate. If you want to talk to one, be sure to submit your application.
Can You Finance a Car without a Down Payment?
It’s often necessary to put money down on the vehicle for which you’re getting a loan–this is particularly true if you have a low credit score. A down payment will bring down your loan-to-value ratio–the amount financed versus the cost of the vehicle–thereby leading to a decreased annual percentage rate.
It isn’t impossible to buy a car in Upper Marlboro with no cash down, especially if you have a used car or truck to offer in trade. Apply online to talk with a dedicated finance consultant and find out which cars are available without a down payment in your part of Maryland.
Buy Here Pay Here Car Lots in Upper Marlboro, MD
Dealerships in Upper Marlboro that approve auto loans on-site are distinct from traditional dealerships in some crucial ways:
- These dealers grant car loans on location.
- They rarely require credit checks.
- They want you to pay them each week, often in person.
Countless consumers with very bad credit feel like an in house financing car lot is the only real place that will approve their credit. Unfortunately, there are a couple of negatives:
- Excessive Interest Rates
- Large Down Payments
- High Risk of Repossession
Financing Guidelines for Upper Marlboro Borrowers
If your financial comfort is a priority for you, approximately 8-10% of your income should be budgeted toward your car payment. Simultaneously, it’s best not to get a loan for over 5 years. With this payment and finance term, you will be purchasing a car which costs roughly 50% of what you earn on a yearly basis. For Upper Marlboro residents, having incomes of $28,726 annually, this is $14,364. In general, the less you can spend to obtain a solid vehicle, the better.