Our team has been serving consumers in Greenbelt, Maryland, for years. If you are in the market for a new or used car, and you need to line up a car loan, we are here to help. With years of industry experience beneath our belts, we have a wide range of relationships with lenders and dealers who can accept and assess our application online. This takes a lot of the time and hassle out of the financing process. You will work by phone and/or email with a vehicle finance professional in your area to arrange your funding, discussing such aspects as your interest rate (APR), down payment, loan size, lender, and of course potential vehicles to purchase. By the time you make an appointment at the dealership, you’ll be ready to sign and drive your new car!
Ready to get started? Go here to submit your credit application.
Bad Credit Car Loans in Greenbelt
Is your credit score a lot lower than you’d like? It might help to know you’re not the only one. Credit scores have been on the decline in Maryland ever since the housing crisis and recession. Consumers have simply been more financially strained, and that means more late payments, repossessions, and even bankruptcies – all of which can do a number on your credit. In all actuality, a large percentage of our clientele consist of what, in industry terms, would be called subprime borrowers. Auto loans are available, even if you have bad credit, although both interest rates and down payments are higher for people with credit problems, simply because lenders have to protected themselves against the added risk that comes from funding these types of loans. In order to qualify, you will need a minimum monthly income of $1500-$1800, depending on the lender, and you may need a 10-20% down payment. Remember, the allowance from a trade-in vehicle can almost always be applied as a down payment.
How Much Car Can You Afford?
There is a difference between how much you qualify to borrow, and how much car you can really afford. An easy way to estimate the maximum car loan amount is by multiplying your monthly income by a certain number.
- Excellent Credit: multiply by 10
- Average Credit: multiply by 8
- Bad Credit: multiply by 6
However, your car payment should remain a relatively small portion of your monthly income – 10%, at maximum, is preferable. Spending too much more than this could put you at risk of delinquency and default.
Laurel Buy Here Pay Here Car Lots
This type of financing is also referred to as:
- Your Job is Your Credit
- We Tote The Note
- Rent to Own
- We Finance
Dealers like these accept consumers for financing on site, as opposed to arranging their funding through off-site banks or finance companies. They rarely do credit checks, and they regularly finance people with grave credit issues like bankruptcy and repossession. There is a catch, however: the interest rates and down payments charged by such dealers are out of this world, and they can quickly cripple your already-taxed budget.
Credit and Income: Laurel
Greenbelt, like the neighboring town of Laurel, sits in close proximity to the Army base at Fort Meade, as well as the headquarters of the NSA. Many lenders actually prefer military personnel and federal employees as borrowers, because they have stable, consistent income that is not subject to the ups and downs of private enterprise. Many of them actually offer discounts on auto loans for military personnel, as well as those serving in some federal law enforcement roles, so be sure to inquire about this when you speak with your finance agent.