Auto Loans in Annapolis (MD)

Annapolis may be America’s Sailing Capital, but you need a car, and we can help.  Why waste your time trekking all across Annapolis, from one lender to another, trying to secure financing? No matter your credit, we will help you get the loan you need in less time. Our extensive network of Maryland dealers and lenders is standing by, awaiting your application. This is how it all works:

  1. Apply for your Annapolis auto loan through our website.
  2. Monitor the status of your application through our approval center.
  3. If your application has been placed, speak with your finance specialist.
  4. Go select the vehicle you want from a dealer in the area.

The process is simple and secure, and you will be under zero obligation to accept the loan package offered by your finance specialist. Go here to apply online!

What if I Have Credit Problems?

auto loan AnnapolisSubprime financing is our principal focus. If you were to go from bank to bank, submitting applications, you might get turned down more than once. However, here at Maryland Auto Finance, you can apply from the privacy of your home or office, and we’ll find a lender in Annapolis who can approve your credit, even if you’ve had credit problems in recent years. Sure, your interest rate would be lower if you had a credit score of 700 plus, meaning it’s crucial for you to finance a budget friendly vehicle with affordable monthly payments. Let us find you a dealership that funds loans for people with bad credit.

Estimating how much you can borrow is pretty easy. All you have to do is multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included a sample, based on Annapolis’s average per capita income, $2,970. To determine how much you can borrow, multiply your monthly income by the applicable income factor.

Credit Rating Income Factor Loan Amount
Great Credit 10 $29,700
Fair Credit 9 $26,730
Slow Credit 8 $23,760
Poor Credit 7 $20,790
Really Bad Credit 6 $20,790

Will you need a down payment to go with this loan? If you have a credit score of 700 or higher, then you probably won’t have to stress about a down payment. But if you have below-average credit, your dealer may require you to offer a payment in advance. That’s because bad credit car loans in Annapolis – or anywhere, for that matter – are much more risky for the lender. Delinquency is more common, and a down payment means that some percentage of the vehicle has already been paid off. With that being said, we get many loan-seekers the loan they need anyway.

In House Financing Car Dealers in Annapolis

Have you seen dealerships in Annapolis that advertise buy here pay here services? Customers who have been unable to secure financing due to seriously bad credit often turn to these types of dealerships, feeling they are the only alternative. They aren’t. We can often get you approved by a bad credit car dealer in Annapolis who offers better rates, terms, and down payments than a BHPH lot can offer you. Most importantly, our dealers can help you re-establish your credit. Most buy here pay here dealers, on the other hand, don’t report payments to the credit bureaus, meaning all of your hard-earned, on-time payments won’t do a thing to boost your score.

Annapolis-Specific Credit, Income Numbers

There’s more to auto financing than just your credit score. Creditors evaluate your ability to pay (income), stability, and credit profile.

Here are average stats for residents of Annapolis.

  • Average Income: $2,970 Monthly
  • Average Car Payment: $327 (11% of Income)
  • Ideal Monthly Payment: $238 to $297 (8%-10% of Income)

Poor credit is quite pervasive in Annapolis and across the state of Maryland. The chart below depicts the estimated number of Annapolis residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,721
500-549 5% 4,304
550-599 8% 6,886
600-649 12% 10,329
650-699 15% 12,911
700-749 18% 15,493
750-799 27% 23,240
800-850 13% 11,190

Fortunately, we can help nearly any borrower, as long as they have an income of $1500 per month or higher, no matter their credit score.