Auto Loans in Baltimore (MD)

At Maryland Auto Finance, we take great pride in getting our users approved for financing with no fees, no hassles, and no obligations. Our loan-finding platform takes the legwork out of getting approved. The actual application is completely web-based, and many shoppers are approved within a day.

If you have less-than-perfect credit, you’ve come to the right place, because Special Finance is our specialty. There’s no minimum FICO score involved, and we can help applicants in each of the subprime credit tiers.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

Of course, low credit scores result in more costly interest rates, but at least we can get you behind the wheel of a new car. We can help you find a bad credit car dealer or lender in Baltimore willing to approve you for a loan – online!

Of course, the amount of the loan essentially dictates the type of vehicle you can purchase, so it’s always top of mind for new applicants. This table shows how much applicants of various credit scores can finance, given an income of $1,746 a month, which is the average in Baltimore. Please know that these are only estimates.

Credit Income Factor Amount
Great Credit 10 $17,460
Fair Credit 9 $15,714
Temporary Bad Credit 8 $13,968
Bad Credit 7 $12,222
Very Bad Credit 6 $12,222

To work out how much you can borrow, multiply your pre-tax monthly income by the applicable income factor.

Do I Have to Offer a Down Payment?

We can help you find dealers who fund loans for people in Baltimore with no money down. However, a down payment is a good idea for a number of reasons: it reduces your payment amount, the amount of interest, and risk of negative equity. Here are the ideal down payments for new and used vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

That said, you don’t need a down payment to get pre-approved. We get clients into a new car each and every day, even with issues like bad credit and no down payment. Get approved now!

In House Financing Car Dealers in Baltimore

You’ve probably wondered about dealerships in Baltimore advertising buy here pay here sales? These dealerships finance consumers who have been rejected by conventional creditors. They finance people with issues like open bankruptcy, foreclosure, or repossession on their record.

Credit and Income: Baltimore

Dealers and lending companies are worried about much more than just your FICO rating. Lenders consider your ability to pay (income), stability, and history of repayment.

Listed below are average stats for Baltimore residents.

  • Gross Earnings: $20,951 Per Annum
  • Average Monthly Payment: $192 (11% of Income)
  • Suggested Monthly Payment: $140 to $175 (8%-10% of Income)

Curious about the credit scores of your neighbors? We have estimated how many Baltimore residents are in each credit tier.

FICO Score % of Population Residents
300-499 2% 24,135
500-549 5% 60,337
550-599 8% 96,540
600-649 12% 144,809
650-699 15% 181,012
700-749 18% 217,214
750-799 27% 325,821
800-850 13% 156,877

Regardless of what your credit score is, we can help. We help consumers of all credit scores and income levels. That’s our primary goal.

Would you like to get going on a car loan in Baltimore? Click here to submit your application.