Need to get approved for financing, the sooner the better? You’ve come to the right place. We’ve been in the auto finance business since 2009, long enough to develop an extensive network of lenders and dealers in Bethesda and along the I-270 corridor, many of whom offer online approvals. Simply submit your application, and we’ll begin working to get you approved from a dealer or lender who suits your needs.
Pre-Arranged Financing for Bethesda Consumers
The table below shows how much you can borrow, given a monthly income of $2,599, the average per capita income in Bethesda. These figures are only approximations. You may qualify for a greater or lesser amount, depending on other factors. Speak with your vehicle finance specialist for more information. For a precise quote, you must submit your application. Keep in mind, the numbers above are estimates.
|Credit Rating||Income Factor||Amount Borrowed|
|Temporary Bad Credit||8||$20,792|
|Really Bad Credit||6||$18,193|
Bethesda Auto Loans for People with Bad Credit
Bethesda may be ranked as one of America’s top-earning and best-educated cities, but that doesn’t mean its residents don’t struggle with credit problems. Fortunately, if you’ve got below-average credit, you’ve come to the perfect place – “special finance,” as it is known, is one of our primary areas of expertise. There are three “bad credit” credit tiers: Tier 3/C, consisting of credit score of 580-660; Tier 4/D, consisting of credit scores of 520-580; Tier 5/F, consisting of credit scores of 250-520.
No matter which tier you’re in, there are lenders who want to approve you for financing. Sure, the APR on your loan would be lower if you had a FICO score of 700 plus, and you may need a down payment, but that’s to be expected, isn’t it? We can help you find a bad credit car dealership in Bethesda who’s willing to approve you for a loan – online!
100% Financing – Possible?
Don’t have a down payment? In many instances, this won’t be a problem. However, supplying a down payment is a good idea for a number of reasons: it lowers your monthly payment, the amount of interest, and problems with negative equity. If you don’t have the cash on hand, you can trade in your existing car or truck for equity. This “trade allowance” can be applied as a down payment – a common alternative to putting down hard cash.
Do I Have to Authorize a Credit Check?
Yes. All reputable auto lenders perform a credit check on prospective borrowers. If you have really bad credit, you may have been tempted to work with one of the no credit check or “buy here pay here” car lots springing up across the state. Dealers like these approve people for financing directly, instead of relying on banks or lenders. They don’t perform credit checks, operating instead under the notion that “your job is your credit.” However, this reliance on income instead of credit comes with risks. Repossession rates are high, interest rates can be described as penal, and down payments are so high you might as well purchase a vehicle with cash.
Bethesda-Specific Income, Credit Statistics
Contrary to popular belief, there’s more to auto financing than just your credit score. Creditors consider the following:
- Debt to Income Ratio
- Source of Income
- Payment History
Listed here are average statistics for Bethesda residents.
- Average Income: $2,599 Monthly
- Average Car Payment: $286 (11% of Income)
- Suggested Car Payment: $208 to $260 (8%-10% of Income)
Below-average credit. It’s pretty common in Bethesda and across Maryland. This table depicts the estimated number of Bethesda residents at each credit tier.
|FICO Score||% of Population||Residents|
If your credit puts you in one of the lower tiers, don’t fret. We have lenders who work with each of these credit tiers. We also serve the corridor cities of Gaithersburg and Rockville, as well as the rest of the state.