Auto Loans in Capitol Heights (MD)

You need to finance a car, and we’re here to help. Our vast network of Maryland lenders and dealers is standing by, awaiting your application. When you apply online, we’ll match you to a lending company based on your location, finances, credit profile, and other factors.

Subprime credit can be a problem when trying to finance a new vehicle, but not when you apply through us. There are three subprime credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter which tier you are in, there are lenders that want to finance your loan. Generally, loan providers require people with less-than-perfect credit to provide a down payment, but most applicants get approved nearly instantly. Plus, a paid-off car loan can help increase your credit scores. So let us find you a lender or dealer who approves auto loans for people in Capitol Heights with bad credit.

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor associated with the state of your credit. We’ve included an example, based on the average income of Capitol Heights residents, $614.

Credit Score Income Factor Amount
Good Credit 10 $6,140
Fair Credit 9 $5,526
Temporary Bad Credit 8 $4,912
Bad Credit 7 $4,298
Terrible Credit 6 $4,298

Of course, these are only estimates. For an accurate quote, please submit your application.

Getting Approved with No Money Down

Excellent credit? If so, you probably won’t need to worry about a down payment. Of course, it’s considerably trickier for consumers with less-than-perfect credit. As you can imagine, consumers with less-than-perfect credit represent a greater risk for the loan company. Default is more common, and a down payment helps to ensure that some percentage of the vehicle’s value has been secured. What’s promising is, as the automotive market rebounds, more and more lenders and dealers should be able to offer car loans in Capitol Heights with no money down.

Simply enter your down payment amount when you submit your application, and we will probably help you find a dealer, bank, or lender who wants your business, whether you can put money down or not.

Capitol Heights Buy Here Pay Here Car Lots

This type of financing is sometimes known as:

  • Your Job is Your Credit
  • Tote The Note
  • Rent to Own
  • We Finance

Customers who have been unable to get approved for a loan due to serious credit problems often find themselves at dealerships like these. Of course, the annual percentage rates are inflated, but there aren’t many obstacles to credit acceptance.

Credit and Income: Capitol Heights

An applicant’s credit rating is just part of the picture. Creditors look at your income, employment history, and debt repayment history.

Here are average stats for Capitol Heights residents.

  • Gross Earnings: $614 Monthly
  • Average Monthly Payment: $68 (11% of Income)
  • Suggested Car Payment: $49 to $61 (8%-10% of Income)

If you have subprime credit, you’re not alone. This table depicts how many people in Capitol Heights are in each credit tier.

FICO Score % of Population Residents
300-499 2% 831
500-549 5% 2,077
550-599 8% 3,324
600-649 12% 4,986
650-699 15% 6,232
700-749 18% 7,479
750-799 27% 11,218
800-850 13% 5,401

Fortunately, we can help nearly any applicant who earns $1500 plus per month, regardless of what their credit score is.

Ready to get going on your Capitol Heights auto loan? Click here to submit your application.