Auto Loans in Columbia (MD)

Do you need a car loan? We can help. We have a vast network of dealers and lenders who are standing by, ready to approve you for financing. Apply online, and the dealers and lenders in our network compete to fund your loan.

Columbia Bad Credit Car Loans

Subprime financing is one of our areas of expertise. A lot of major dealerships now have complete departments devoted to something known as “special finance.” Such establishments are often known as Columbia bad credit car dealerships. Of course, we have a great many of them in our network. A down payment and monthly income of $1500 per month will typically be expected. Fortunately, of our clients get approved nearly instantly. You’ll typically be approved by a bad credit dealership or subprime auto finance company. These companies do submit payment information to the credit reporting agencies, which is crucial to restoring your credit.

Estimating how much you can borrow is pretty easy. Simply 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 Columbia residents, $4,436.

Credit Income Factor Amount
Excellent Credit 10 $44,360
Average Credit 9 $39,924
Subprime Credit 8 $35,488
Poor Credit 7 $31,052
Horrible Credit 6 $31,052

Just because it’s possible to borrow a particular amount, doesn’t mean you should. A smaller loan is a good idea, because it will lower the risk of missing payments.

No Money Down Auto Loans?

No down payment? No worries. Having said that, a down payment gives you important advantages:

  • Shortens loan, meaning less paid in interest.
  • Lowers monthly installment.
  • Reduces the risks of an underwater loan.

That being said, we understand that down payments take a lot more time and energy in this economy. We get consumers into a new car everyday, despite issues with their credit and down payment.

In House Financing Car Dealers in Columbia

For those who have been through bankruptcy or repossession, you’ve perhaps thought about working with one of the buy here pay here dealerships in Columbia. These dealerships work with consumers that cannot get approved any place else. Payments are made to the dealer directly, and the cars and trucks for sale are typically $10,000 or less.

Columbia Consumer Profile

Though important, your credit rating is only part of the equation. Loan companies evaluate such things as:

  • Debt to Income Ratio
  • Job Stability
  • Payment History

Listed below are average stats for residents of Columbia.

  • Gross Salary: $53,235 Annually
  • Average Monthly Payment: $488 (11% of Income)
  • Suggested Car Payment: $355 to $444 (8%-10% of Income)

Curious about the credit ratings of your neighbors? We have calculated how many Columbia consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,857
500-549 5% 4,642
550-599 8% 7,428
600-649 12% 11,141
650-699 15% 13,927
700-749 18% 16,712
750-799 27% 25,068
800-850 13% 12,070