Auto Loans in Cumberland (MD)

If you’d like to secure financing for a new or used vehicle, we can help. Each lending company has unique approval requirements, so it’s very important to find one that matches your needs. Otherwise you could face suboptimal rates or terms, or even be declined for financing. Fortunately, we have developed an extensive network of dealers in Cumberland and Western Maryland, and we have the expertise and technology to place you with the one – and only one – who wants your business most. The application itself takes less than three minutes to complete, and many applicants are approved within 24 hours.

Did you know that Cumberland was, at one time, the 2nd-biggest city in Maryland in terms of population size? That’s right. However, in the post-WWII era, industrial decline took its toll, and the city’s population 1) decreased and 2) faced a number of financial challenges. Fast forward six decades, and the city faced another economic blow in the form of our nation’s recession. This has left a lot of Cumberland consumers upside down on their mortgages, behind on their bills, and generally facing challenges that take a toll on their credit.

Don’t worry, though. We help applicants with bad credit get approved – it’s what we do. There is no minimum FICO score for applying, and we can help consumers in each of the subprime credit tiers. Many finance companies require individuals with poor credit to provide a down payment. Fortunately, applicants receive their approval the same day they apply. Don’t delay. Let us find you a dealership who finances bad credit. There are no obligations when you apply through us, and no hassles. Go here to submit your application online.

Your approved loan amount depends on your income and history of credit. In the chart below, we’ve outlined the maximum loan amount for people of several different credit ratings, given the average monthly income in Cumberland, $516. Please be aware that these are only estimations.

Credit Income Factor Amount
Great Credit 10 $5,160
Decent Credit 9 $4,644
Subprime Credit 8 $4,128
Poor Credit 7 $3,612
Terrible Credit 6 $3,097

Of course, these are estimations. For a detailed quote, please submit your application.

No Money Down Auto Loans in Cumberland?

We do have lenders in our network who don’t require borrowers to supply a down payment. However, providing a down payment is a good idea because it reduces your payment per month, the amount of total interest, and risk of negative equity. Listed here are the suggested down payments for new and used vehicles.

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

That being said, we understand that down payments take a lot more effort and time these days. Our approval platform will probably be able to help you find a lender or dealer who wants to fund your loan, regardless of whether you have a down payment or not.

In House Financing Car Dealers in Cumberland

If you have very bad credit, then you probably are at least aware of buy here pay here sales. Dealers like these approve car loans directly, rather than outsourcing this to banks or lenders. Everything is paid to the dealer, sometimes at the lot, and the vehicles they sell are typically $10,000 or less.

Be that as it may, you will generally find that a traditional bad credit auto loan comes with more favorable terms and conditions. “BHPH” car lots may not check your credit, but they charge you for the convenience in the form of sky-high interest rates and down payment requirements. At such a lot, you will almost certainly wind up paying far more for your vehicle than it’s worth.

Cumberland Consumer Profile

Cumlerland consumers have, on average, some of the lowest average incomes in the state.  Below are some average statistics for residents of Cumberland.

  • Gross Earnings: $6,194 Per Annum
  • Average Monthly Payment: $57 (11% of Income)
  • Ideal Monthly Payment: $41 to $52 (8%-10% of Income)

If you have subprime credit, you’re not the only one. This chart depicts the estimated number of Cumberland residents at each credit level.

FICO Score % of Population Residents
300-499 2% 881
500-549 5% 2,203
550-599 8% 3,524
600-649 12% 5,286
650-699 15% 6,608
700-749 18% 7,930
750-799 27% 11,894
800-850 13% 5,727

Would you like to get approved for an auto loan in Cumberland? It’s easy to apply online.