Auto Loans in Ellicott City (MD)

Income, credit, down payment – getting a car loan can be a bewildering process, but we’re here to guide you each step of the way. Our loan-finding system takes the legwork out of getting a loan. Simply submit your application, and we’ll begin working to get you the loan you need.

If you’ve got a history of bad credit, we can help. After all, Special Finance is a big part of our business. There are several main credit tiers when it comes to auto financing, and we work with dealers and lenders that support each of them. Generally, finance companies require borrowers with credit problems to provide a down payment, but most of our clients receive their approval within minutes. Plus, a paid-as-agreed auto loan will improve your credit rating. So let us find you a lender or dealership who finances bad credit – online! Apply Online!

The table that follows shows you various loan amounts, based on a monthly income of $4,547, the average in Ellicott City. These figures are only estimates. You may be entitled to a greater or lesser amount, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Score Income Factor Amount
Great Credit 10 $45,470
Fair Credit 9 $40,923
Subprime Credit 8 $36,376
Poor Credit 7 $31,829
Horrible Credit 6 $31,829

To work out your own loan amount, multiply how much money you earn each month by the most suitable income factor.

Zero Down Auto Loans in Ellicott City?

Don’t have a down payment? Often, this won’t prevent you from being approved. That said, a down payment affords you important benefits:

  • Shortens loan, meaning you pay less in interest.
  • Decreases monthly installment.
  • Protects against negative equity.

Nevertheless, you don’t need a down payment to submit an application. Our application placement system will probably find you a lender or dealer who wants to get you in the driver’s seat, whether or not you can put money down.

Buy Here Pay Here Dealerships in Ellicott City

Have you seen dealerships in Ellicott City advertising buy here pay here services? Consumers who cannot get approved for a loan because of seriously bad credit often end up at these types of dealerships. Payments are made to the dealer, often in person, and the vehicles they sell are typically priced at $10,000 or less.

Credit and Income: Ellicott City

Truth be told, there is more to auto financing than just your FICO score. Loan companies consider your ability to pay (income), history of employment and residence, and individual credit history.

Below are some average stats for residents of Ellicott City.

  • Pre-Tax Salary: $4,547 Monthly
  • Average Monthly Payment: $500 (11% of Income)
  • Ideal Monthly Payment: $364 to $455 (8%-10% of Income)

Bad credit. It’s fairly common nowadays in Ellicott City and across the state of Maryland. This table shows the estimated number of Ellicott City residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,344
500-549 5% 3,361
550-599 8% 5,377
600-649 12% 8,066
650-699 15% 10,082
700-749 18% 12,099
750-799 27% 18,148
800-850 13% 8,738

Why not submit your application for your Ellicott City auto loan? Click here to submit your application.