Auto Loans in Essex (MD)

How would you like to arrange your financing before setting foot on the dealer lot? We can help. We have a deep network of dealers and lenders, many of whom are standing by, ready to approve you for financing. When you submit your application, the dealers and lenders in our network compete to fund your loan.

Our system is the perfect choice for applicants with weak credit. If you went from lender to lender, submitting applications, you might get rejected a few times. We offer a much better alternative, in that you can submit a single loan application, and we’ll find a lender willing to approve you for financing. Income is their primary concern, not credit score. Most lenders require people with subprime credit to have an income of a minimum of $1500 per month. Fortunately, users receive their approval within minutes. If you have less-than-perfect credit, you’ll probably be matched with a bad credit dealership or subprime auto lender. These companies do submit information to the credit agencies, which is imperative if you want to re-establish your credit.

The chart below depicts a wide array of loan amounts, based on a monthly income of $2,974, the average in Essex. These amounts are simply estimations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit History Income Factor Amount Borrowed
Good Credit 10 $29,740
Decent Credit 9 $26,766
Temporary Bad Credit 8 $23,792
Bad Credit 7 $20,818
Really Bad Credit 6 $20,818

Simply because you’re able to borrow such an amount, doesn’t mean you ought to. A smaller loan is a good idea, because it will lower the risk of default and repossession.

How Much Will I Have to Put Down?

Don’t have a down payment? In many cases, this won’t keep you from being approved. That said, a down payment gives you significant advantages:

  • Reduces the length of the loan, meaning less is paid in interest.
  • Lowers monthly repayment.
  • Reduces the risks of an upside down loan.

With that said, we understand that down payments are harder to come by these days. We get consumers financed all the time, even with credit and down payment issues.

In House Financing Dealerships in Essex

If you have been through bankruptcy or foreclosure, you’ve possibly considered working with one of the buy here pay here dealerships in Essex. Shoppers who have been unable to secure financing due to serious credit problems often turn to car lots like these. Payments are made to the dealership directly, and the vehicles are typically less than $10,000.

Essex-Specific Financial Profile

Your FICO score is only part of the equation. Lenders evaluate the following:

  • Debt to Income Ratio
  • Stability
  • History of Debt Repayment

Here are average statistics for residents of Essex.

  • Average Earnings: $35,688 Per Year
  • Average Car Payment: $327 (11% of Income)
  • Recommended Monthly Payment: $238 to $297 (8%-10% of Income)

If you have below-average credit, you’re not the only one. This chart shows the estimated number of Essex residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 851
500-549 5% 2,128
550-599 8% 3,405
600-649 12% 5,108
650-699 15% 6,385
700-749 18% 7,662
750-799 27% 11,493
800-850 13% 5,534