Auto Loans in Gaithersburg (MD)

Gaithersburg-MarylandIf you’d like to secure financing for a new or used vehicle in Gaithersburg or Montgomery County, you’ve come to the right place. Our service is fast, safe, and effective. Borrowers with sufficient income have a 90% chance of getting financed. Submit your application, and the dealers and lenders in our network compete for your business.

  • Reasonable APR
  • Streamlined Credit Approval
  • Same Day Application Placement

Gaithersburg Auto Loans, Bad Credit OK

Subprime financing is a major part of our business. A large number of larger lenders and dealers now have complete departments dedicated to “special finance.” These are often called Gaithersburg bad credit car dealerships, and we have a wide range of them in our network. A down payment, as well as income verification will typically be required; however, most users receive their approval the same day they apply. And, keep in mind, making regular payments on a car loan is a good way to improve your credit score. So let us find you a dealership that finances bad credit – online!

How Much Can I Finance?

How much will you be eligible to borrow? That will be determined by your income and credit rating. Below, we’ve quoted how much consumers of different credit scores can borrow, based on the average monthly income in Gaithersburg, $3,048. Bear in mind, these are only estimates.

Credit Rating Income Factor Sum
Excellent Credit 10 $30,480
Fair Credit 9 $27,432
Slow Credit 8 $24,384
Bad Credit 7 $21,336
Really Bad Credit 6 $21,336

Simply because you can borrow this amount, doesn’t mean it’s a good idea. A smaller loan is a wise idea, because you’ll be able to pay it off in less time, with less interest.

If you’ve got good credit, then yes: you can usually get a car loan without a down payment. Customers with below-average credit, however, may need to provide a down payment. As you can imagine, loans to such consumers pose more risk for the loan company. Delinquency is much more likely, and a down payment ensures that some percentage of the vehicle’s value is not in jeopardy. The good thing is, as the auto market recovers, more and more lenders and dealers should be able to offer car loans with no down payment.

We get people into a new car all the time, even with no credit or down payment.

What About In-House Financing in Gaithersburg?

This type of financing is sometimes known as:

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

Shoppers who have been unable to get approved for a loan due to major credit problems like bankruptcy often find themselves at these types of car lots. Of course, the annual percentage rates are higher, but there aren’t many roadblocks to credit acceptance.

Gaithersburg-Specific Financial Profile

Gaithersberg, as one of the “Corridor Cities” on Interstate 270, is a technology powerhouse. Major employers include IBM, Lockheed-Martin, and the National Institute of Standards and Technology (NIST). This gives the city a relatively high income per capita, as compared to the rest of the state. Of course, high income is no protection against credit problems, and Gaithersburg residents struggles with such issues just like everyone else. Below are some average stats for residents of Gaithersburg.

  • Average Income: $3,048 Monthly
  • Average Car Payment: $335 (11% of Income)
  • Recommended Car Payment: $244 to $305 (8%-10% of Income)

If you have poor credit, you aren’t the only one. This chart depicts the estimated number of Gaithersburg residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 3,047
500-549 5% 7,617
550-599 8% 12,187
600-649 12% 18,281
650-699 15% 22,851
700-749 18% 27,422
750-799 27% 41,132
800-850 13% 19,804

Live in neighboring Rockville? If so, we’re your best bet for financing.