Auto Loans in Germantown (MD)

At Maryland Auto Finance, we’re revolutionizing the approval process. Each bank, dealer, or finance company has their own approval requirements, so it’s very important to find one willing to approve your credit. Simply apply online, and we’ll work to get you the car loan you need.

Credit Scores Considered Subprime

Less-than-perfect credit? Not to worry. We enable you to get pre-approved for your Germantown car loan, even when your history of credit is sub-standard. We have lenders and dealers who help people with FICO scores of 620 and lower, and they would love to grant you the loan you need. As you know, low credit scores result in more costly interest rates, meaning it’s crucial that you choose an inexpensive car or truck with low payments. Let us find you a dealer in Germantown who can accept your credit – online!

How Much Am I Eligible to Borrow?

Loan creditors decide how much you qualify to borrow by looking at your income and credit score. Below, we’ve quoted how much consumers of varying credit ratings can finance, based on the average monthly income in Germantown, $3,749. Bear in mind, these are only estimations.

Credit Score Income Factor Loan Amount
Great Credit 10 $37,490
Decent Credit 9 $33,741
Temporary Bad Credit 8 $29,992
Poor Credit 7 $26,243
Terrible Credit 6 $26,243

To determine your own loan amount, multiply how much money you earn on a monthly basis by the applicable income factor.

No Money Down Auto Loans in Germantown?

We do have lenders in our network who offer auto loans with zero down payment, even for people with bad credit. However, supplying a down payment is a smart choice because it decreases your payment, interest paid, and problems with being underwater. These are the ideal down payments for new and used vehicles.

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

With that being said, we realize that down payments are particularly challenging these days. Our application placement system can often find you a dealer or lender who wants to get you behind the wheel, regardless of whether you have a down payment or not.

What About Buy Here Pay Here Financing?

Buy here pay here financing is also referred to as:

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

Dealers like these approve people for financing directly, instead of outsourcing this to banks or lenders. Sure, the annual percentage rates are inflated, but there are a lot fewer hurdles to getting approved.

Germantown-Specific Income, Credit Statistics

Your FICO score is only part of the equation. Creditors review your income, employment history, and individual credit history.

Here are some average stats for residents of Germantown.

  • Average Income: $44,982 Per Annum
  • Average Monthly Payment: $412 (11% of Income)
  • Recommended Car Payment: $300 to $375 (8%-10% of Income)

If you have poor credit, you’re not alone. This chart shows how many people in Germantown are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,429
500-549 5% 3,573
550-599 8% 5,717
600-649 12% 8,575
650-699 15% 10,719
700-749 18% 12,862
750-799 27% 19,293
800-850 13% 9,289

Your credit rating will have a significant impact on your rate of interest, but if you have sufficient income, we can typically find a lender for you, even when you need an auto loan in Germantown with bad credit.