Arranging your financing ahead of time is one of the best ways to simplify the car-buying process. Every lender has their own approval standards, so it’s crucial that you find one that matches your needs. Here is how our system works:
- Take a couple of minutes to complete your online application.
- Check your email for your approval status.
- When approved, speak with your finance specialist to complete your documentation.
- Now you can select your vehicle.
Sounds simple, right? It truly is!
Less-than-perfect credit can be a challenge when trying to finance a new vehicle, but not when you apply through us. A large number of major lenders and dealers now have complete sales teams specializing in “special financing.” These are often called bad credit dealerships, and we have tons of them in our network. Generally, loan providers do require individuals with bad credit to provide a down payment; however, most users are approved the same day they apply. And, as you may know, making regular payments on a car loan can help increase your credit rating. So let us find you a dealership that funds loans for people with credit problems – today! Apply Now!
How Much Do I Qualify to Borrow?
It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor associated with the state of your credit. We’ve included an example, based on the average income of Glen Burnie residents, $2,555.
|Credit||Income Factor||Loan Amount|
|Very Bad Credit||6||$17,885|
To calculate how much you can borrow, multiply your monthly income by the most suitable income factor.
Down payments can be made in cash or trade equity, and typically range from 5-20% of the vehicle’s price. They are often required of borrowers with a poor history of debt payment. The reason is simple: loans to such consumers represent a much greater risk to the loan company. Delinquency is more of a concern, and a down payment means that at least a percentage of the vehicle’s value is not at stake. Having said that, we get a lot of borrowers approval, despite their lack of down payment.
We get consumers approved each and every day, despite issues with their credit and down payment. Apply now!
How About In-House Financing in Glen Burnie?
In House financing is also referred to as:
- We Finance
- Rent to Own
- Tote The Note
- Your Job is Your Credit
These dealerships specialize in helping consumers whose credit has been rejected by traditional loan providers. Without a doubt, the interest rates are inflated, but there are fewer roadblocks to approval.
Credit and Income: Glen Burnie
There is more to the approval process than just your credit score. Creditors evaluate your income, history of employment and residence, and credit profile.
Listed below are some average statistics for Glen Burnie residents.
- Average Salary: $2,555 Monthly
- Average Monthly Payment: $281 (11% of Income)
- Ideal Car Payment: $204 to $256 (8%-10% of Income)
If you have a bad credit score, you aren’t alone. This table depicts how many people in Glen Burnie are in each credit tier.
|FICO Score||% of Population||Residents|