Auto Loans in Gwynn Oak (MD)

Trying to find the best auto loan in Gwynn Oak? You’ve come to the right place. Our application placement system takes the legwork out of getting approved. Submit your application, and the dealers and lenders in our network compete to fund your loan.

FICO Scores Considered Subprime

Subprime credit is often a problem when trying to finance a new vehicle, but not with us.

As a matter of fact, we have relationships with Maryland banks, dealers, and auto finance companies who specialize in bad credit car loans. Yes, your interest rate won’t be as low as someone with a credit score of 700 plus, which means it’s vital that you opt for an economical car or truck with affordable payments. You’ll probably have your application placed with a bad credit dealership or auto finance company. Companies like these will report to the credit bureaus. This is great when you need to restore your credit. Apply Online!

Auto Loan Pre-Approval: How Much?

Your approved loan amount is largely determined by your credit rating and verifiable income. Below, we’ve outlined the maximum loan amount for people of various credit tiers, based on the average monthly income in Gwynn Oak, $3,448. Bear in mind, these are only estimations.

Credit Income Factor Loan
Good Credit 10 $34,480
Decent Credit 9 $31,032
Temporary Bad Credit 8 $27,584
Poor Credit 7 $24,136
Horrible Credit 6 $24,136

To determine how much you can borrow, multiply your pre-tax monthly income by the applicable income factor.

Getting Approved with No Down Payment

Good credit? If so, you probably won’t have to worry about a down payment. Unfortunately, it’s somewhat more difficult for applicants with less-than-perfect credit. This is because financing consumers with less-than-perfect credit is a much riskier process, and a down payment helps to ensure that at least a percentage of the vehicle’s value has already been secured. No down payment? Don’t worry. We’re able to get many clients the loan they need anyway.

Apply online, and leave the down payment field empty. We’ll work tirelessly to connect you with a lender or dealer willing to fund your loan, no down payment required.

How About In-House Financing?

This type of financing is sometimes referred to as:

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

Dealers like these make credit decisions on-site, rather than outsourcing this to banks or lenders. They finance people with issues like open bankruptcy, foreclosure, or repossession in the last 12 months.

Credit and Income: Gwynn Oak

Lenders are worried about much more than just your FICO rating. Lenders review your income, history of employment and residence, and credit profile.

Here are some average statistics for residents of Gwynn Oak.

  • Pre-Tax Earnings: $41,375 Per Year
  • Average Monthly Payment: $379 (11% of Income)
  • Recommended Monthly Payment: $276 to $345 (8%-10% of Income)

If you have poor credit, you aren’t alone. This table shows how many people in Gwynn Oak are in each credit level.

FICO Score % of Population Residents
300-499 2% 959
500-549 5% 2,398
550-599 8% 3,836
600-649 12% 5,755
650-699 15% 7,193
700-749 18% 8,632
750-799 27% 12,948
800-850 13% 6,234

No matter what your credit score is, we can help. We work with consumers of all credit scores and income brackets. That’s our mission.