Here at Maryland Auto Finance, we arrange car loans for people of all credit scores and incomes. We work with dealers and lenders in Lanham who want to fund your loan – today! Just apply online, and we’ll start working to get you approved from a lender or dealer who suits your needs.
Subprime credit isn’t a problem. There are three separate credit tiers typically regarded as “bad credit”:
- Tier 3/C: 580-660
- Tier 4/D: 520-580
- Tier 5/F: 250-520
No matter your score, there are lenders that want to give you a second chance at financing. Of course, poor credit scores result in increased interest rates, but that just comes with the territory. We can find you a bad credit car dealer or lender in Lanham ready to approve you for financing – online!
Auto Loan Pre-Approval in Lanham: How Much?
It’s easy to estimate the amount you can borrow. Just 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 Lanham residents, $3,010.
|Credit Score||Income Factor||Loan|
|Temporary Bad Credit||8||$24,080|
To figure out your own loan amount, multiply your monthly income by the corresponding income factor.
Can You Buy a Car with Zero Down Payment?
Excellent credit? Then you might not have to worry about a down payment. Customers with bad credit, however, don’t have it so easy. The reason is simple: consumers with credit problems are much more of a risk for the lending company. Default is much more likely, and a down payment makes certain that some percentage of the vehicle has been paid off. The good thing is, as the economy improves, more dealers and lenders should be able to approve auto loans in Lanham with zero down.
We get consumers approved all the time, even with no credit or down payment. Apply now!
If you are thinking of working with one of the buy here pay here dealerships in Lanham, owing to credit problems, keep in mind that a down payment will probably be required. Customers who cannot secure financing due to seriously bad credit often find themselves at car lots like these. They work with people with problems like bankruptcy or repossession within the last year.
Lanham Consumer Profile
There’s more to the approval process than just your credit score. Loan companies review your ability to pay (income), stability, and history of repayment.
Listed below are average stats for residents of Lanham.
- Gross Salary: $36,120 Per Year
- Average Monthly Payment: $331 (11% of Income)
- Ideal Monthly Payment: $241 to $301 (8%-10% of Income)
If you have less-than-perfect credit, you aren’t alone. This table depicts the estimated number of Lanham residents at each credit tier.
|FICO Score||% of Population||Residents|