Trying to find the best auto financing in Laurel? Excellent, we can help. More and more lenders and dealers have whole departments dedicated to web-based applications, and we can get you approved from the comfort of your own home. Here’s how our system works:
- Take a couple of minutes to submit your loan application.
- Check your inbox for your approval status.
- Once approved, consult your finance specialist to finalize your paperwork.
- Now you can purchase your vehicle.
Today, you can become one of the many Laurel residents who’ve used these steps to get the car they want! Are you ready? Go here to submit your credit application.
What if I Have Bad Credit?
Our service is the perfect choice for applicants with weak credit. If you simply were to go from bank to bank, completing separate applications, you’ll probably get turned down once or twice. However, here at Maryland Auto Finance, you can submit a single application, and we’ll find a lender in Laurel willing to approve your credit. Income is their primary concern, not FICO score.
As you know, poor credit scores mean increased rates of interest, so it’s important to choose an inexpensive vehicle with easily-affordable monthly payments. Here is a good rule of thumb: your car payment should represent no more than 5-10% of your monthly income, with the lower percentage being preferred. Why so low? Because you also have to factor in gas, maintenance, insurance, and taxes – all while devoting under 20% of your monthly income to transportation costs.
Can Auto Financing Help Me Rebuild My Credit?
If you have below-average credit, you’ll typically be approved by a bad credit dealership in Laurel, MD, or an auto finance company that serves the area. Typically, they will submit information to the credit agencies, which is a prerequisite for reestablishing your credit. A bad credit car loan in Laurel can help you improve your credit, based on the fact that your payment history accounts for 35% of your FICO score. That means creating a new history of on-time loan payments can and will help your credit. This process is a double-edged sword, however. If you miss payment, or are even late in paying them, then you can damage your credit even worse. This is yet another reason why we urge you to keep your payments low. This minimizes your risk of missing or being late with a payment.
Loan and Down Payment Amounts
It’s easy to estimate the amount you can borrow. All you have to do is multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included an example, based on the average income of Laurel residents: $2,828.
|Credit||Income Factor||Amount Borrowed|
Again, these are only estimations. For a precise quote, you must request a quote.
Good credit? Then you probably won’t have to offer up a down payment. Purchasers with credit problems, however, seldom have it that easy. At this stage, the Loan-to-Value ratio becomes one of the most important factors. This is the amount of the loan versus the wholesale value of the vehicle.
|Amount Borrowed||Vehicle Value||LTV|
Most subprime lenders prefer lower LTV ratios. Because the lender has less tied up in the vehicle, they are in a stronger position if the vehicle has to be repossessed – a real risk when lending to subprime borrowers. With that being said, we get a lot of borrowers an approval anyway.
Submit your application. We will connect you with a lender willing to offer you the loan you need, zero down payment necessary.
Laurel Buy Here Pay Here Car Lots
This type of financing is also referred to as:
- Your Job is Your Credit
- We Tote The Note
- Rent to Own
- We Finance
These dealerships approve car loans on site, instead of relying on banks or lenders. They work with people with problems like bankruptcy or repossession on their records.
Credit and Income: Laurel
Laurel, in Prince George’s County, is located near Fort Meade and the NSA (National Security Agency). With so many military/government employees in the area, the city, like nearby Greenbelt, enjoys fairly strong per-capita income numbers compared to many other cities in the state. Though important, your credit score is only part of the equation. Loan companies check such things as:
- Job Stability
- Credit History
All of these are impacted, at least to some extent, by economy of a city as a whole. Listed below are some average stats for Laurel residents.
- Pre-Tax Income: $33,940 Annually
- Average Car Payment: $311 (11% of Income)
- Ideal Car Payment: $226 to $283 (8%-10% of Income)
Next we have an overview of Laurel’s population by FICO score. These estimates should give you a sense of where you stand.
|FICO Score||% of Population||Residents|
No matter what your credit rating is, we’re here to help. We work with borrowers of all credit scores and income brackets. That’s our primary goal.
Let us help you secure the good or bad credit auto loan in Laurel you need. Click here to submit your application.