At Maryland Auto Finance, we’re revolutionizing the approval process. We have relationships with lenders and dealers in Owings Mills and across Maryland who want to approve your credit – this week! Here is how it all works:
- Apply for your Owings Mills auto loan through our website.
- Log in to your email for your approval status.
- If Next, get in touch with your lender or dealer to complete your documentation.
- Go purchase the car you want.
Our application process is just the thing for consumers with credit problems. A lot of large dealerships now have complete departments specializing in something known as “special financing.” Such establishments are often called Owings Mills bad credit car dealers, and we have relationships with a wide array of them. Considering your credit, your interest rate might be higher, but that just comes with the territory. You’ll typically be matched with a lender or dealer in Owings Mills that finances subprime credit. Companies like these report your installments to the credit bureaus. This is imperative if you want to rebuild your credit.
Car Loan Pre-Approval in Owings Mills: How Much?
Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included a sample, based on Owings Mills’s average per capita income: $5,000.
|Credit||Income Factor||Loan Amount|
Of course, these are just estimations. For a definitive quote, you must submit your application.
No Money Down Auto Loans?
Quite a few of our dealers work with people in Owings Mills with no down payment. However, supplying a down payment is recommended because it minimizes your payment per month, the amount of interest, and problems with negative equity. Your ideal down payment would be 20% for a new vehicle, and 10% for a pre-owned one.
With that said, you no longer need a down payment to apply. Simply indicate your down payment amount when you submit your application, and our platform can probably find you a dealer, bank, or lending company who wants to get you behind the wheel, regardless of whether you have a down payment or not.
Most buy here pay here car lots require a down payment, often a hefty one. Consumers who have been unable to get approved for a loan due to major credit problems like bankruptcy often resort to car lots like these. The rates of interest are typically high, but acceptance is often guaranteed.
Credit and Income: Owings Mills
Credit scores are just part of the picture. Loan companies evaluate the following:
- Job Stability
- History of Credit
Below are some average stats for Owings Mills residents.
- Pre-Tax Salary: $5,000 Monthly
- Average Car Payment: $550 (11% of Income)
- Recommended Car Payment: $400 to $500 (8%-10% of Income)
Next we have an overview of Owings Mills’s population by credit rating. These are just estimates, but they should give you a sense of where you stand.
|FICO Score||% of Population||Residents|
The good news is, we can help virtually any applicant who has an income of $1500 per month or more, regardless of their credit score.
Why not get approved for your Owings Mills auto loan? Click here to submit your application.