Auto Loans in Pasadena (MD)

Why waste your time going from one lender to another, trying to get the loan you need? No matter credit, we will help you get the approval you need in less time, with a lot fewer headaches along the way. Our application placement platform makes it easy to get a loan. Simply apply online, and we’ll begin working to get you approved from a lender or dealer that suits your needs.

FICO scores of 620 or less are typically deemed subprime or “bad” credit, but our service is uniquely-suited to people with problematic credit. We have lenders and dealers who accept credit scores of 620 and lower, and they are ready and willing to approve you for financing. A down payment, as well as proof of income will often be expected. Fortunately, of our clients get approved within minutes. We can find you a bad credit car dealership in Pasadena ready to approve you for a loan – and since we’re compensated by the dealers themselves, it’s free! Apply Now!

How big of a loan will you be capable of borrowing? That will depend on your income and credit history. In the table below, we’ve detailed loan amounts for people of various credit ratings, based on an income of $2,561 per month, which is the average for Pasadena residents. Keep in mind, these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $25,610
Average Credit 9 $23,049
Subprime Credit 8 $20,488
Bad Credit 7 $17,927
Really Bad Credit 6 $17,927

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

No Down Payment?

If you have a good credit score, then yes: you can usually get an auto loan with no down payment. However, it’s a bit harder for applicants with below-average credit. At this point, the Loan-to-Value ratio becomes important. This is the amount borrowed in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$15,000 $17,500 86%
$20,000 $25,000 80%
$20,000 $30,000 67%

The downturn had a substantial influence on the average LTV for borrowers with subprime credit, but it is back up to around 70%. That being said, we get many applicants an approval anyway.

Our approval platform can probably find you a lender or dealer who can accept your down payment, or lack of one.

Buy Here Pay Here Car Dealers in Pasadena

If you have really bad credit, then you probably are at least aware of buy here pay here car lots. These dealers approve car loans on site, rather than working with banks or finance companies. They finance people with issues like open bankruptcy, foreclosure, or repossession on their records.

Pasadena Consumer Profile

Contrary to popular belief, there’s more to the approval process than just your credit score. Loan companies evaluate such things as:

  • Income
  • Source of Income
  • Credit History

Here are some average statistics for residents of Pasadena.

  • Gross Earnings: $30,726 Annually
  • Average Car Payment: $282 (11% of Income)
  • Suggested Monthly Payment: $205 to $256 (8%-10% of Income)

Subprime credit is pretty common these days in Pasadena and across the state of Maryland. The chart below shows the estimated number of Pasadena residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,151
500-549 5% 2,877
550-599 8% 4,603
600-649 12% 6,904
650-699 15% 8,630
700-749 18% 10,356
750-799 27% 15,534
800-850 13% 7,479

Regardless of where you find yourself on this table, we’re here to help. We help borrowers of all credit scores and income levels. That’s our mission.