Having your loan pre-approved streamlines the car-buying process. Each bank, dealer, or finance company has their own approval criteria, so it’s crucial to find one willing to approve your credit. The application itself is easy to understand, and there isn’t any obligation to accept the offer you’re given.
Poor credit is often a hurdle when trying to finance a car, but not with us. There’s no minimum credit score to worry about, and we can help consumers at each of the lower credit tiers.
|Credit Tier||FICO Range|
Considering your credit, your rate of interest might be higher, but that’s unavoidable. We can find a dealer in Potomac who can accept your credit – online! Apply Online!
Your approved loan amount is based on your income and the status of your credit. The following chart shows loan amounts for people of various credit tiers, based on the average monthly income in Potomac, $5,843. Remember, these are only estimates.
|Credit Rating||Income Factor||Loan|
|Very Bad Credit||6||$40,901|
To determine your own loan amount, multiply your monthly income by the appropriate income factor.
Potomac Car Loans, No Money Down?
We can help you find dealers who finance people who don’t have a down payment. Having said that, a down payment affords you significant advantages:
- Reduces the length of the loan, meaning less paid in interest.
- Lowers payment amount.
- Reduces negative equity.
That said, our lenders and dealers realize that down payments are harder to come by in this economic climate. We get people financed everyday, despite issues with their credit and down payment. Get approved today!
Nearly all buy here pay here car lots consider down payments mandatory. These dealers specialize in helping consumers that cannot get approved any place else. Payments are made to the dealership, sometimes weekly, and the vehicles they sell typically cost $10,000 or less.
Potomac-Specific Income, Credit Statistics
Truth be told, there is more to the approval process than just your FICO score. Loan companies look at the following:
- Debt to Income Ratio
- Payment History
The following are average stats for residents of Potomac.
- Gross Income: $5,843 Per Month
- Average Monthly Payment: $643 (11% of Income)
- Recommended Monthly Payment: $467 to $584 (8%-10% of Income)
Curious about the credit scores of your neighbors? We have calculated how many Potomac residents are in each range of FICO scores.
|FICO Score||% of Population||Residents|