Auto Loans in Rockville (MD)

Here at Maryland Auto Finance, we’ve streamlined the approval process. More and more dealerships, banks, and other lenders in Rockville now have whole departments devoted to web-based applications, and we can help you put together your financing straight from your computer. Apply online, and we will find you a car loan that fits your credit and income.

Credit Concerns?

auto loan RockvilleLess-than-perfect credit can be a challenge when trying to finance a car, but when you apply through us. There is no minimum FICO score for applicants, and we can help consumers at each of the lower credit tiers. A down payment, as well as income verification is often expected, but most qualified applicants receive their approval within minutes. We can get you approved for financing from a bad credit car dealer in Rockville – and since we’re compensated by the dealers themselves, it’s free! Apply online – in just a few minutes, you could be well on your way to a new car.

The Impact of Credit on Loan Amount

It’s easy to estimate the amount you can borrow. What you need to do is multiply your monthly income by the income factor associated with the state of your credit. We’ve included a sample, based on the average income of Rockville residents: $3,918.

Credit Score Income Factor Sum
Good Credit 10 $39,180
Fair Credit 9 $35,262
Temporary Bad Credit 8 $31,344
Poor Credit 7 $27,426
Terrible Credit 6 $27,426

As we stated previously, these are simply approximations. For an accurate quote, please submit your application.

Should I Put Money Down on My New Car?

Quite a few of our dealers approve people with no money down. That said, providing a down payment gives you significant benefits:

  • Shortens loan, meaning less paid in interest.
  • Lessens monthly repayment.
  • Protects against negative equity.

Even so, you don’t need a down payment to get pre-approved. Just enter your down payment amount on your application, and we can often find you a dealer or lender who can work with you, even though you don’t have a down payment.

Buy Here Pay Here Dealerships in Rockville

Perhaps you’ve seen dealerships in Rockville that advertise buy here pay here services? These dealers make credit decisions on site, instead of working with banks or finance companies. Sure, these dealers offer financing with no credit check, but be prepared for the following:  high APR, high down payment, and high rate of repossession. Often, customers who opt for this form of financing end up in worse financial trouble. Unfortunately, many people with severe credit problems believe that these BHPH or “in-house” financing car lots are their only option. Usually they are not. Let us see if we can find you a dealer who can accept your credit, while also helping you to rebuild your credit. Go here to get approved. It’s free and there’s no obligation.

Rockville Consumer Profile

City Flag of Rockville
City Flag of Rockville

Rockford, as a member of the I-270 Technology Corridor, has weathered the recession quite well, and the economy remains strong. Be that as it may, its residents are not immune from credit problems that have proved problematic for the rest of the state.  This includes bankruptcy, foreclosure, repossession, and unpaid debts sent to collections – all of which has a massive impact on one’s credit score.

Here are some average statistics for Rockville residents.

  • Gross Earnings: $3,918 Per Month
  • Average Monthly Payment: $431 (11% of Income)
  • Suggested Monthly Payment: $313 to $392 (8%-10% of Income)

If you have subprime credit, you aren’t the only one. This table shows how many people in Rockville are in each credit tier.

FICO Score % of Population Residents
300-499 2% 3,457
500-549 5% 8,641
550-599 8% 13,826
600-649 12% 20,739
650-699 15% 25,924
700-749 18% 31,109
750-799 27% 46,663
800-850 13% 22,467

If you’re in one of the lower groupings, don’t worry. We can still help you get approved. Are you ready to get approved for a good or bad credit car loan in Rockville? It’s easy to apply online. Keep in mind, we serve clients in nearby Bethesda and Gaithersburg as well.