Need a car loan in Silver Spring, Maryland? We can help. Each and every lender has their own approval standards, so it’s crucial to find one that matches your needs. We do the homework for you. This is how the process works:
- Take a minute to complete your online application.
- Log in to your new account to monitor your placement status.
- Work with a dedicated finance specialist to finalize your loan.
- Go buy the vehicle you want from a dealer in the area.
Have you got a credit score of 620 or lower? Don’t worry. Bad credit, though a serious roadblock if you apply for financing indiscriminately, is rarely an issue when you work with us. There are three separate credit tiers into which “bad credit” applicants fall, based on their specific FICO score:
- Tier 3/C: 580-660
- Tier 4/D: 520-580
- Tier 5/F: 250-520
Since we have been in this business for so long, we have lenders who want to approve you for financing regardless of what tier you are in. A down payment and income verification is often considered necessary. You will typically need to demonstrate an income of at least $1500 a month via pay stubs or similar documentation. Most applicants are approved right away; however, it can take up to 48 hours for your finance consultant to contact you.
If you have bad credit, you may know that financing a car is one of the most accessible, most effective means of re-establishing your credit. All you have to do is build a record of making your payments on time each month. In order to ensure that you do so, it’s smart to set up an auto-pay system with your finance company. Rebuilding your credit can save you tens of thousands of dollars over the years, and we can help you get started on this path with a bad credit car loan in Silver Spring.
Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor associated with the state of your credit. We’ve included a sample, based on Silver Spring’s average per capita income: $2,206.
Simply because you can borrow a particular amount, doesn’t mean you ought to. A smaller loan is a wise idea, because it will lower the risk of default and repossession.
How Much Will I Owe at Signing?
We have many lenders in our network who offer car loans with zero down payment, even for people with bad credit. That said, providing a down payment gives you substantial benefits:
- Reduces the length of the loan, meaning less paid in interest.
- Reduces payment per month.
- Safeguards against negative equity.
With that being said, this era’s lenders and dealers realize that down payments are hard to come by in today’s market conditions. Submit your application. We’ll connect you with a lender willing to approve you, zero down payment necessary.
Silver Spring Buy Here Pay Here Dealers
Have you noticed more and more of these “no credit check” lots opening up in this part of the state? Their rise has been concomitant with the decrease in credit scores across the state, as these dealers work almost exclusively with people who have serious credit problems like bankruptcy, repossession, foreclosure, and collections disputes. This sort of financing is otherwise known as:
- Your Job is Your Credit
- Tote The Note
- Rent to Own
- We Finance
These dealerships approve people for financing on the lot, instead of relying on banks or finance companies. Everything is paid to the dealer directly – that’s why they are called “buy here and pay here” lots – and the vehicles they sell are usually high-mileage cars that cost less than $10,000.
Credit and Income: Silver Spring
Silver Spring is the 4th-most populous place in Maryland, and it’s home to such companies and organizations as The Discovery Channel, the NOAA (National Oceanic and Atmospheric Administration), and the National Weather Service. It is also convenient to DC, via the Capital Beltway, and thus enjoys a rather strong economy. Though important, your credit rating is just part of the picture. Creditors look at your ability to pay (income), history of employment and residence, and history of repayment – all factors that are influenced by the city’s overall economic well-being.
Below are some average stats for Silver Spring residents.
- Pre-Tax Earnings: $26,469 Per Annum
- Average Monthly Payment: $243 (11% of Income)
- Suggested Monthly Payment: $176 to $221 (8%-10% of Income)
Curious about the credit ratings of your friends and neighbors? We have estimated how many Silver Spring residents are in each credit tier.
|FICO Score||% of Population||Residents|
Your credit score will have a significant impact on your APR. However, as long as you have the income, we can typically find a lender or dealer for you, even if you need an auto loan in Silver Spring for bad credit.
For those who are ready, we can help you find Silver Spring bad credit car loan you need. Go here to apply online.