Auto Loans in Takoma Park (MD)

Forget driving from one lender to the next, submitting credit applications. We will help you get financed in less time. Each and every lender has their own approval criteria, so it’s crucial to find one that matches your needs. Just apply online, and we’ll begin working to get you the car loan you need.

Financing a Car with Credit Problems

When you have some credit problems, we can help. The truth is, this type of financing is our principal focus. If you were to go from one dealer to another, submitting your application in person, you might experience some rejections. With our process, you can submit a single loan application, and we’ll find a lender who can get you in the driver’s seat. Income is their first concern, not credit score. If your credit is weak, your interest rate might be higher, but that’s unavoidable. You’ll typically have your application placed with a bad credit dealership or subprime auto lender. These companies submit payment data to the credit bureaus. This is a prerequisite for restoring your credit.

The table that follows shows an array of loan amounts, given a monthly income of $3,267, the average in Takoma Park. These sums are simply estimations. You may qualify for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Sum
Great Credit 10 $32,670
Decent Credit 9 $29,403
Temporary Bad Credit 8 $26,136
Bad Credit 7 $22,869
Horrible Credit 6 $22,869

Again, these are simply approximations. For an accurate quote, you must submit your application.

No Down Payment?

Credit rating of 700 or higher? Then you might not need to concern yourself with a down payment. Of course, it’s considerably trickier for consumers with less-than-perfect credit. When dealing with subprime credit, lenders are worried about the Loan-to-Value Ratio (LTV). This is the loan amount versus the wholesale value of the vehicle.

Amount Financed Vehicle Value LTV
$10,000 $15,000 67%
$15,000 $20,000 75%
$20,000 $25,000 80%
$20,000 $30,000 67%

Most lenders and dealers who work with bad credit prefer lower LTV ratios. Because the lender has less invested in the vehicle, they are in a stronger position if borrower defaults – a bona fide risk when financing people with below-average credit. No down payment? Don’t worry. We get a lot of applicants the loan they need, despite their lack of down payment.

Apply online, and enter a zero in the down payment field. We’ll do our very best to place your application with a lender or dealer who can provide you with a loan, zero down payment needed.

If you are thinking of working with one of the buy here pay here dealers in Takoma Park, owing to poor credit, bear in mind that a down payment will probably be required. These dealers specialize in helping consumers who cannot get approved by a traditional lender. Everything is paid to the dealer, often at the lot, and the vehicles they sell are typically priced at $10,000 or less.

Credit and Income: Takoma Park

Truth be told, there’s more to auto financing than just your FICO score. Creditors look at the following:

  • Ability
  • Job Stability
  • History of Payments

The following are average statistics for residents of Takoma Park.

  • Gross Salary: $39,204 Per Annum
  • Average Car Payment: $359 (11% of Income)
  • Ideal Car Payment: $261 to $327 (8%-10% of Income)

Have you ever wondered about the credit scores of your neighbors? We have estimated how many Takoma Park consumers fall into each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,619
500-549 5% 4,049
550-599 8% 6,478
600-649 12% 9,716
650-699 15% 12,146
700-749 18% 14,575
750-799 27% 21,862
800-850 13% 10,526

No matter what your credit score is, we can help. We help credit-seekers of all credit scores and income brackets. That’s our mission.