Auto Loans in Waldorf (MD)

Having your loan pre-approved streamlines the car-buying process. We have an extensive network of dealers and lenders who offer online approvals. Just apply online, and we’ll work to get you the loan you need.

Auto Loans with Bad Credit

Credit ratings of 620 or lower are generally regarded as subprime or “bad” credit, but our service is perfect for people with below-average credit. We have dealers and lenders who help people with subprime credit, and they want to approve you for financing. As an applicant with bad credit, your rate of interest might be higher, meaning it’s crucial that you choose an economical vehicle with easily-affordable payments. And, keep in mind, making regular payments on an auto loan is a good way to boost your credit score. So let us find you a lender or dealership that finances bad credit.

Auto Loan Pre-Approval in Waldorf: How Much?

The table below shows how much you can borrow, given a monthly income of $3,961, the average in Waldorf. These amounts are just estimations. You may qualify for a greater or lesser amount, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit History Income Factor Amount Borrowed
Great Credit 10 $39,610
Fair Credit 9 $35,649
Temporary Bad Credit 8 $31,688
Bad Credit 7 $27,727
Horrible Credit 6 $27,727

Just because you’re able to borrow this amount, doesn’t mean you should. A smaller loan is a good option, because it will put less pressure on you in terms of your monthly budget.

Should I Put Money Down?

A number of our dealers work with people who don’t have a down payment. However, a down payment is a smart choice for a number of reasons: it minimizes your payment amount, the amount of interest, and problems with negative equity. Listed below are the suggested down payments for new and used vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

Even so, you no longer need a down payment to get pre-approved. We get clients approved everyday, even with issues like bad credit and no down payment.

If you are thinking of working with a buy here pay here dealer in Waldorf, because of bad credit, then keep in mind that a down payment will probably be required. Shoppers who cannot secure a loan due to major credit problems like bankruptcy often resort to these types of dealerships. Everything is paid to the dealer, often in person, and the vehicles are usually less than $10,000.

Waldorf Consumer Profile

There’s more to auto financing than just your credit score. Lenders consider your income, history of employment and residence, and history of credit.

Here are some average stats for residents of Waldorf.

  • Gross Income: $47,535 Per Year
  • Average Car Payment: $436 (11% of Income)
  • Ideal Monthly Payment: $317 to $396 (8%-10% of Income)

If you have subprime credit, you’re not alone. This table shows the estimated number of Waldorf residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,292
500-549 5% 3,230
550-599 8% 5,168
600-649 12% 7,752
650-699 15% 9,690
700-749 18% 11,628
750-799 27% 17,442
800-850 13% 8,398