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For most Maryland consumers, a loan is vital for buying a new car, truck, or SUV. Quite often, your financing will be arranged on the day of purchase, but this can take a lot of time. For those who’d like to obtain the most affordable interest rate available, we’re here to help.

Banks and dealerships will compete to fund your loan, putting you in the driver’s seat of the approval process.

Auto Finance Rates in Maryland

Most loan providers don’t supply Maryland car loan rates based on FICO score. Instead, they give you the best rate they offer. In point of fact, your rate of interest varies greatly based on your credit, not to mention other things. The rates displayed below are only for informational purposes. They aren’t advertisements, and your exact rate could be very different.

FICO Score New Car Pre-owned Car
Excellent 3.2% 3.8%
Good 4.5% 5.1%
Average 6.9% 8.1%
Subprime 10.0% 11.9%
Bad 13.8% 17.7%
Very Bad 15.7% 19.1%

If you do not know your credit score, you need to. Many lenders make use of an auto finance-specific credit score that’s not available to buyers, but you can visit here to check your credit scores online.

Used Car Loans in Maryland

Some consumers shy away from used vehicles because the loan rates are more expensive. That being said, a second hand car loan has all kinds of advantages:

  • Less percentage down required.
  • Decreased out the door cost.
  • Lesser risk of car poor.

Have a look at the comparison below, which illustrates the costs associated with auto loans for brand new versus pre-owned vehicles.

Age Price APR Months Payment Interest Total
New $16,000 6.00% 60 $309.32 $2,559 $18,559
1 Year $12,800 7.50% 60 $256.49 $2,589 $15,389
2 Years $10,880 7.50% 60 $218.01 $2,201 $13,081
3 Years $9,248 7.50% 60 $185.31 $1,871 $11,119

In only one full year of driving, the $16,000 new car is worth only $12,800, and only $9,248 after 36 months. Most lenders will allow you to finance a second hand car up to 10 years old, sometimes a bit less, and some cap the mileage at 100,000 miles.

Poor Credit Car Loans in Maryland

Below-average credit has become a huge issue among individuals in Maryland, and throughout the state of Maryland. If you’ve got a credit score in the 700s, you shouldn’t have any trouble locking down a car loan, but approval and annual percentage rate both become issues when you’ve got bad credit. In the past, you might be rejected at various lenders or dealerships before securing financing.

For people with recent bankruptcies or foreclosure, a buy here pay here dealership might be the only real option. While you shouldn’t have any problems getting approved, you will be taxed a king’s ransom for the opportunity. Instead, it’s best if you search for financing via the internet. The down payments are more affordable, as are the loan rates, and the service is significantly superior.

Go here to apply online.

Maryland Resources