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For many shoppers, the auto loan is the main obstacle to purchasing the car they really want. Whether you’re approved for an auto loan, and what rate of interest you get charged, depends mainly on your credit score. Additional variables include:

  • Place of residence
  • Loan to income ratio
  • Advance payment
  • Employment record

Countless financial experts advise lining up your car loan ahead of time, which offers an array of advantages:

  • Fewer hours wasted at the dealership.
  • More affordable interest rate.
  • Increased negotiating power.

There are specialists ready to help you get a car loan at a rate that won’t break the bank.

Auto Loan Rates in Baltimore

Please keep in mind that these rates aren’t advertisements, but instead estimations at the time of publication. The rate you’re offered may vary considerably from what’s seen here.

Credit Score New Car Used 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%

Used Car Financing in Baltimore

It’s true that the loan rates for a pre-owned car are higher than the rates for a new one. Still, financing a pre-owned vehicle is a better value, since the overall cost will be considerably less. Have a look at the table below, showing the costs of car loans for new versus pre-owned vehicles.

Years Old Price APR Months Payment Interest Total Cost
New $18,250 6.00% 60 $352.82 $2,919 $21,169
1 Year $14,600 7.50% 60 $292.55 $2,953 $17,553
2 Years $12,410 7.50% 60 $248.67 $2,510 $14,920
3 Years $10,549 7.50% 60 $211.37 $2,134 $12,682

It is possible to get a lot of car for the money if you don’t mind buying it used. Most of the time, you can finance a car that’s up to ten years old. Mileage constraints may apply.

Poor Credit Auto Loans in Baltimore

Are you handicapped by a FICO score that’s subprime? The higher your credit score is, the lower your annual percentage rate is going to be. In the old days, shoppers had to go from one bank to another, trying to find one willing to approve their loan. Fortunately, technological advances have phased out much of this homework.

In Baltimore, buy here pay here dealerships wind up assisting people in the lower credit levels The rates border on criminal, and the cars and trucks are sometimes price over market value.

You will be happier getting a loan from a traditional bank or credit union, which you can do through traditional car dealers. The interest rates will be cheaper, the terms significantly better, and you have the opportunity to raise your credit score in the process.

Contact an auto finance professional in your area today.

No Money Down Auto Loans in Baltimore

Are you trying to buy a car or truck with no money down? Zero down auto loans, like zero percent financing specials, are normally limited to consumers who’ve got first-class credit. For those who have poor credit, there’s only one real course of action: search for a dealer that welcomes trade-ins, and ask if they will consider your existing car in lieu of a down payment.

Baltimore Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
American HammeredP.O. Box 62621230(410) 547-7681
American Hammered1600 Wicomico St21230(410) 547-7681
Armistead Homes FCU5222 Erdman Ave21205(410) 483-1355
Atlantic Financial1 E Pratt St21202(410) 539-3535
Baltimore City Credit Union401 E Fayette St21202(410) 752-8313
Douglas Memorial Federal Credit Union1325 Madison Ave21217(410) 523-3203
First Eagle201 E University Pkwy21218(410) 554-2317
First Eagle Federal Credit Union3910 Keswick Rd21211(410) 338-0293
First Financial FCU Of Maryland10 Hopkins Pl21201(410) 727-0488
First Financial Of MarylandFallon Federal Building21201(410) 727-0488
First Financial Of MarylandPutty Hill Plaza21236(410) 663-6555
First Financial Of Maryland8665 Shopping Center21237(410) 686-0065
First Financial Of MarylandSinai Hospital 2401 W Belvedere Ave21215(410) 601-9500
Johns Hopkins2027 E Monument St21205(410) 534-4500
Johns Hopkins5801 Smith Ave21209(410) 534-4500
Johns Hopkins5201 Alpha Commons Dr21224(410) 534-4500
Johns Hopkins4 E 33rd St21218(410) 534-4500
Johns Hopkins1101 E 33rd St21218(410) 534-4500
Local 355 Md1030 S Dukeland St21223(410) 566-5700
M & T Bank25 S Charles St21201(410) 347-1861
Members First535 Dundalk Ave21224(410) 633-8850
Mercy Health Services Employees321 N Calvert St21202(410) 332-9095
Mta Employees Credit Union6200 Harford Rd21214(410) 254-0400
Municipal Employees CU of Baltimore7 E Redwood St21202(410) 752-8313
Municipal Employees CU of Baltimore2337 E Northern Pkwy21214(410) 547-3205
Municipal Employees CU of Baltimore6814 Reisterstown Rd21215(443) 263-8300
Municipal Employees CU of Baltimore312 Martin Luther King Jr Blvd21201(410) 659-3120
Northrop Grumman7323 Aviation Blvd21240(410) 993-6000
Notre Dame 2901201 Homeland Ave21212(410) 325-5095
Notre Dame 29014310 Arizona Ave21206(410) 325-5095
Post Office Credit Union Of Maryland Inc900 E Fayette St21233(410) 727-5469
Post Office Cu Of Md Inc.900 E Fayette St #60621233(410) 727-5469
SecurityplusPO Box 4712821244(410) 281-6200
Securityplus7500 Security Blvd21244(410) 786-3710
Securityplus1500 Woodlawn Dr21207(410) 966-6091
Securityplus300 N Greene St21290(410) 966-6092
Securityplus6401 Security Blvd RM 4-M-27-A21235(410) 965-6908
Securityplus1327 Madison Ave21217(410) 523-3203
Selfreliance Balto2345 Eastern Ave21224(410) 327-9841
Ssa Baltimore Federal Credit Union1001 Fleet St21202(410) 837-0952
St. Agnes Employees900 S Caton Ave21229(410) 368-3125
State Employees Cu Of Maryland Inc201 W Preston St21201(410) 523-0100
State Employees Cu Of Maryland Inc11 S Paca St21201(410) 685-5900
Steinweg Of Baltimore Inc2101 E Fort Ave21230(410) 783-7800
The Mount Lebanon2812 Reisterstown Rd21215(410) 225-0030
Triple C 161103 North Point Blvd #42221224(410) 284-7820
Us Coast Guard Yard2415 Hawkins Point Rd21226(410) 789-5420
W R Grace Maryland Employees5500 Chemical21226(410) 354-6794