Buy Here Pay Here: Maryland (MD)

Buy Here Pay Here Car Dealerships in MD
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In Maryland, the the median FICO score stands at 688, and experts calculate that as many as one in five citizens is now troubled with a credit score under 600. We did the math. That’s 1,154,710 men and women!

Conventional banks and lenders refuse to give auto financing to individuals that have problems such as:

  • Unfavorable Credit
  • Insolvency
  • Foreclosures
  • Repo
  • Overdue Repayments

Traditional Car Dealers vs In House

Maryland Buy Here Pay Here Car Dealers
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You’re probably asking yourself exactly how these types of dealerships are able to provide auto loans when conventional creditors cannot. You will find that most dealerships don’t do financing onsite. Nope, they effectively outsource the financing part of the equation. The financial institution is the one who actually sets down the credit criteria. In house financing car dealers, however, offer car loans directly, which means they aren’t subject to the same rules as the bankers and conventional loan providers. Of course, this permits them to cater to a much wider variety of buyers.

Is BHPH The Best Option?

Wait! Is BHPH financing really the most suitable option? Because, of course, buy here pay here auto lots have got some disadvantages: higher interest rates and big down payments, in addition to little opportunity to improve your credit.

Keep in mind, you can let us determine the type of financing that best meets you needs.

Here is what you have to do to get rolling:

  1. Apply For Pre-Approval.
  2. Be Assured Your Data is Safeguarded via Data Encryption.
  3. Hold on While You’re Matched to the Perfect Dealership or Loan Service.
  4. Get Together The Necessary Documents and Buy Your Vehicle!

Preparing For Your Investment

Maryland residents enjoy a typical total annual income of $48,241. You ought not dedicate over 10% of every buck you make on car-related payments. This translates to $4,824. But remember, you need to consider insurance rates ($611 per annum in MD) and of course the price of fuel ($2.81 a gallon as of 2008 and going up). Try to avoid shelling out more than this, as it will surely stress your financial situation.

Used Cars in Maryland to Avoid

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When it comes to pre-owned cars and trucks in Maryland, there are some cars you might want to avoid. How come? Because these cars are the most common prey of thieves in Maryland.

  • 1996 Honda Accord
  • 2000 Dodge Caravan
  • 2000 Honda Civic
  • 1996 Jeep Cherokee/Grand Cherokee
  • 2000 Dodge Intrepid

Maryland Buy Here Pay Here Auto Loans