Around 75% of new cars and trucks are paid for with an auto loan. That means if you are wanting to buy a car in ME, chances are you’re going to need an auto loan.
Then again, getting the auto loan you need is no cake walk, not in today’s market. Not with this economic crisis.
The good thing is that we have combined with a wide network of ME vehicle lending providers and dealerships to let you complete an application for car loans via the internet. If you decide to go to one car loan company at a time, it may well require several weeks, if not more time to come up with the car loan you require – especially when you have problems with difficult credit challenges including a bankruptcy proceeding, foreclosures, or past auto loan delinquency. At MyCarLender.com, however, it is possible to secure funds for your car / truck from the ease and comfort of your computer.
Please click here to Apply Online.
Car Payments For ME Consumers
The average income among Maine residents is $35,129. Many loan companies recommend that you budget not more than
36 percent of your monthly debt payment, which for ME residents, comes out to $333. When we withhold $91 for Maine’s per month insurance costs, we’ll be left with $242. You should consider these.
- Mortgage/Rent Payments
- Credit Card Statements
- Auto Loans
The size of the ME car loan this represents will depend on an array of variables:
- Annual Percentage Rate
- Number of Payments
- Fico Score
Fortunately, we are able to provide various generalizations based on a 5 year new car auto loan in Maine. Normally, the loan rates on a used car or truck will almost certainly be somewhat more substantial. The more expensive figure represents bad credit, while the cheaper payment is referring to good credit car loans.
Don’t want to pay that much monthly? A lot of people opt for an extended, 72 or even 84 month loan to lessen these monthly payments.
Also, remember that your down payment should lower the amount borrowed.
Maine Bad Credit Car Loans
Were you aware that 8% of the people (106,269 individuals) living in ME are estimated to have fico scores of between 550 and 600? Anything below 620 is classified as adverse credit. Plus an additional 1 in 20 have credit scores of 500 to 549. That’s terrible credit.
No doubt, folks struggling with adverse credit scores have got to have car financing just like everyone else. That’s where we can help.
There are 2 key challenges that everybody who wants to purchase a car or truck with a bad credit score must get past.
- Get Accepted
- Get an Affordable Interest Rate
We help you to do both. If you submit your application, we don’t just attempt to match you with a finance company who is eager to pre-approve your credit, we also give you the knowledge you need to learn what annual percentage rate you deserve. This is paramount; buyers who don’t know any better can be deceived into paying too much. It’s swift, easy, and free. Click the link to apply online!
Car Loan Approval For ME Loan Candidates
Below are some tips to help you increase your chances of acceptance.
- Finance a Manageable Vehicle: Choose a reasonable car with first-rate gas mileage and low maintenance.
- No Down Payment Isn’t Ideal: Putting at least 5% down will help you steer clear of bad equity.
- Get a Co-signer: Finding another person with a good credit rating to cosign your ME car financing package improve your chances of financing acceptance substantially.
Simply click here to apply online!
No Money Down Car Loans: ME
You can find no down payment car dealerships in Maine. But bear in mind, these are not necessarily a great idea.
Autos drop in value from the moment you get them. A down payment can keep you from being upside down on your borrowed funds.
If you want a car loan with poor credit, down payments are sometimes required.
Beware of ME No Credit Check Dealerships
These days, the buy here pay here establishment has come to be a popular substitute for the typical dealership. This is happening in Maine, as well as the rest of the country. Actually, it’s pretty logical. These types of car dealerships help men and women who have very bad credit, as well as those who need car financing after chapter 7 bankruptcy, property foreclosure, and/or repossession. While a banking institution would not even have a look at these loan seekers, a buy here pay here or tote the note car dealer will help them get in the driver’s seat (for a price). The rates of interest tend to be inflated, and the potential risk of negative equity is rather substantial. If you have really bad credit, obtaining an on site car loan from such a car dealership might be your only alternative. Nonetheless, we have found that a lot of people believe that their credit score is lower than it really turns out to be. You will most likely not need to have a car loan with no credit check.