Thanks to a recent drop in rates, consumers in Maryland can benefit from auto loan rates that are lower than the national average of 7%. The average auto loan percentage rate in Maryland hovers at just about 6.3%, though there are even lower rates out there that you can find with research. Now is the time to request a rate quote if you are looking to purchase a car in Maryland.
Auto Lenders & Loan Types in Maryland (MD)
Some of the lenders available to help you secure an auto loan in Maryland include:
- Navy FCU
- Bank of America
- Capital One Auto Finance
- CitiFinancial Auto
- Chevy Chase Bank
Some types of loans you may qualify for in Maryland include:
Financing Car Loans in Maryland (MD)
It’s simple and easy to compare various auto loan rates in Maryland if you know some basic information. First, you should know your credit score. Next, check the auto loan percentage rates in your area in Maryland and check insurance rates on cars you’d like to purchase. Get approved for a loan before you go to the dealer so you can negotiate with the dealer. Make sure you double-check all paperwork so you know your rate, and the number of payments is what you expect.
If you have good credit (above 600), you will probably qualify for a variety of loans from several lenders. This is why it’s very important to research to make sure you are getting the most suitable loan.
If you have less than perfect credit, you are still eligible for loan. The percentage of lenders who offer ‘credit challenged loans’ is growing daily as more people find ourselves carrying heavier debt loads. Credit challenged loans may have higher annual percentage rates, so you’ll want to research as many lenders as possible before committing to one.
Maryland State Auto Loan Information
To learn more about the rules and regulations relating to auto financing in Maryland, you can contact the Department of Transportation or the Commissioner of Financial Regulation:
Maryland Department of Transportation
2500 Gwynns Falls Parkway
Baltimore, MD 21216
Commissioner of Financial Regulation
500 North Calvert Street, Suite 402
Baltimore, MD 21202