Financing For Everyone

Yes, you can get an auto loan to purchase a new vehicle. Easterns Automotive works with car shoppers in Maryland and Virginia to ensure every driver has access to advantageous financing. Even if your credit is less-than-perfect, we can help.

Call Easterns Automotive and talk with our team of auto loan experts. We work with dozens of lenders to ensure we can find the best rates and terms for every driver.

If you’re employed, our financing team can likely work out a deal to ensure you can get behind the wheel of a great preowned vehicle that meets your needs.

Other dealerships may require you to have outstanding credit or make up for poor credit by making a large down payment. We’re committed to doing things differently. Easterns Automotive is the dealership Where Your Job Is Your Credit. Call us today to learn more.

When you visit a dealership to talk to an auto loan specialist, you should bring an ID, pay stubs to show your income, your current car insurance information and some proof or residence (like your driver’s license if it shows your current residence or a utility or insurance bill).

Although you have the option to buy out your lease at the end of your lease term, drivers generally don’t “lease to own.” A leased vehicle is essentially a long-term rental. If you purchase a vehicle with an auto loan, you own the vehicle and owe your lender for the money you borrowed to finance your vehicle purchase.

For some people, getting a loan from their bank, credit union or insurance company might be a good idea – especially if they have perfect credit.

At Easterns Automotive, our specialty is helping people with less-than-perfect credit get good rates and terms on auto loans. We often help people who can’t get approved for financing through other means and those who don’t qualify for the best rates through their current financing institution.

We do this by working with a variety of different lenders and employing a team of experts who specialize in finding great rates for people with all types of credit.

You should always do your own research before signing any contract that will have an impact on your credit score or your finances, whether you’re getting a loan from a dealership or your bank. Make sure you understand the terms and your alternative credit options. Our team would be happy to help you understand your choices.

Yes – Easterns Automotive can help you sell your current vehicle even if you’re still paying it off.

Yes – these extra payments to your loan’s principal won’t change what you owe each month, but they can shorten the length of your loan, meaning you’ll pay it off faster and will be charged less interest in the long run.

Your lender will still be owed the full value of your loan even if you get into an accident and your vehicle is totaled. There are a couple of different scenarios that may occur after an auto accident.

• If the other driver was at fault, their property damage liability insurance should pay for the full value of the vehicle (up to their policy limit). That money would go toward paying off the remainder of your loan. You would get to keep the remainder and put it toward a new vehicle purchase. If you owe more than what you are paid by the claim, you will still owe the remaining amount after the insurance company has paid your lender.
• If you’re at fault for the accident and you have collision coverage, then you can file a claim and your insurance should pay out the value of your vehicle. That money would go to your lender, and you would get to keep whatever is left.
• If you’re at fault and you don’t have collision coverage, you will not be paid anything from the insurance company and you will still owe the remainder of the loan value to your lender.

Guaranteed Auto Protection coverage will cover the difference between the value of your vehicle and your loan amount. As soon as you drive a new car off the dealership lot, it dramatically decreases in value. That means many people driving new cars owe significantly more on their vehicle than what it’s actually worth. GAP insurance ensures that those drivers won’t be on the hook for the difference between their vehicle’s actual cash value and their loan amount if they get into a car crash.

GAP insurance is especially important if you’ve bought a new car and there’s a significant “gap” between your vehicle’s actual cash value (ACV) and what you owe. If you’ve just bought a pre-owned vehicle from Easterns Automotive and you used a trade-in or large down payment to reduce your auto loan amount, you likely won’t need to worry about GAP insurance.

If you have no credit or a poor credit history, navigating financing can be challenging. However, several considerations can help you secure a loan:

• Build a budget: Before seeking financing, determine how much you can afford, taking into account your monthly expenses.
• Find a co-signer: If possible, having a co-signer with good credit can increase your chances of loan approval and potentially lower your interest rates.
• Consider smaller loan amounts: Starting with a less expensive vehicle can make financing more accessible and manageable.
• Check for special programs: Some lenders and dealerships offer programs specifically designed for buyers with bad credit or no credit. Research these options thoroughly.
• Be prepared for higher rates: Understand that if you have bad credit, lenders may charge higher interest rates. Ensure you're comfortable with the overall cost of the loan.

Several key factors play a significant role in determining your loan approval and the terms you receive:

• Credit score: A higher credit score generally leads to better interest rates and loan terms. Check your score before applying to understand where you stand.
• Debt-to-income ratio: Lenders look at how much of your income goes toward paying debts. A lower ratio indicates better financial health.
• Employment history: A stable job history can reassure lenders of your ability to make consistent payments.
• Down payment amount: A larger down payment can lower your monthly payments and improve your chances of loan approval.
• Vehicle age and condition: Lenders may have restrictions on financing older vehicles or those with higher mileage. Understanding these factors can help you choose the right car.

Leasing
Lower monthly payments and the ability to drive a new car every few years. Ideal for short-term flexibility if you don’t drive much.

• Lower monthly payments
• New car every 2–3 years
• Mileage limits apply
• No long-term ownership

Buying
Own your vehicle outright with no mileage limits. Best for drivers who want long-term value and flexibility.

• You own the car
• No mileage restrictions
• Can customize freely
• Higher upfront cost, better long-term value