Finance a Used Car Through Easterns Today!
At Easterns Automotive, we believe everyone deserves to be in a great pre-owned car they love. One of the most challenging parts of getting a used vehicle is finding a reasonable auto loan.
Your credit will impact your borrowing options. Bad credit will hinder your chances for getting an auto loan or a good rate. One of the only ways to improve your score is to build it by borrowing, which is hard when no one is willing to lend to you.
Our slogan is “where your job is your credit” because we believe that a less-than-perfect credit score shouldn’t prevent you from buying a car. We can help you get financing even if you don’t have great credit.
Rather than focusing on credit scores, we take into account people’s job history and reliability.
Getting into a used vehicle offers car buyers an opportunity to build good credit. As long as you have a source of income and you can make your payments on time, Easterns Automotive can help get you into a vehicle.
We Offer Dealership Financing in DC and Baltimore
Easterns Automotive has a robust team of in-house financing experts who can help you get an auto loan with great terms. We partner with dozens of lenders to ensure that regardless of your credit we can help you find a manageable used car loan solution.
Each payment you make through us will be reported to credit bureaus to improve your credit score. Some dealerships are notorious for failing to report regular payments, which means you might not get credit for your responsible borrowing. We make sure our customers have an opportunity to improve their credit.
We also offer flexible payment options so every car buyer can make an auto loan work for them, not against them. Our huge selection of pre-owned vehicles in Baltimore and Washington DC makes finding a car, purchasing a vehicle and making future payments easier than at any other dealership.
Easterns Automotive is also a great place to trade in your existing vehicle. We’re committed to paying you as much as possible so you can get a great discount on your used car purchase.
How Auto Loans Work
We know auto loans can be complicated. One of the main concerns people have when they want to purchase a car is their monthly payment. Your monthly payment will be determined by:
- The loan amount that you are requesting from a lender
- The interest rate (APR)
- A loan term (the length of the loan)
The longer the loan the more interest will accrue, which will increase the total amount you need to pay back over the life of the loan. The bigger the down payment you can make the lower the principal of the loan will be, which will also reduce how much interest accrues and your monthly payments.
Shorter terms mean you’ll pay more each month, but you’ll owe less in the long run. Longer terms with lower monthly payments are often easier for people to budget.
There’s no one-size-fits-all loan solution for car shoppers. Our auto financing professionals would be happy to discuss your options so you can get a used vehicle loan that works for your budget.
Let Us Help You Find a Great Vehicle and Financing in Baltimore or Washington DC
If you’re ready to purchase a vehicle but you need help getting started, Easterns Automotive’s staff is here to help. We can assist you with:
- Determining your credit score
- Determining your budget
- Browsing hundreds of cars in our inventory
- Getting pre-approved
- Selecting the right financing
- Getting the keys
Car buying doesn’t have to be complicated. Anyone should be able to buy a car they can depend on for getting to work, transporting family and taking care of responsibilities. Remember, your job is your credit at Easterns Automotive. Call us at 888-650-4775 if you want to learn more about financing options that will work for you or visit one of our locations in Maryland or Virginia.
Car Financing FAQ
Can I finance a used car?
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.
What’s the best way to finance a used car?
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.
Who is eligible for a used car auto loan from Easterns Automotive?
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.
What should you bring to the dealership to finance a car?
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).
How is an auto loan different from a lease?
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.
Why shouldn’t I just get a loan through my bank or credit union?
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.
Can I sell a car if it is financed?
Yes – Easterns Automotive can help you sell your current vehicle even if you’re still paying it off.
Can I pay off my auto loan early or make extra principal payments?
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.
What happens to my auto loan if I get into an accident and my car is totaled? extra principal payments?
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.
What is GAP insurance?
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.