Find Auto Loans in Maine - New and Used Car Loans Online

People with bad credit in Maine can get approved for an auto loan. Our affiliated new and used car dealerships have funds to lend and virtually everyone can get approved to buy a car with bad credit, even with a low down payment.

Get Approved in 4 Easy Steps

• Submit the secure Auto Loan Quote Request.
• We check the quote request to ensure it meets the minimum requirements for a car loan.
• A Maine special finance manager will review and pre-approve your auto finance request.
• Travel to a local auto dealership, decide on a automobile that you would prefer to buy, and finish your loan paperwork.

Get Approved for a Auto Loan with Bad Credit in Maine.

When buying a new or used car you should first decide how large of a monthly payment will fit within you budget. Most people can comfortably afford an auto loan payment that is the smaller of fifteen percent of their income, as long as combined other debt is less than half of their income.

Auto finance companies may also take into consideration other vehicle costs such as insuring the vehicle, maintaining the vehicle, and fueling the vehicle. If the used car that you want to purchase has an affordable monthly payments but high insurance, maintenance, and fuel cost, the lender may determine that you cannot afford such a vehicle.

Consumers with a poor Fico score pay higher finance rates than consumers with Fico scores above 700. If you have a Fico score below 700 we recommend buying a car that meets your basic transportation needs. Wait until your Fico score improves before buying a more expensive automobile.

In addition to buying a modest used car, we recommend that people with poor Fico scores finance their purchase for no longer than 48 months. A shorter car loan term makes it much easier to trade out of the used car when your Fico score improves.

If you have negative equity, consider buying an affordable new car with a cash rebate. Many people in Maine fall into the negative equity trap by continually buying more expensive cars and rolling negative equity from their pervious car loan to the new auto loan.

"Often, being upside down in your trade is like a snow ball rolling down a hill, it keeps getting bigger every time you purchase until one day it gets to the bottom of the hill. If you continue buy new cars when you are upside down in your trade, sooner or later the process will stop, and you will hear, "I am sorry, the bank won't finance that amount on this car, you will need to make up the difference in cash."

Portland, Augusta, Auburn, Freeport, Lewiston

Cumberland County, Penobscot County, Aroostook County, Hancock County, York County