Absolutely – despite having less market share compared to big-name competitors like Honda and  Toyota, Mazda has managed to not just stand out, but stand above them in some categories. The brand is often praised for their chic exteriors, ergonomic driving dynamics and powerful engines, all of which create an exhilarating driving experience that can add more excitement to any trip.

At Easterns Automotive, we offer certified pre-owned Mazdas that have been fully repaired and refurbished to ensure they’ll provide buyers with a continually rewarding driving experience for many years to come.

Reliable

Mazda has outranked bigger name car brands like Honda and Toyota in reliability studies, ranking fifth across all 32 car brands. Because Mazda is a substantially smaller company compared to its competitors, it produces a smaller line and number of cars. This exclusivity allows the maker to invest more time and resources into each vehicle they produce, guaranteeing any Mazda model you choose has been optimized for premium, long-lasting quality. Moreover, despite producing borderline luxury vehicles, they don’t charge luxury prices, so shoppers can enjoy an expensive feeling thrill without breaking the bank. Even low credit shoppers can buy a high-quality Mazda when they work with Easterns Automotive’s flexible and award-winning financing team.

At Easterns Automotive, we ensure all our pre-owned Mazda models meet the brand’s high standards. Our team tirelessly maintains each pre-owned model in our inventory to ensure your select purchase delivers maximum performance and uncompromised quality. With our seven-day return policy and 30-day / 1,000-mile warranty, you can have peace of mind that any issues will be promptly addressed and rectified, so your investment maintains its value.

Fun to Drive

Mazda prioritizes the relationship a driver has with their vehicle above all else – epitomized by the maker’s brand mantra, Jinba Ittai, or “the oneness of horse and rider.” The Mazda team is a firm believer that a car should feel like an extension of the driver and fine-tunes their models to create this feeling. They utilize ergonomic handling and responsive gas pedals to give drivers a highly immersive experience, merging seamlessly with their cars as soon as they settle into their seats.

Affordable

Enjoy luxury driving without the luxury prices. Mazda creates premium vehicles that are dependable and fun to drive at a much lower price than their competitors. Because the brand isn’t as big or as well-known as Toyota or Honda, its MSRPs are generally lower despite offering comparable features. Since they are a smaller company, Mazda has been able to divert more attention and resources into their select models without dramatically increasing the cost.

Mazda models cost substantially less to maintain and repair, averaging around $426 annually while the average for the other top 32 car brands is at least $652. Moreover, the brand doesn’t compromise their models’ longevity for affordability – most models perform optimally for 250,000 miles or over a decade.

As a result, drivers can enjoy the dynamic performance and first-class comfort of a luxury vehicle complete with metal finishes, wood trims and suede and leather seats for a much more reasonable price.

Affordability, reliability and quality are guaranteed when you shop certified pre-owned Mazdas at Easterns Automotive. 

#1 Certified Pre-Owned Mazda Dealer That Doesn’t Limit Your Options Based on Your Credit Score

Our car shoppers never have to worry about their credit score limiting their options. Even if you have a deep subprime score, our skilled financing team will do everything in their power to help you afford a certified pre-owned Mazda. We’re a “Your Job is Your Credit” dealership, which means all you need is proof of employment for us to help you get the loan you require, regardless of your credit score. We’ll leverage our extensive bank and auto loan network and help bolster your application to increase your chances of securing your ideal loan with reasonable terms.

Test drive one of our certified pre-owned Mazdas with confidence and the support of our flexible financing options. Explore our Mazda inventory today, or stop by our dealership in West Baltimore today.

The post Are Mazdas Good Cars? appeared first on Easterns Automotive.

A certified pre-owned Mazda is a great investment for shoppers who want to experience the unique benefits of the brand – from its high reliability rating and low maintenance costs to its ergonomic design that lends itself to a superior performance experience at a better price and with lower insurance premiums.

However, the difference between a worthwhile investment and a lemon is in the details, which shoppers need to weed through. Those looking to buy a pre-owned car should thoroughly assess the model and ask the dealership the right questions to confirm it’s been maintained to the same quality standards as a new model.

At Easterns Automotive, we ask the same questions while refurbishing our pre-owned models and work diligently to ensure each model in our vast inventory meets strict quality standards to maximize the value and recoup potential for our customers.

1. How Does the Model Look and Handle?

Be sure to inspect and test drive the model to confirm its high quality. Just because a car is pre-owned doesn’t mean it should be second-rate – especially if it’s a Mazda. The brand’s philosophy is centered around Jinba Ittai, or “the oneness of horse and rider.” When you’re driving a Mazda, it should feel like an extension of yourself, providing a seamless, immersive and exhilarating experience.

At Easterns Automotive, we ensure all our pre-owned vehicles meet their maker’s high performance standards. Our team thoroughly inspects our Mazda models’ engines, cabins and exteriors to ensure they retain the same performance capabilities, style and comfort of a newly released model. We work diligently to make our drivers feel at one with their pre-owned Mazda as soon as they settle into their seats.

2. What’s the Vehicle’s History?

Use the vehicle identification number (VIN) to review the pre-owned Mazda model’s history. This report will also give you valuable insight into the vehicle’s past, including any accidents, title issues and odometer readings. At Easterns Automotive, most of our Mazda models are only a few years old at most and have been thoroughly checked and repaired as needed to restore their quality and ensure a long lifespan for customers.

3. What’s the Warranty?

Determine if the pre-owned Mazda vehicle comes with extended warranty options and how long the coverage lasts. Even if an Easterns Automotive vehicle doesn’t have an existing warranty, we offer a seven-day return policy and 30-day / 1,000-mile warranty to give our shoppers peace of mind that, even if they run into an issue, we’ll address it promptly.

4. What Credit Score Do I Need to Qualify?

Shoppers usually require a credit score of at least 600 to qualify for a car loan. Some subprime lenders may accept 500, but you’ll typically have a longer loan term, which can result in a high interest rate. Certain dealerships turn low credit car shoppers away or take advantage of them by selling them limited-mile lemons – not us. At Easterns Automotive, we don’t stress over credit scores. Instead, Your Job is Your Credit. All we need is proof of employment and our well-connected auto financing team will leverage our auto lending network to help you get an adequate auto loan for a high-quality car.

5. Can I Get a Good Loan for This Model?

Even if you qualify for auto financing, you’re not guaranteed a fair loan. Your chances of securing a good auto loan depend on not just your credit score and history, but also the type of car you’re trying to buy. A new car tends to be a costly expenditure that can raise your loan rate, but a cheap, pre-owned car that’s been shoddily maintained can also result in an exceedingly high loan rate because it won’t have a good resale value – which lenders depend on if you fail to make payments and they need to repossess and sell the car.

Our certified pre-owned vehicles offer the best of both, costing less while retaining a high resale value since they’ve been carefully inspected and brought up to Mazda’s high quality standards.

#1 Certified Pre-Owned Dealership for Quality and Flexible Financing in D.C. or Baltimore

The Easterns Automotive team makes finding a first-rate, pre-owned Mazda and securing a favorable loan easy and stress-free. Our auto loan team is ready to use our relationships with banks and financiers to your advantage, regardless of your credit score.

Get expert guidance through every step of the car buying process, from finding the right car to strengthening your application for an auto loan. Browse our Mazda inventory online or in person at one of our dealerships today.

The post Questions to Ask a Used Mazda Dealer Before Buying appeared first on Easterns Automotive.

A pre-owned Mazda model is a great alternative investment that can help car shoppers save money without skimping on a curated, immersive driving experience that will pay tremendous dividends for the foreseeable future. That said, the devil is in the details. There’s a thin line between an investment with a high recoup value and a waste of money, and which one it is depends on the quality of the pre-owned vehicle and whether the dealership performed a detail-oriented maintenance inspection to ensure the car meets strict quality standards.

At Easterns Automotive, we utilize expert vehicle inspectors, maintenance professionals and OEM resources to ensure every model in our extensive inventory meets our high quality standards. We won’t list a Mazda in our inventory until we’ve verified that it will perform optimally for many years and miles to come, giving our customers the biggest bang for their buck.

Appearance

A certified pre-owned vehicle won’t look pre-owned – it should be virtually indiscernible from a new vehicle. Be sure to inspect the exterior for any signs of damage, such as rust, dents, scratches or faded paint as well as the interior for stained seats, worn-out upholstery, damaged dashboards and unusual odors. At Easterns Automotive, we work hard to fully restore our Mazda models to ensure they look as good as the new releases.

Features

Evaluate the built-in features included in the vehicle, such as the dynamic SKYACTIV engine, advanced i-ACTIVSENSE safety features (adaptive cruise control, lane-keeping assist, automatic emergency braking, etc.), high-definition infotainment and the driver-assistance systems such as adaptive headlights and traffic sign recognition. Our team inspects the technology in our certified pre-owned Mazda models to ensure it’s operational and up-to-date before we sell them.

Performance

A qualified mechanic should inspect a pre-owned car before it’s sold, assessing the critical mechanical components including the engine, transmission, brakes, suspension and exhaust system. They should have the experience and know-how to find issues that the untrained eye can’t spot, including signs of wear and tear, leaks and unusual noises or vibrations. 

You can also discern potential problems by test driving the car so you can have the opportunity to test the acceleration and braking. There are also minor things that only a test driver can reveal, like the quality of the car’s air conditioning, which, while perhaps not critical, can be a vital feature during a muggy Baltimore or D.C. summer.

We’ve maintained all our models to their makers’ high standards and offer thorough test drives for our customers to ensure they leave our dealership satisfied and with the perfect car for them.

Service Record

Review the vehicle’s service records to ensure it has been properly maintained. A complete service record can be helpful in determining if a pre-owned Mazda model is reliable or not. Look for evidence of routine tune-ups, oil changes and repairs to discern if the car has been maintained according to Mazda’s recommendations.

At Easterns Automotive, most of our Mazda models are only a few years old at most, meaning customers won’t have to worry about buying a high mileage vehicle. Even if the model is only a year old, we’ll fully inspect it to guarantee a long lifespan with uncompromised efficiency for the next owner. 

Resale Value

Resale value can vary depending on factors such as the model year, mileage and overall condition of the vehicle. Choosing a newer Mazda model with a high value can help minimize depreciation so selling or trading it in the future is more profitable. Having high recoup potential can also help shoppers secure favorable auto loan rates, as lenders may be more willing to lend money for a car that will retain its value.

At Easterns Automotive, all our certified pre-owned Mazda models offer long-lasting quality at a shockingly low price so customers have an increased chance of securing the loan they need.

Baltimore and D.C. Residents Can Get a Certified Pre-Owned Mazda Hassle-Free

As the winner of DealerRater’s “Consumer Satisfaction Award” seven years in a row, the team at Easterns Automotive has built a reputation for impressive customer service. As the #1 “Your Job is Your Credit” dealership, we make shopping for a Mazda less stressful for shoppers of all credit types. All you need is proof of employment, and we’ll utilize the full extent of our lending know-how and extensive financing network to help you find the ideal loan for your financial situation.

We’ll help you find the perfect car at the right price. Learn more by exploring our Mazda inventory online or in person at one of our dealership locations today.

The post 5 Important Factors to Consider When Purchasing a Used Mazda Vehicle appeared first on Easterns Automotive.

In the heart of DC, one man’s journey from incarceration to community activism is making waves. Meet Ricky Bryant, the founder of “Street Line DC,” a grassroots nonprofit dedicated to curbing youth violence and providing support to at-risk youth in our city.

Having experienced the challenges of incarceration firsthand, Ricky’s passion for change is deeply rooted in his own personal journey. Determined to break the cycle of violence and provide hope for a brighter future, he founded Street Line DC with a mission to empower at-risk youth and create pathways to success.

At Easterns Automotive Group, we recognize the power of local heroes like Ricky who are driving positive change in our neighborhoods. Inspired by Ricky’s unwavering commitment to his community, we were honored to surprise him with a $2200 donation to support his vital work.

This donation will enable Street Line DC to expand its outreach efforts, providing essential resources, mentorship, and preventive programs to youth in need. Together, we’re fostering a culture of empowerment and resilience, ensuring that every young person in our city has the opportunity to thrive.

The post Helping Hands: Street Line DC appeared first on Easterns Automotive.

In Virginia, one in 10 children faces hunger every day—a staggering reality that strikes close to home for one local woman who grew up in Fairfax County. Determined to make a difference, she ensures that no child in need goes hungry, providing food and support through her nonprofit organization, BetterALife.

Recently, Easterns Automotive Group, in partnership with 7News, surprised BetterALife with a generous Helping Hand donation of $2,200. Overwhelmed with gratitude, BetterALife’s president, Elizabeth Ford, expressed how these unexpected funds are changing lives in the community. For Ford, this mission is deeply personal, rooted in her own experiences growing up homeless and struggling to find sustenance.

At BetterALife, the focus extends beyond food provision; it’s about empowering individuals with essential life skills and educational support. Through their efforts, they’re transforming lives, one meal and one lesson at a time.

With the support of Easterns Automotive Group and 7News, BetterALife is better equipped to continue their vital work, ensuring that no child or individual in need is left behind. Together, we’re making a meaningful difference in the fight against hunger and hardship in our community.

The post Helping Hands: Better A Life appeared first on Easterns Automotive.

Even if you have a low credit score and a poor credit history, a job can be your saving grace if you’re in desperate need of an auto loan. Minimum income requirements ensure applicants can make the monthly payments, mitigating the risks for lenders loaning to low-credit borrowers and increasing the chances of a low-credit borrower’s application being accepted. A reliable income also helps reduce the risk of a borrower being unable to make a payment and potentially worsening their financial situation.

Meeting or exceeding the minimum income threshold increases the likelihood of loan approval and may lead to more favorable loan terms, such as lower interest rates and longer repayment periods.

What Are the Minimum Income Requirements for a Bad Credit Car Loan?

Typically, an applicant must make a gross income (or money made before taxes) of at least $1,500 a month from a single job, or $18,000 annually, to qualify for an auto loan. You must have been at the job for more than six months, and the income must be taxable – side hustles, tips or unverifiable income won’t count.

Gross income can include other revenue sources, such as Social Security and retirement benefits, but these sources can only add supplementary value to your application – they can’t replace employment income.

To prove your job’s income, you need to include with your application:

• Printed pay stub that shows year-to-date earnings, if possible
• Latest W2 form
• Bank statement
• Tax return if you’re self-employed
• Letter of employment

Common Types of Income Accepted

• Employment Income: Employment income can either come in the form of wages or salaries (salaries are preferred since they’re more consistent, but both qualify) from a full-time, part-time or self-employed position. Self-employment will require more proof to verify.

• Social Security Benefits: Social Security benefits, such as disability benefits, can be included as additional income if you have government documents confirming the receipt of benefits.

• Alimony and Child Support: Court-ordered alimony and child support payments, proven with divorce decrees, court agreement and correspondence with the other party.

• Pension or Retirement Income: Income from pension plans, 401(k) accounts or other retirement savings, as evidenced by pension statements and IRA or 401(k) withdrawal records.

• Other Income Sources: Rental income, investment dividends or royalties.

What Is Debt-to-Income Ratio?

Debt is another critical component of minimum income requirements. Some subprime lenders may measure your income against any debts you’ve incurred to ensure you’re able to make your monthly payments on a consistent basis. Put simply, is your gross monthly income greater than your monthly debt?

To figure out your debt-to-income ratio, you calculate your monthly debts (e.g., rent, college loans, etc.) by your monthly income (e.g., employment wages, retirement income, etc.). A final percentage of 36 percent or lower is looked upon favorably by lenders. Anything higher suggests that your other debts may interfere with your ability to pay your new loan in full, lowering your application’s chances of being accepted.

We’ve Helped Low Credit Car Shoppers Find the Right Car with the Right Financing Solution

At Easterns Automotive Group, we offer an extensive collection of thoroughly maintained, certified pre-owned cars to DC, Maryland and Virginia drivers at competitive prices. You don’t have to worry about your credit score with us – instead, Your Job is Your Credit. As long as you have a job, we’ll utilize our relationships with banks and auto lenders to secure the auto loan you need to drive home in the car you want.

Some lenders may try to charge low credit borrowers exorbitant interest fees out of fear they won’t pay back their loans. Our financial experts have years of experience negotiating with lenders and will fight on your behalf for a favorable loan with a competitive interest rate and flexible terms.

We’ve received DealerRater’s “Consumer Satisfaction Award” award for over seven years for our dedicated customer service. We make the financing process hassle-free with quick approval decisions so our customers can drive away in a certified and refurbished pre-owned vehicle sooner.

Learn more about how we’ll help you finance an in-demand, certified pre-owned model today online or at one of our eight dealerships.

The post Minimum Income Requirements for Purchasing a Used Vehicle in Baltimore or Washington, D.C. appeared first on Easterns Automotive.

Unfortunately, many bad credit auto loans have high interest rates. These loans can help car shoppers with low credit scores afford reliable transportation, but the downside is the borrower may be taking on large and costly monthly payments over a prolonged period.

If you have an auto loan of $15,000 over a five-year term, even a 10 percent interest rate will result in $7,500 to be paid on top of your loan. Longer terms will result in lower monthly payments but more total interest owed since interest will be accruing for extra years, while shorter terms can help you pay less interest total if you’re willing to pay more monthly.

However, those with subprime and deep subprime credit scores can often be subjected to higher interest rates of 20 percent or higher, even with shorter terms. Lenders tend to elevate interest rates to protect their investments since low credit borrowers are more likely to miss payments or default on their loans.

At Easterns Automotive, we don’t believe our customers should be treated like a statistic. If you have a job, you deserve to have fair terms on your loan, even if you have a low credit score. We’re the “Your Job is Your Credit” dealership – as long as you have a job, we’ll provide you with a great certified pre-owned car with flexible financing. Our team will leverage our extensive network of lenders and financial institutions and negotiate for the best possible loan on your behalf.

Are Interest Rates Better for New or Used Cars?

It’s usually better to buy a used car than a new car since almost everything from the initial cost to the insurance will be more affordable. However, interest rates are the exception. Auto loan lenders tend to charge higher rates for used cars than new cars to account for a potential drop in value. The average auto loan for someone with a credit score ranging from 500 to 600 is around 18 percent for a used car and 12 percent for a new car.

However, this isn’t the case for certified pre-owned vehicles. The certified pre-owned cars at Easterns Automotive are still under manufacturer-backed extended warranties. We also provide our own 30-day/1,000-mile warranty for your peace of mind. Because our cars cost less than new cars while maintaining a higher resale value than used cars, you can get the best of both worlds and secure a smaller loan with a lower interest rate.

Tips for Securing a Favorable Interest Rate for Your Bad Credit Auto Loan

Pre-Qualify: Pre-qualification, or a comprehensive, preliminary review of your qualifications from a lender, can give you an idea of how much you can feasibly expect to borrow for your used car purchase. Gaining insight into how high your interest rate will be can let you know how much you might be spending over the next few years.

Pre-qualification can also help you understand how to improve your application so you can secure a favorable interest rate, such as by removing errors on your credit report or reducing your debt if possible. Moreover, undergoing pre-qualification can also show lenders that you’re an informed borrower, making them feel more confident in giving you a loan with lower interest rates.

Getting a Co-Signer: A co-signer is someone with a higher credit score, steady income and minimal debts who takes responsibility to make up any missed payments or defaulted loans on behalf of the primary signer. In other words, they ensure that the loan will be repaid one way or another, increasing the application’s likelihood of success.

The downside is that any missed payments will negatively affect the co-signers financial situation as well as yours. Make sure your co-signer understands the risk involved and you’re prepared to be responsible for yours and their credit scores before signing on.

Negotiate: Putting down a sizable down payment can give you the power to negotiate for a lower interest rate. Having experts negotiating on your behalf can substantially bolster your chances of securing a great deal with ideal loan terms. Our auto loan team has years of experience negotiating with lenders and will fight for a fair interest rate on your behalf.

No Matter What Your Credit Score Is, We’ll Give You a Competitive Price on a Certified Pre-Owned Vehicle

At Easterns Automotive, we’ve won DealerRater’s “Consumer Satisfaction Award” for seven years in a row for customer-focused service. Our team will also provide you with high-quality, certified pre-owned vehicles from every maker and offer personalized strategies to increase your loan application’s chances of success, even if your credit score is low and your timeline is short.

Check our inventory online or in person at one of our Easterns Automotive dealerships in Maryland or Virginia. If you have questions, don’t hesitate to contact one of our dedicated financing experts today.

The post Interest Rates for Bad Credit Auto Loans in Washington, D.C. and Baltimore appeared first on Easterns Automotive.

Building, strengthening or repairing credit is not a fast process. It can take years of making monthly payments and gradually increasing your credit limit to fix. Unfortunately, many people have an immediate need for dependable transportation and can’t afford to wait that long.

At Easterns Automotive, we understand the stress our customers are under and have helped hundreds secure the loan they needed to afford a certified pre-owned, thoroughly refurbished car. We’ll provide you with tailored strategies you can utilize to not only improve your chances of getting approved for a bad credit auto loan but also finding the loan with the most competitive interest rate possible for your rating, a flexible repayment schedule and no prepayment penalties.

What’s the Lowest Credit Score for an Auto Loan?

Typically, you need a credit score of at least 600 to qualify for a car loan. Some subprime lenders may accept 500 depending on your personal situation, but you’ll likely have a high interest rate. You’re more likely to be accepted if you buy a certified pre-owned vehicle instead of a new one, as you’ll be paying less and taking on lower insurance and registration costs without compromising on quality.

Certified pre-owned cars have been thoroughly refurbished and have a manufacturer-backed extended warranty, unlike used cars that are no longer under warranty. Car shoppers looking to spend less initially and over time on an auto loan can benefit from a certified pre-owned vehicle from Easterns Automotive. Our maintenance team certifies each of the hundreds of cars in our inventory to ensure its long-term value.

How to Increase Your Chances of Being Approved for a Car Loan

• Show Proof of Stable Income: Showing you can afford the monthly loan payments is crucial. Gathering pay stubs, tax returns, bank statements, a letter of employment (especially if you’re newly employed) and more will verify your financial stability.

• Correct Credit Report: Any errors in your credit form, whether it’s as insignificant as your name being misspelled or as major as a payment incorrectly marked as late, can damage your loan application’s credibility.

• Reduce Your Debt-to-Income Ratio: Paying any existing debts or increasing your income – whichever you can do on an expedited timeline (but ideally both, if possible) – can bolster a lender’s confidence in your ability to procure monthly payments.

• Improve Your Credit Score: Paying your bills on time and reducing your credit usage is one of the faster ways to boost your credit score. A slightly higher score shows effort and dedication that a lender will appreciate.

• Save for a Down Payment: Saving for a larger down payment – even just 10 percent of the car’s total purchase price – can reduce the amount you need to borrow, consequently elevating the likelihood of your application being accepted.

• Research Your Lenders: Different lenders will offer different rates. We’ll research and compare banks, credit unions and lenders to help you find the most competitive rate for your credit situation.

• Set Realistic Loan Terms: We’ll work with you to figure out an ideal loan amount and timeline that’s low risk for lenders and high reward for you.

• Enlisting a Co-Signer: If you’re worried that your credit score or credit history may bar you from securing a loan, having a co-signer with good credit can bolster your application.

• Avoid Applying for Multiple Loans Simultaneously: A loan application has the potential to temporarily lower your credit score since it involves a hard inquiry into your credit. This means that filing for multiple loans can cause your credit score to appear lower than it should be.

#1 Certified Pre-Owned Car Dealer That Doesn’t Judge Buyers Based on Credit Scores

You can save even more on a car without sacrificing quality at Easterns Automotive. We offer competitive prices on pristine certified pre-owned vehicles that are often like-new or only a few years old in order to deliver maximum value on your investment.

No matter what your credit score is, we’ll do everything in our power to help you get a reliable vehicle at a great price. We’ll put our knowledge and expertise to work finding the perfect pre-owned car that has everything you want in a vehicle for less.

Explore our flexible financing options and learn more about how we can help you secure a dependable, certified pre-owned car today.

The post Improving Your Chances of Approval for an Auto Loan in Washington D.C. or Baltimore appeared first on Easterns Automotive.

A poor credit score can make getting the financing you need for a car frustratingly difficult, as some dealerships turn shoppers away because of an arbitrary score without looking at their income or personal situation. At Easterns Automotive, we don’t believe that shoppers should feel forced to buy a low-quality vehicle because of their credit score.

Our financing team works with dozens of lenders to ensure we’re able to find a workable solution for every type of car buyer. After all, we’re the “Where Your Job Is Your Credit” auto dealership.

There are some ways in which even people with lower credit ratings can potentially qualify for traditional car financing. One option that may make approval more likely is enlisting a cosigner for assistance.

What Is a Cosigner?

A cosigner is an individual who agrees to pay any debt if the signer misses their payments or defaults on their loan. They’re typically someone close to the borrower, like a parent or a close friend. The ideal cosigner is one with a good credit score, solid income and minimal debt.

Cosigners with traditional full-time jobs are typically preferable. Even if they have a lucrative income as a freelancer, a lender may be less likely to accept the cosigner – and consequently you as a borrower – without having an employer to cross-reference.

A cosigner shouldn’t be confused with a co-borrower. Unlike a co-borrower, a cosigner isn’t entitled to any of your allotted funds – what you receive is yours. Instead, they act similarly to a sponsor. They provide the bank with an additional source to seek payment from if you miss a monthly payment, giving them more confidence to loan you the money you require.

Pros and Cons of Having a Cosigner

Securing financing with a cosigner can not only better your chances of having your loan application approved but also help you obtain more favorable interest rates. Paying less in interest can enable you to spend more on a better vehicle, buying a high-quality car that will give you long-term value. At Easterns Automotive, we rigorously inspect and refurbish each of our pre-owned models to ensure they can last buyers another hundred thousand miles or more.

Although a cosigner can’t directly improve your credit, they can help you build or repair your credit indirectly. Making timely payments in full on an auto loan is one of the most reliable ways to improve your credit score, putting you in a better financial position where you may not need a cosigner again.

However, if you fail to make a payment, you can hurt your cosigner’s credit score, negatively impacting their financial future. Alternatively, if you default on your auto loan, they will have to pay the full amount on the loan, including interest and other extraneous fees.

In extreme cases of missed payment, cosigners can even be implicated in lawsuits between you and the lender. All these scenarios can cause irreparable damage to your cosigner financially and emotionally, jeopardizing your personal relationship with them.

Getting a cosigner for your auto loan has high stakes, as your actions will impact both your and their credit scores and financial well-being. But as long as you’re confident you can pay regularly and on time, the drawbacks are minimal.

When Should You Request a Cosigner?

You should get a cosigner if:

• You have a poor or limited credit history
• Your income isn’t sufficient to get the loan you need on your own
• You only need assistance with the initial cost and have the funds to fulfill your monthly payments

You shouldn’t get a cosigner if:

• You have a good credit score and reliable income
• You want to manage your finances independently
• You’re concerned about the risks of involving a personal relationship in your credit history
• You don’t think you’ll be able to keep up with payments due to job instability or other living expenses that limit your monthly budget

Can You Still Be Denied With a Cosigner?

Yes, although it’s less likely if the cosigner has a good credit history. Even with a reliable cosigner, if you don’t have a stable income, auto lenders may turn you down. At Easterns Automotive, we’ve helped customers attain a reliable auto loan for years and will strengthen your application to give it the best chance of being accepted by one of our many auto financing partners.

We Make Car Shopping Easy and Simple for Buyers With All Types of Credit Scores

At Easterns Automotive, we’ll find the loan you need on your terms. As long as you’re employed, you should be able to obtain a high-quality, pre-owned vehicle. Our customer-focused team offers flexible financing options tailored to your current situation and not your credit history.

Trust the team that’s won DealerRater’s “Consumer Satisfaction Award” seven years in a row. Learn more about our financing options and how they can help you secure a certified pre-owned vehicle for a low price online or visit us in person at one of our dealerships today.

The post Cosigning for a Bad Credit Auto Loan in D.C. or Baltimore appeared first on Easterns Automotive.

The lowest qualifying credit score for a bad credit auto loan is typically 600, but someone with a lower credit score may still qualify for one. There are also situations where someone with a credit score that’s higher than the minimum required may not be approved.

A successful auto loan application is based on more than just your credit score. There are numerous factors at play that can help or hurt your chances of being accepted.

What Is Pre-Qualification?

Pre-qualification is a service provided by lenders in which they conduct a preliminary review of your application, showing you how a lender will judge your application. They may even be able to advise you on ways you can improve certain components before submitting it again officially.

What Factors Influence Your Eligibility for a Bad Credit Auto Loan?

Credit Score

While your credit score isn’t the only component of your bad credit auto loan application, it is the predominant factor in many cases. Your credit score tells lenders how likely you are to be reliable in the future and make your monthly payments on time. A lower credit score represents a higher risk level for lenders, which can result in your application being rejected or your loan approval coming with higher interest rates.

Credit scores can be frustrating for low credit car shoppers because there are no quick fixes. It takes years of making monthly payments on time to boost your credit score – which is time car shoppers who need reliable transportation fast may not have.

At Easterns Automotive, our auto loan team can advise you on tips to bolster your credit score while providing you with alternative strategies to increase your application’s chances of success. 

Income

While a bad credit score can suggest a borrower is potentially unreliable, proof of employment wages or salary provides grounded evidence of your dependability. Proof of current income shows lenders you have the means to fulfill your loan obligations. Typically, an applicant must make a gross income of at least $18,000 annually to qualify for a bad credit auto loan. You can learn more about minimum income requirements in our blog here[1] .

Current Debt Loan

Any monthly debt payments will impact your monthly income and potentially hinder your ability to pay regularly. This is why lenders often focus on the debt-to-income ratio when evaluating your eligibility, or what percent of your monthly income goes toward paying your current debt obligations, and whether there will be enough left over for your monthly car payment. If you have existing debts, they may weaken your application.

Down Payment

Making a larger down payment for your pre-owned car can offset the amount you have to borrow from a lender, making lenders feel comfortable accepting your application. It shows them that you won’t need to borrow much, and you have the funds to pay back what you do borrow. Even a downpayment as small as $1,000 can bolster your chances of securing a loan while also elevating the possibility of securing a lower interest rate.

Value of Car

It’s critical that your loan is not worth more than the car itself. Ideally, your application should have a low loan-to-value ratio.

Applying for a loan on an expensive new car may not be in your best interests if you don’t have a high credit score. However, applying for a loan to purchase a low-quality used car likely isn’t in your best interest either. Lenders are more willing to offer loans for vehicles with higher resale values just in case you default on your loan and they need to sell the car.

At Easterns Automotive, we offer fully refurbished, certified pre-owned cars that have been maintained to meet the standards of new cars. Most of our models are relatively new and have many more years of reliable performance to offer, meaning they can deliver long-term value for less. 

Buy a Certified Pre-Owned Car in D.C. or Baltimore Without Worrying About Your Credit Score

Easterns Automotive is the dealership where “Your Job is Your Credit”, which means you only need to have a steady income to qualify for a certified pre-owned car. Our team knows the stress many buyers are under and will work with you to ensure you get the dependable car you need at a great price.

Our auto loan team is always ready to use our relationships with banks and financiers to your advantage. The financing team at Easterns Automotive has years of experience guiding low credit car shoppers through every step of the loan process and will help you receive the favorable auto loan you deserve so you can afford a high-value, certified pre-owned vehicle. 

Get assistance from a devoted financing expert online or at one of our dealerships in DC, Maryland or Virginia today.

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