Buy Here Pay Here (BHPH) car buying programs are ideal for those with limited or poor credit. While traditional car lots have much stricter credit guidelines, BHPH car lots will finance just about anybody regardless of credit history - even those who have filed for bankruptcy. Basically, if a customer has a steady job, they can purchase a car in Maryland. The typical length of a BHPH car loan in Maryland is two to three years. The basic requirements are that the customer has a job with verifiable income, residence within the metropolitan area of Maryland/Washington DC and a current automobile insurance policy. The down payment required to purchase a car at a BHPH location in Maryland can be up to thirty percent depending on the customer's credit rating. The BHPH program often charges this higher interest rate to account for the increased risk they assume by allowing the customer with poor credit to finance a vehicle. In Maryland, a three year, $5,000.00 car loan at 18.47% interest will cause the consumer to incur $1,550.00 in interest charges over the three year period. The average credit score for residents of Maryland is currently 688 despite a dramatic increase in bankruptcy filings. In 2009, more than 25,000 individuals filed for bankruptcy in Maryland compared to 17,377 filings in 2008. Many Buy Here Pay Here lots in MD require customers to make payments more frequently than a traditional bank loan. It is not uncommon to make payments bi-weekly or even on a weekly basis as opposed to monthly loan payments. Payment schedules are usually predicated on the frequency a customer receives his or her paycheck. When other financing options are not available, a BHPH car loan can be the only available solution for people desperate for a vehicle, especially in today's down-turned economy.