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Auto Loans in Massachusetts (MA)

Were you declined for an auto loan in Massachusetts on account of a bad credit score? We think that a whole lot more people have earned auto financing, despite their FICO scores. When you apply, we can put you in touch with a financing expert in your area.

Massachusetts Car Dealerships for Bad Credit

If you suffer from damaged credit, dealer financing is likely your best option, since most all the banks will be hesitant to finance you. There are dealers, however, that have auto finance professionals in-house, waiting to work with you. In comparison with a buy here pay here dealer, such dealerships typically offer:

  • Lower interest rates, as well as smaller down payments.
  • Power to improve your credit score.

You may not meet the criteria to finance the more expensive cars on the lot. Below is an example based on a monthly income of $4,604, the average in Massachusetts:

Credit Score Income Factor Sum
700 10 $46,037
625 9 $41,433
575 8 $36,829
525 7 $32,226
300 6 $27,622

Keep in mind that this is nothing but an approximation. You may be eligible to borrow more or less.

A lending specialist is standing by, waiting to determine how much you’re qualified to borrow, and at what APR. To get going, all you have to do is apply online.

Reducing Your Interest Rates

When it comes to buying a car that’s financed, interest rate is as significant as price is, especially if you want to save some money overall. To illustrate, a $41,433 car loan, repaid in 5 years, would cost the following in interest:

  • 3.50% APR: $3,791 in interest.
  • 7.00% APR: $7,792 in interest.
  • 11.00% APR: $12,618 in interest.

Thankfully, your rate of interest can be reduced in a range of ways.

  • Credit Profile: Pull the latest copy of your credit report at, then file a dispute for any inaccuracy that show up.
  • Down Payment: Provide a down payment of at least 10-20% on your purchase. This will reduce the risk for the lender, leading to a decreased interest rate.
  • Debt to Income Ratio (DTI): Lending companies give preference to borrowers with minimal other debt, so paying down as much as you can is just common sense.
  • Length of Loan: A finance period of 60 months or less could result in a lower rate of interest.
  • Age of Vehicle: It costs less to finance a vehicle that’s new–as long as you opt for a more expensive one.

In House Financing Dealers in MA

Car dealers in Massachusetts that approve auto loans in house have a few things in common. They…

  1. Offer car loans on-site.
  2. Do not require credit checks.
  3. Ask for weekly or biweekly payments, often at the lot.

Sometimes people with really horrible credit feel that a buy here pay here car lot is the only establishment that will be willing to finance them. However, the annual percentage rates are a lot higher than a loan from the bank. Aside from that, they don’t usually report payments to the credit reporting agencies, meaning the borrower’s credit score won’t improve as a result of the loan.

Putting Together a Budget for Your Vehicle

It is important to pick a vehicle that is affordable in light of your credit and income. You really shouldn’t spend greater than 8% of your monthly earnings on this new payment. For a resident of Massachusetts making $4,604 a month, the city average, this would be $368.

Good Credit Okay Credit Bad Credit
Car Payment $368 $368 $368
Rate 3.50% 7.00% 11.00%
Down Payment $5,061 $4,650 $4,235
Loan $20,245 $18,600 $16,939
Total Interest $1,853 $3,498 $5,159
Total Investment $27,159 $26,747 $26,332
Purchase Price $25,306 $23,249 $21,174