With so many years of experience in the industry, we understand the stumbling-blocks you face when trying to finance a car with credit problems. It’s imperative to work with a bank or dealer who has your best interests at heart. We’re very pleased to represent a vast network of dealers and lenders who want to finance your purchase, whether it’s a new car you want or a used one. Your auto finance specialist will allow you to:
- Check rates.
- Consider various lending terms and conditions.
- Schedule an appointment to purchase your vehicle.
Go ahead and contact a dedicated finance specialist.
Boston Car Lots That Finance Bad Credit
There are dealerships in Boston that look at your job history rather than your credit. Sometimes they promote themselves as no credit check dealers, because they don’t perform credit checks. That seems great and all, but odds are they don’t report to the credit agencies, meaning they won’t be helping you raise your credit score. You are better off finding a dealership that can secure your approval through a trusted lender. Yes, they’ll perform a credit check prior to approval, but they also are a safer option, given that they are more strictly regulated than smaller car lots with in-house financing. Generally speaking, these dealers offer:
- Interest rates that are manageable.
- Down payments that won’t leave you broke.
- New vehicles, not just used ones.
The dealer will evaluate your credit and income to decide which vehicles you’re qualified to finance. If you want to avoid loan delinquency or repossession, consider a vehicle that won’t stress your finances, having a payment that’s equivalent to 10% of your income. If you earn $2,071 per month, this equals out to a payment of $207. Apply online to see how much car you can afford.
New vs. Pre-owned Cars
Have you considered whether you want a new or pre-owned car? You should. A new car drops in value 20% during the first 12 months of ownership, and after three years, 50%. For that reason, you can usually get a better deal by purchasing used.
|New Car||Used Car 1||Used Car 2||Used Car 3|
|Age||New||1 year old||2 years old||3 years old|
|Duration||5 years||4 years||4 years||4 years|
Your Job is Your Credit Dealers in Boston, MA
Maybe you’ve considered getting approved through a buy here pay here car dealer in Boston? These kinds of Boston bad credit car lots supply car loans directly, frequently without checking the applicant’s credit. Considering that they don’t depend on a bank or finance company to approve the credit-seekers, they’re able to service a wider range of clientele. Many folks with very bad credit think that a buy here pay here car lot is the only real place that will be willing to finance them. But bear in mind, the rates of interest are more expensive than a bank loan. Furthermore they don’t often report payments to the credit bureaus, meaning the borrower’s credit score will not get better as a result of the loan.
Budgeting Guidelines for Boston Residents
It’s good to commit, at the very most, 10% of your monthly income for the payment on the car you’re buying. Be cautious, though, that you don’t opt for excessively protracted financing, which will lead to more interest and negative equity. In fact, you want to have your vehicle paid off after 5 years. This will get you a vehicle which costs about half of your yearly income. For Boston residents with incomes of $24,847 per year, the city average, this is $12,426. Remember, this is the cap on what you should budget. Many authorities advise allocating just 10-30% of your income for the next car you buy.