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Auto Loans in Lawrence (MA)

Low credit ratings. They’re prevalent in Lawrence and across the country. In an effort to aid you, the consumer, we work with hundreds of bad credit car dealerships in Lawrence and nationwide.

To get going, all you’ve got to do is send us your application, and we will place your application with an auto dealership or lender specialist who’ll work hard to get you the most appropriate vehicle financing package.

Bad Credit Car Dealerships in Lawrence, MA

If you suffer from a bad credit score, dealer financing is typically the only option you have, because most all the banks will be hesitant to finance you. On the other hand, there are dealers who have lending experts standing by, waiting to assist you. As with any subprime loan, you can expect elevated rates of interest and larger down payments, together with shorter length loans. Having said that, the experience is better than that of a buy here pay here dealer, and your vehicle will in all probability cost you less in both upfront costs and interest. At Motive Auto Finance, we work with many such dealerships, and they want to get you in the car you deserve. Go here to apply online.

Zero Down Auto Loans in Lawrence

Even if your credit is good, a lack of down payment can stand in the way of financing your car. A down payment affords you a range of advantages:

  • Lessens the time you’re upside down.
  • Fewer funds borrowed, so your interest charges will be decreased.
  • Lower loan-to-value ratio (LTV), translating to a reduced annual percentage rate.

We might able to get you a car loan with no money down, but typically a down payment is just good sense.

Lawrence Buy Here Pay Here Financing

For those who have major credit problems on account of issues like bankruptcy or repossession, a buy here pay here dealer might possibly appear to be a smart move. These dealers provide car loans on site, unlike traditional dealerships which utilize off site lenders, and they typically don’t turn anyone down.

Sadly, you will be faced with high annual percentage rates, high down payments, and well-used vehicles that are too expensive in light of the shape they’re in. Even worse, these car lots rarely report to the credit bureaus, which means you could make every single payment on a monthly basis without helping your FICO score.

Securing the Ideally-Sized Loan

It’s critical that you select a vehicle that won’t stress your finances. To place yourself in the strongest position financially, spend only 8% of your monthly income on your car payment. For a person living in Lawrence bringing in $1,544 per month, the city average, this would be $124.

Good Credit Fair Credit Subprime Credit
Monthly Income $1,544 $1,544 $1,544
Payment $124 $124 $124
Interest Rate 3.50% 7.00% 11.00%
Down Payment $1,697 $1,560 $1,420
Interest Paid $621 $1,173 $1,730
Price with Interest $9,109 $8,971 $8,831
Vehicle Price $8,487 $7,798 $7,101

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