In Massachusetts, lenders have not been financing car and truck loans like they did a decade ago, and Malden is no different. Given how many banks and finance companies in Massachusetts are unwilling to work with people because of poor credit, it could take longer than you’d like to find a loan provider willing to fund your loan. Luckily, we have a sophisticated platform for auto financing acceptance. To get started, simply send us your application, and we will place you with a finance company or car lot professional who’ll work hard to find you the right auto finance package.
Bad Credit Car Dealerships in Malden, Massachusetts
Have you considered where you could buy your new car? When you’ve got weak credit, you’ll probably have to buy your vehicle from a dealership, not a private individual, since most lenders do not offer these types of loans for people with credit that isn’t perfect. Luckily, there are dealers that cater to adverse credit. When compared with a buy here pay here dealer, such dealers offer:
- More affordable interest rates.
- More reasonable down payments.
- More attractive lending terms.
- Opportunity to boost your credit score.
The dealer will assess your credit and income to see the specific cars you can finance. You should buy a vehicle that won’t empty your savings, having a payment equal to 10% of your income–any higher, and you may find it difficult to make your payments on time and in full. For people earning $3,805 per month, the average among Malden residents, this translates to a payment of $381.
Submit your application to have a finance professional confirm how much car you can afford.
Do You Need a Down Payment?
Even if you’ve got a good credit record, a down payment can keep you from financing your car. Banks and lenders like you to offer money down, as doing so will reduce risk of the loan, which means a lower APR rate and improved terms.
No money down car deals are out there, but usually they trade in their old car or truck to fulfill the lender’s down payment guidelines.
Buy Here Pay Here Financing in Malden, Massachusetts
The buy here pay here industry continues to grow, largely because so many consumers’ credit ratings were impacted by the down economy. These dealers will finance nearly anyone, regardless of their credit, but there are negatives. Negatives include:
- Inflated APR Rates
- Extortionate Down Payments
- Steeply-Priced Vehicles
- GPS Monitoring Devices
There’s more: these dealers seldom report back to the credit reporting agencies, which means you could make each and every payment on a monthly basis with no lift in your credit score.
Can This Supercharge Your FICO Rating?
It’s a fact: an auto loan has the ability to improve your credit score. An auto loan can favorably impact two fundamental credit components:
- Payment History (35% of score).
- Credit Mix (10% of score).
Your score will not rise the instant you pay the balance of your loan. Rather, it will climb over time as you keep making payments in a timely manner. It’s easy to undervalue the merits of a better credit score. It will make your life less complicated and more affordable, and you simply need to pay your bills in full each and every month.