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Auto Loans in Newton (MA)

Have you considered getting pre-approved for financing? You should, given that it addresses a number of the stumbling blocks from the car-shopping process. We serve consumers in Newton and all over Massachusetts, helping them line up their auto loans online. Experience the convenience of having a committed finance consultant to answer the questions you have and line up your loan.

Bad Credit Car Dealers in Newton, MA

If you are trying to find an auto dealer in Newton that funds loans for people with bad credit, welcome to Motive Auto Finance: we’d love to help you find the dealer that fits your credit and budget. As opposed to buy here pay here dealers, these dealers offer:

  • Affordable interest rates.
  • Realistic down payments.
  • Lower mileage vehicles.

You may not be able to finance the fanciest car in the showroom. With adverse credit, the maximum amount you can borrow is six to eight times your monthly income. For residents of Newton making $6,002 per month, this is $36,012 to $48,016. That being said, only 8% of your income ($480) should be earmarked for your car payment, which may restrict how much you can spend. Apply online to find out how much you can borrow.

Can You Get a Car Loan without a Down Payment?

It’s often necessary to offer a down payment on the vehicle you are financing, particularly if you have a bad credit score. A down payment brings down your loan-to-value ratio (LTV), which is the size of the loan versus the vehicle’s value–thereby resulting in:

  • Lower rate of interest.
  • Less paid in total interest.
  • Fewer issues with being under water.

It may be possible to finance a car in Newton without a cash down payment, especially if you have a strong credit score. Consult a vehicle finance consultant and see whether you’re eligible.

Buy Here Pay Here Dealerships in Newton, MA

Car lots in Newton that advertise buy here pay here financing have a few common characteristics. They…

  1. Approve auto loans directly.
  2. Rarely perform credit checks.
  3. Demand weekly or biweekly payments, often in person.

If you’ve got really bad credit, Newton buy here pay here dealers are often the only way to go. But the truth is, there are a variety of negatives:

  • Elevated Rates Of Interest
  • In-Person Payments
  • High Risk of Repossession

How Much to Spend

Want to know what kind of car fits your budget? Just 8% of your monthly income should be put toward your new payment. For a resident of Newton earning $6,002 per month, the city average, this would be $480.

Great Credit Decent Credit Bad Credit
Monthly Income $6,002 $6,002 $6,002
Payment Amount $480 $480 $480
Loan Rate 3.50% 7.00% 11.00%
Term Length 60 Months 60 Months 60 Months
Money Down $6,599 $6,062 $5,521
Total Interest $2,415 $4,561 $6,726
Price with Interest $35,408 $34,872 $34,331
Sticker Price $32,993 $30,311 $27,605

Used Cars in Newton, MA

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