Massachusetts Bad Credit Auto Loans (MA)

Trouble getting approved for financing on account of poor credit? We can help! We have relationships with a huge selection of dealers and lenders in Massachusetts who focus on helping people with bad credit.

When you apply online, we get you approved by a lender based on where you live, your income, and your FICO score. Our system is quick and easy, and there are no commitments or hidden fees.

Subprime Auto Loan Rates in Massachusetts

There’s no denying it: lower credit scores lead to higher annual percentage rates. Your actual interest rate will depend on several different factors, including your lender, FICO score, type of vehicle, financing term, and other factors. However, we can give you a range of rates based on our industry experience.

FICO Used Vehicle APR New Vehicle APR
660-689 8% 6.8%
620-659 12% 9.9%
590-619 16.5% 15.3%
500-589 17.8% 16.1%

Like we said: expensive. To help reduce the amount you wind up having to pay in interest, you can offer a down payment and go with shortest financing term possible.

Approval Requirements

  • Valid Massachusetts drivers license.
  • Monthly income of $1500 (pre-tax).
  • Employed for a minimum of 1 year.
  • Any bankruptcy discharged.
  • No repossession in last year.

Vehicle Restrictions

This varies from company to company, but we can offer a few requirements based on our industry experience.

  • New or used vehicles.
  • Maximum of 75,000 miles on vehicle.
  • Vehicle 6 years old or newer.
  • Minimum loan amount of $7500.

In addition, you might be required to buy your car or truck from an approved dealer.

Down Payment Requirements

Although we’d like to tell you otherwise, down payments are often a requirement when financing a car with less-than-perfect credit. The good news is, down payments have several advantages for the borrower:

  • Increased chances of being approved.
  • Size of loan is lowered.
  • Less paid in total interest.
  • Less chance of being under water on the loan

No doubt you’ve seen no money down, “sign and drive” promotions advertised on TV or the radio. Unfortunately, it’s common practice for a dealer to simply roll the down payment into the total loan amount. Although you don’t owe anything upfront, you’ll find yourself paying more over the life of the loan.

The Impact on Your Credit

For those who have bad credit, taking on an auto loan and paying it off as agreed is an effective way to re-establish credit. Payment history is a significant component of your FICO score. When you make your payments on time month after month, this establishes your creditworthiness. For this reason, you’ll want to finance a practical, affordable vehicle.

Here’s a good rule of thumb: your car payment shouldn’t constitute more than 10% of your monthly income. The average monthly income in Massachusetts is $2,921. This would equal a payment of $292 per month. Spending too much could result in delayed payments, delinquency, even default.