Auto Loans in Boston (MA)

At Massachusetts Auto Finance, we get you the financing you need with no hassles, and no obligations. We work with lenders and dealers in Boston who want to get you in a new vehicle – today! Here’s how our system works:Auto Loan Boston

  1. Apply for your Boston car loan through our website.
  2. Keep track of the status of your application through our members’ area.
  3. Have a discussion with your lender about your rate of interest and conditions.
  4. Wrap up any remaining paperwork.
  5. Now you can buy the car you want.

You too can be one of the many Boston residents who’ve allowed us to find them the loan they need!  Ready to get started? Go here to submit your finance application.

Bad Credit Car Dealerships in Boston

At an ordinary dealership, the last thing you discuss with your salesperson is your credit and financing. Not so at a dealership that finances bad credit. After all, your auto loan is the crux of the deal. Fortunately, our application process is a great choice for applicants with problematic credit. There’s no minimum credit score involved, and we can help applicants who fall fall into any of the subprime credit tiers.

Credit Tier FICO Range
C/3 580-660
D/4 520-580
F/5 Less than 520

A down payment, as well as income verification may be required for a bad credit auto loan in Boston. Fortunately, applicants are approved within minutes. We can find you a dealer in Boston who can work with your credit – online!

Auto Loans for Students in Boston

student auto loan Boston
Boston is home to more than a hundred different colleges and universities.  These include Boston University, Northeastern University, Suffolk University, University of Massachusetts Boston, as well as Bunker Hill and Roxbury Community Colleges.  With a quarter million students in the area, the issue of financing a car as a student often arises.  The difficulty for most students is twofold

  • Limited Credit History
  • Part-Time or Inconsistent Income

The first issue is something we can normally work around.  We work with many companies who can assist borrowers with a limited history of credit. Income, on the other hand, is an area where lenders are unwilling to budge. They typically require, at minimum, an income of $375 a week before taxes. What’s more, they require proof of income, which can be problematic for students who work as bartenders or servers, since tip income often goes under-reported. If you can’t prove an income of this amount, then your only option will be to ask a parent or relative to co-sign the loan.

Boston Auto Loans, No Money Down?

We do work with lenders who offer financing with zero money down, even for people with bad credit. However, providing a down payment affords you significant advantages:

  • Shortens loan, meaning less is paid in interest.
  • Lowers payment amount.
  • Reduces negative equity.

That being said, most of our lenders and dealers understand that down payments take a lot more time and energy given the current market conditions. Just indicate your down payment amount when you submit your application, and our platform can probably help you find a dealer or lender who wants to get you behind the wheel, regardless of whether or not you have a down payment.

Buy Here Pay Here Dealerships in Boston

You’ve probably wondered about car lots in Boston that advertise buy here pay here loans? Shoppers who cannot secure a loan because of serious credit problems often turn to car lots like these. Without a doubt, the interest rates are higher, but there aren’t many roadblocks to credit acceptance. We recommend that you steer clear of these Boston in house financing dealerships, applying instead for a bad credit auto loan arranged through us. Apply today – it takes less than 3 minutes.

Boston-Specific Financial Profile

Boston boasts the 6th most powerful economy in the United States, a strength based on three primary financial engines:  tourism, higher education, and financial services. Still, that doesn’t mean that the average Beantown resident doesn’t have their own financial struggles. Listed below are average stats for residents of Boston.

  • Average Income: $24,847 Per Annum
  • Average Monthly Payment: $228 (11% of Income)
  • Ideal Monthly Payment: $166 to $207 (8%-10% of Income)

Poor credit. It’s pretty common in Boston and across Massachusetts. This chart depicts the estimated number of Boston consumers at each credit level.

FICO Score % of Population Residents
300-499 2% 11,783
500-549 5% 29,457
550-599 8% 47,131
600-649 12% 70,697
650-699 15% 88,371
700-749 18% 106,045
750-799 27% 159,068
800-850 13% 76,588