Auto Loans in Brockton (MA)

Here at Massachusetts Auto Finance, we pride ourselves on being the number 1 financing resource for car-buyers in Brockton and Plymouth County. We act as brokers and consultants for consumers all across the credit spectrum. Since each auto lender has their own approval requirements, it can be tough to find one whose expectations align with your own. That’s where we come in. Here is how it all works:Auto Loan Brockton

  1. Apply online.
  2. Check your application status through our approval center.
  3. Consult your lender about your APR and terms.
  4. Sign your agreement.
  5. Go buy the car or truck you want.

You too can be one of the many Brockton residents who’ve allowed us to find them the loan they need! To get started, just submit your secure application.

Auto Loan Amounts and Requirements

In order to be approved, most auto lenders want you to have a minimum pre-tax income of $1500 per month ($375 per week).  Employment of at least 1 year is preferred, though not always required. Your approved loan amount is largely determined by your credit rating and salary or wages. The following chart details how much applicants of various credit ratings can borrow, given the average monthly income in Brockton, $1,377. Don’t forget, these are only estimates.

Credit History Income Factor Loan Amount
Great Credit 10 $13,770
Decent Credit 9 $12,393
Subprime Credit 8 $11,016
Bad Credit 7 $9,639
Terrible Credit 6 $9,639

To find out how much you can borrow, multiply your monthly income by the most suitable income factor.

Down Payments and Bad Credit Auto Loans

Excellent credit? If so, you probably won’t have to concern yourself with a down payment. Customers with poor credit, however, may not have it that easy. The reason is simple: such loans pose more risk for the loan company. Failure to pay is more of an issue, and a down payment makes sure that some percentage of the vehicle’s value has been secured. If you do have problematic credit, we can help. After all, bad credit financing is our specialty. We have lenders who work with credit scores of 620 and less, and they are ready and willing to approve you to finance the vehicle you want. Keep in mind, however, that interest rates get higher as your score goes down. In Massachusetts, consumers with bad credit should expect to be charged somewhere between 12-18% APR for a used car loan. The good new is, repaying an auto loan is an excellent way to boost your credit scores. So let us find you a lender or dealer that funds auto loans for people in Brockton with bad credit.

Buy Here Pay Here Dealerships in Brockton

More and more Brockton consumers have been turning to buy here pay here car dealers, thanks to the economic crisis. Customers who cannot secure financing due to serious credit problems often wind up at dealers like these. Of course, the annual percentage rates are high, but there are fewer hurdles to getting approved. Having said that, most of these dealers can’t help buyers re-establish their credit. Often, you would be happier applying online, so we can find you an auto loan in Brockton that has better rates and terms.

Brockton Consumer Profile

The following are average statistics for Brockton residents.

  • Average Income: $16,523 Annually
  • Average Car Payment: $151 (11% of Income)
  • Ideal Monthly Payment: $110 to $138 (8%-10% of Income)

Brockton Population by Credit Score

Below-average credit is fairly common in Brockton and across Massachusetts. The table below depicts the estimated number of Brockton residents at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 1,886
500-549 5% 4,715
550-599 8% 7,544
600-649 12% 11,316
650-699 15% 14,146
700-749 18% 16,975
750-799 27% 25,462
800-850 13% 12,260

Don’t worry if you’re credit isn’t perfect, we can help nearly any borrower who has an income of $1500 per month or more, regardless of their credit score.

Whenever you are ready, we can help you get the bad credit car loan in Brockton you need. It’s easy to apply online.