Auto Loans in Cambridge (MA)

Need to finance a car in Cambridge, MA? We can help. Our system is fast, safe, and effective. We match you to a lender or dealer based on a variety of factors, including your income, location, and credit profile. This maximizes your chances of approval, while streamlining the entire car-buying process.  Applicants with sufficient income have a 90% chance of being approved. Apply online, and we will find you a car loan that fits your credit and income, without breaking the bank.

Auto Loans for University Students and Faculty

auto loanCambridge is revered as one of the foremost bastions of higher-learning in the United States, if not the world, boasting both MIT and Harvard. Unfortunately, financing a car as a student presents unique challenges. Most undergraduates have not had sufficient time to create an established credit history, and auto lenders prefer stable, full-time employment. Still, if you earn $1500 a month through part-time work, stipend, or an internship, we can typically find a dealer or lender willing to fund your loan, even if you have little to no credit history.

Many dealers do offer special rate discounts or rebates for students and recent graduates, though these typically vary based on vehicle manufacturer. Be sure to inquire with your finance professional about such offers. Some dealers even offer such specials for employees and faculty members of area universities.

Cambridge Auto Loans for People with Bad Credit

If you have credit problems, you’ve come to the right spot, because bad credit is one of our areas of expertise. We have used our many years of industry experience to forge relationships with companies who cater to consumers with credit problems, and we pride ourselves on a very high rate of approval success among our subprime clientele.

That said, it is typical for people with credit problems to be charged interest rates in excess of 12-15% APR, and a down payment may be required (and certainly recommended).  It is vital that you eschew luxury and sport cars for a reliable, affordable, practical car or truck on which you’ll have no trouble making the payments.  Keep in mind that a paid-as-agreed car loan is one of the best ways to build your credit if you’ve had problems in the past.

Auto Loan Amounts for Cambridge Consumers

The chart below shows how much you can borrow, based on a monthly income of $3,320, the average in Cambridge. These numbers are merely estimates. You may be entitled to a different amount. Speak to a vehicle finance agent for more information.

Credit Rating Income Factor Amount
Great Credit 10 $33,200
Average Credit 9 $29,880
Subprime Credit 8 $26,560
Bad Credit 7 $23,240
Really Bad Credit 6 $23,240

Remember, the numbers above are approximations. For a precise quote, you must submit your application.

Down payments can be paid in cash or trade equity, and typically cover anything from 5-20% of the vehicle’s price. They are typically required of people with a less than ideal history of debt payment. At this stage, the Loan-to-Value ratio becomes important. This is the amount of the loan versus the wholesale value of the vehicle.

Amount Borrowed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $30,000 67%

The lower the LTV, the lower the risk for the lender. That being said, we get a lot of loan-seekers approved for financing, despite their lack of down payment.

Simply enter your down payment amount when you submit your application, and our system will probably be able to find you a dealer or lender who wants to fund your loan, regardless of whether or not you have a down payment.

In House Financing Car Dealers in Cambridge

The majority of buy here pay here dealers consider down payments mandatory. These dealers do their own financing, instead of outsourcing this to a network of lenders. Sure, the annual percentage rates are high, but there aren’t many obstacles to approval.

Having said that, most buy here pay here dealers aren’t able to help people rebuild their credit. Normally, it is far better to apply online, so we can find you an auto loan in Cambridge that has better rates and terms.

Credit and Income: Cambridge

CambridgeAs the home of both Harvard and MIT, as well as a growing list of biotech and pharma firms, the city of Cambridge enjoys a healthy economy. Below are some average stats for residents of Cambridge.

  • Gross Income: $39,836 Annually
  • Average Monthly Payment: $365 (11% of Income)
  • Recommended Monthly Payment: $266 to $332 (8%-10% of Income)

Below-average credit. It’s fairly pervasive nowadays in Cambridge and across the state of Massachusetts. The table below depicts the estimated number of Cambridge consumers at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 2,052
500-549 5% 5,129
550-599 8% 8,207
600-649 12% 12,310
650-699 15% 15,387
700-749 18% 18,465
750-799 27% 27,697
800-850 13% 13,336

Your FICO score will primarily determine your APR. However, provided that you have sufficient income, we can often find someone to finance you, even if you need a car loan in Cambridge for bad credit.