Auto Loans in Fall River (MA)

Are you in the market for a new or used vehicle in Fall River? For many consumers, the financing part of the equation can be the most stressful, especially if you have dealt with credit problems in the past. Fortunately, our team of specialists and network of lenders can smooth the process from application to approval. Our system is fast, secure, and effective. Clients who meet the minimum criteria have a 90% chance of getting financed. Here’s how the process works:

  1. Apply through our website.
  2. Check your email for your approval status.
  3. Consult your finance specialist to finalize your documentation.
  4. Go buy the car you want from a dealer in the area.

Today, you can become one of the many Fall River and Bristol County residents who have used these steps to finance the car they want! Are you ready? Go here to submit your secure application.

Minimum Requirements for Approval

Fall-River

  • Applicant must be 18 years or older
  • Have a monthly income of $1500
  • Have no repossessions in the past year
  • Bankruptcy must be discharged or authorized to incur debt

If you meet these minimum criteria, you have a very good shot at getting approved in short order.

Is There a Minimum Credit Score Required?

No, there is no a minimum credit score for placement within our system, and many of our dealers/lenders place greater emphasis on your income than your credit when it comes to approval. That said, we do recommend that you check your credit report for errors before accepting the interest rate you’re quoted. Studies show that a large percentage of American consumers have detrimental errors on their report that serve to artificially lower their credit scores, thereby resulting in inflated interest rates.  Still, though, if you have bad credit, you can expect significantly higher interest rates than candidates with scores of 700+.  In Bristol County, rates of 12% APR and higher are not uncommon for people with credit scores in the mid-600’s and lower.  This is simply the going rate on bad credit car loans in Fall River.

Credit is also a major factor in how much you can borrow. It’s an easy amount to estimate. Simply multiply your monthly income by the income factor associated with the state of your credit. We’ve included such an estimation, based on Fall River’s average per capita income, $2,552.

Credit Rating Income Factor Loan Amount
Excellent Credit 10 $25,520
Fair Credit 9 $22,968
Temporary Bad Credit 8 $20,416
Poor Credit 7 $17,864
Very Bad Credit 6 $17,864

Just because it’s possible to borrow a particular amount, doesn’t mean you should. A smaller loan is a good option, because it will put less pressure on you in terms of your monthly budget.

Are Down Payments Required?

Down payments are required for most auto loans, though amounts will vary depending on a multitude of factors:  credit, lender, loan-to-value ratio, etc.  Actually, we recommend down payments for a number of reasons:

  • They reduce your payment amount
  • They reduce the amount of interest
  • They minimize problems with being upside down.

Listed below are the suggested down payments for new and used vehicles.

  • Pre-Owned Vehicle: 10% ($1780 for a $17,800 vehicle)
  • New Vehicle: 20% ($3560 for a $17,800 vehicle)

If you don’t have a down payment, don’t worry. You can apply online and leave the down payment field empty. We’ll work tirelessly to match you with a lender who can approve you, zero down payment required.

No Credit Check Car Lots in Fall River

In Fall River, buy here pay here dealerships are increasing in popularity, mainly due to the economic crisis. Shoppers who have been unable to get approved for a loan due to major credit problems like bankruptcy often wind up at these types of dealerships. Payments are made to the dealer directly, and the cars and trucks for sale are usually less than $10,000. We recommend that you eschew these kinds of dealerships and opt for a car loan from a bad credit dealer in Fall River that can help you rebuild your credit. Apply now – there’s no fee or commitment.

Fall River Consumer Profile

Fall River, once the nation’s leading textile manufacturer, has suffered through a crime epidemic, largely an overflow from nearby New Bedford, as well as a rocky economy in recent years. Why is this relevant? Because such factors have an impact on the average Joe car-buyer. Banks, dealers, and car loan companies are interested in more than just your FICO score. Creditors evaluate your ability to pay (income), stability, and history of credit – all of which can be affected by a city’s economy.

The following are average statistics for residents of Fall River.

  • Pre-Tax Salary: $2,552 Monthly
  • Average Car Payment: $281 (11% of Income)
  • Ideal Monthly Payment: $204 to $255 (8%-10% of Income)

Fall River Consumers by Credit Tier

Curious about the credit ratings of your neighbors? We’ve calculated how many Fall River consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 2,191
500-549 5% 5,479
550-599 8% 8,766
600-649 12% 13,149
650-699 15% 16,436
700-749 18% 19,723
750-799 27% 29,585
800-850 13% 14,244

Ready to get started on your Fall River auto loan? Go here to submit your application.