Auto Loans in Framingham (MA)

We know that the auto finance process can be a headache, and we’re here to help. We can help you secure the auto loan you need – right now! We have dealers and lenders in Framingham and across Middlesex County who want your business. Allow us to match you with the company who suits you best. You could arranging your loan with a finance specialist in as little as five minutes. Truly there is no easier way to go through this process.

Step-by-Step Approval Process

  1. Take a few minutes to submit your credit application.
  2. Monitor your application status through our approval center.
  3. Speak with your dealer rep about your rate of interest and terms.
  4. Sign your agreement.
  5. Go select your vehicle from a nearby dealer.

The table that follows depicts how much you can borrow, derived from a monthly income of $1,887, the average in Framingham. These sums are only estimates. You may be eligible for a greater or lesser amount, depending on other factors. Consult a vehicle finance specialist to find out more.

Credit Income Factor Sum
Great Credit 10 $18,870
Fair Credit 9 $16,983
Subprime Credit 8 $15,096
Poor Credit 7 $13,209
Very Bad Credit 6 $13,209

To determine how much you can borrow, multiply your monthly income by the applicable income factor.  You too can be one of the many Framingham residents who’ve gotten their loan through us! Apply Now!

Considerations Based on Credit Score

FramingtonLow credit score? Not to worry. We help people with credit problems each and every day. Here’s what you need to know, if you’re applying for a car loan with bad credit in Framingham:

  • Income of $375/week required.
  • Down payment of 10-20% may be required.
  • Must have no repossessions in previous year.
  • Any bankruptcies must be discharged, or debt authorized.
  • Interest rates for new vehicles will be, at minimum, 10% APR.
  • A paid-as-agreed vehicle loan will gradually increase your credit scores.
  • It is best to allocate just 5-10% of your monthly income toward a car payment.

If you meet or follow these guidelines, we should not have too much trouble finding you the car loan you need, even if you have a credit score in the 600’s or lower.

Zero Down Payment?

Buyers with good credit can typically get financed without a down payment. Customers with below-average credit, however, may need to offer up a down payment. When dealing with subprime credit, lenders are concerned with the Loan-to-Value Ratio (LTV). This is the amount borrowed in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $20,000 75%

The lower the LTV, the less risk for the lender. Having said that, there are dealers that approve financing with no down payment. Just enter your down payment amount on your application, and our system can probably help you find a dealer or lender who can accept you, even if you don’t have a down payment.

Buy Here Pay Here Car Dealers in Framingham

If you’ve experienced a bankruptcy or repossession, you have probably thought about going to an in house financing car lot in Framingham. These dealerships specialize in helping consumers who wouldn’t be approved by a traditional lender. Sure, the interest rates are higher, but there aren’t many obstacles to credit acceptance. Having said that, most of these dealerships aren’t able to help buyers repair their credit. Normally, it is best to apply online, so we can find you a car loan in Framingham that can help you repair your credit.

Credit and Income: Framingham

Listed below are some average stats for Framingham residents.

  • Average Income: $1,887 Per Month
  • Average Car Payment: $208 (11% of Income)
  • Ideal Monthly Payment: $151 to $189 (8%-10% of Income)

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

FICO Score % of Population Residents
300-499 2% 1,342
500-549 5% 3,355
550-599 8% 5,369
600-649 12% 8,053
650-699 15% 10,066
700-749 18% 12,079
750-799 27% 18,119
800-850 13% 8,724

If you’re in one of the lower ranges, don’t worry. We have lenders who serve each of these credit tiers. Why not get approved for a car loan in Framingham? It’s easy to apply online.