Auto Loans in Lawrence (MA)

Our team is revolutionizing the financing process for residents of Lawrence, Essex County, and the state of Massachusetts as a whole. We have been in the auto finance industry for years as brokers and consultants, placing our clients with companies willing to fund their loans at competitive rates. The advantages of pre-arranged financing are myriad:  less time on the dealership, less stress during the finance discussion, and greater bargaining power with your salesperson. Let us find you the auto loan in Lawrence you need – today! Submit your application, and our network of dealers and lenders compete to fund your loan.

What’s Your Borrowing Power?

The chart that follows shows a wide array of loan amounts, derived from a monthly income of $1,544, the average in Lawrence. These numbers are just estimates. You may be entitled to a different amount. Consult an auto finance specialist for more information.

Credit Income Factor Loan Amount
Great Credit 10 $15,440
Fair Credit 9 $13,896
Slow Credit 8 $12,352
Poor Credit 7 $10,808
Very Bad Credit 6 $10,808

Of course, these are simply estimates. For a detailed quote, you must submit your application.

Do I Need a Down Payment?

We can assist you in finding dealers who finance people with no down payment. Having said that, a down payment affords you considerable benefits:

  • Shortens loan, meaning less paid in interest.
  • Reduces monthly repayment.
  • Decreases negative equity.

With that being said, modern day lenders and dealers understand that down payments are especially problematic these days. Just enter your down payment amount on your application, and our platform will probably help you find a dealer, bank, or lender who can accept you, even if you don’t have a down payment.

Bad Credit Auto Loans in Lawrence, MA

Once a leading textile center, Lawrence has faced all kinds of social, political, and financial strife in recent years.  Although city boosters are excited about new development in the mill districts along the Merrimack River, the reality is that many of the city’s residents are still struggling with credit issues brought on by the recession.  Fortunately, we’ve forged relationships with companies who specialize in arranging auto loans for people with bad credit.  Typically these are subprime auto finance companies, or “bad credit” dealerships that work with such lenders, as opposed to national or regional banks, which rarely deal with subprime customers.

Did you know that making your car payments on time month after month is one of the best ways to boost an ailing credit score? That’s right.  A large percentage of your FICO score is determined by your payment history, and a car loan gives you the opportunity to outpace your old problems with a new history of timely repayment. Just make sure that your lender does report payments to the credit bureaus (Equifax, Experian, Transunion), in order to get the “credit” you deserve.

We encourage you to avoid the buy here pay here car lots in Lawrence that have been springing up as a result of the economic slowdown. Shoppers who cannot get approved for a loan because of seriously bad credit often turn to these types of dealerships. Everything is paid to the dealership directly, and the cars and trucks for sale typically cost less than $10,000.We recommend that you steer clear of in house financing car lots and opt for a bad credit auto loan online. Submit your application – it’s fast and free.

Lawrence-Specific Income, Credit Statistics

Though important, your FICO score is only part of the picture. Creditors check your income, stability, and history of credit. The following are average statistics for Lawrence residents.

  • Gross Earnings: $18,525 Per Year
  • Average Car Payment: $170 (11% of Income)
  • Recommended Monthly Payment: $124 to $154 (8%-10% of Income)

Next we’ve a breakdown of Lawrence’s population by credit score. These estimates should give you an idea of where you stand.

FICO Score % of Population Residents
300-499 2% 1,439
500-549 5% 3,598
550-599 8% 5,757
600-649 12% 8,635
650-699 15% 10,794
700-749 18% 12,953
750-799 27% 19,429
800-850 13% 9,355

If you’re in one of the lower ranges, fear not. We have lenders who work with each of these credit tiers.