Auto Loans in Medford (MA)

Whether you’re a native of Medford or a student at Tufts University, our team can help you secure a car loan at an affordable rate. We work with lenders and dealers across Medford and Middlesex County who want to approve you for financing – today! Submit your application, and the dealers and lenders in our network compete for your business. There is no application fee, and no obligation to accept the finance package you’re offered. We work with clients of all credit tiers and income brackets, and both new and used vehicles are available. The minimum income to qualify is $1500 per month, and all purchases must be made through an approved dealer.

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included an example, based on the average income of Medford residents: $1,459.

Credit Income Factor Loan Amount
Great Credit 10 $14,590
Decent Credit 9 $13,131
Subprime Credit 8 $11,672
Bad Credit 7 $10,213
Horrible Credit 6 $8,754

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

Auto Loans in Medford for People with Bad Credit

Bad credit is endemic in the US, in Massachusetts, and sadly, in Medford. We give our subprime applicants the very same service we give everyone else, and our services are arguably more beneficial for people with credit problems. That’s because we allow you to apply just once and have a dealer or lender come to you, as opposed to going to multiple lots or lenders to secure the financing you need. This saves you the frustration of an in-person credit denial, and accelerates how quickly you find a lender, find a loan, and find yourself in the driver’s seat of your new car. We can offer a few important recommendations for anyone who needs a bad credit car loan in Medford, however:

  • Negative equity is a serious risk, due to elevated interest rates. For this reason, a down payment is highly recommended, even if your dealer doesn’t demand it. For a used vehicle, 10% is usually sufficient. For a new one, 20% is the goal to have in mind. Remember, your trade-in can help you hit these thresholds.
  • Budgeting properly for your vehicle is of utmost importance. Don’t let your bad credit car dealer talk you into a car payment that constitutes more than 10% of your monthly income. In fact, 5-8% is even better.
  • Be careful to make all of your payments on time. This will gradually boost your credit score, demonstrating to lenders that your past credit problems are just that – a thing of the past. Missing even a single payment can kill your score.
  • If you have gone through bankruptcy or repossession, you’ve perhaps considered going to a buy here pay here car lot in Medford. Customers who have been unable to secure a loan because of major credit problems like bankruptcy often find themselves at dealerships like these. They specialize in helping people with issues like bankruptcy or repossession on their records. Unfortunately, most of these dealerships cannot help people re-establish their credit. Often, it is far better to apply online through our website, so we can find you a car loan in Medford with lower rates and better terms.

Medford-Specific Income, Credit Statistics

Medford’s economy revolves largely around Tufts University, which has acted as a stabilizing force in the midst of the recession. Here are some average statistics for Medford residents.

  • Gross Earnings: $17,504 Annually
  • Average Monthly Payment: $160 (11% of Income)
  • Ideal Monthly Payment: $117 to $146 (8%-10% of Income)

Medford Consumers by Credit Tier

If you’ve got a low credit score, you aren’t the only one. This table depicts the estimated number of Medford residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,124
500-549 5% 2,810
550-599 8% 4,496
600-649 12% 6,744
650-699 15% 8,430
700-749 18% 10,117
750-799 27% 15,175
800-850 13% 7,306

Are you ready to submit your application for your Medford auto loan? Go here to apply online.