Auto Loans in Methuen (MA)

Why waste your time trekking from one lender to another, trying to secure financing? Good credit or bad, we will help you get the approval you need in less time. Each and every bank, dealer, or finance company has their own approval criteria, so it’s very important to find one willing to approve your credit. When you submit your application, our finance companies compete to fund your loan.

Dealers That Accept Bad Credit in Methuen

Subprime credit can be a real obstacle when it comes to financing, but not with us. There are three “bad credit” credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter your score, there are lenders who want to finance your loan. Many loan companies want people with poor credit to have an income of a minimum of $1500 per month, but most applicants receive their approval nearly instantly. We can find you a bad credit car dealer or lender in Methuen willing to approve you for financing – today!

Loan providers determine how much you qualify to borrow based on your income and credit score. This table shows how much individuals of various credit ratings can finance, given an income of $4,134 per month, the average in Methuen. Remember, these are only estimates.

Credit Score Income Factor Loan
Excellent Credit 10 $41,340
Average Credit 9 $37,206
Slow Credit 8 $33,072
Poor Credit 7 $28,938
Horrible Credit 6 $28,938

To determine your own loan amount, multiply your monthly income by the applicable income factor.

Down Payment: Do I Need One?

We have many lenders in our network who offer financing with zero down payment, even for people with bad credit. However, providing a down payment is a good idea for a number of reasons: it lowers your payment per month, interest, and risk of negative equity. The ideal down payment is 20% for a new vehicle, and 10% for a used one.

That said, you no longer need a down payment to get pre-approved. Just enter your down payment amount on your application, and we will probably be able to find you a dealer, bank, or lender who wants to fund your loan, whether or not you can put money down.

In House Financing Dealerships in Methuen

If you’ve been through bankruptcy or foreclosure, you have possibly wondered about working with one of the buy here pay here car lots in Methuen. Dealers like these approve car loans on site, instead of working with off-site finance companies. They specialize in helping people with issues like bankruptcy or repossession on their records.

We recommend that you avoid these Methuen BHPH dealers, opting instead for an auto loan from a bad credit dealer in Methuen offering more reasonable APR rates. Apply online – we have dealers waiting for your application.

Methuen Consumer Profile

Listed here are average stats for Methuen residents.

  • Gross Earnings: $4,134 Per Month
  • Average Car Payment: $455 (11% of Income)
  • Recommended Car Payment: $331 to $413 (8%-10% of Income)

Methuen Consumers by Credit Tier

If you have less-than-perfect credit, you aren’t alone. This table depicts the estimated number of Methuen residents at each credit level.

FICO Score % of Population Residents
300-499 2% 877
500-549 5% 2,194
550-599 8% 3,510
600-649 12% 5,265
650-699 15% 6,581
700-749 18% 7,897
750-799 27% 11,846
800-850 13% 5,703

As you can see, one in four Methuen residents have a credit score of less than 649, generally regarded as subprime. If your credit puts you in one of the lower groupings, don’t be concerned. We can still help you get approved.

Would you like to submit your application for your Methuen auto loan? Click here to submit your application.