Auto Loans in New Bedford (MA)

Getting your loan pre-arranged simplifies the car-buying process, and we can help. We have a deep network of dealers and lenders in New Bedford and Bristol County, many of whom can approve you for an auto loan – online! Simply submit your application, and we’ll begin working to get you the car loan you need.

For those who have below-average credit, we’re the perfect solution. Our team has been assisting Massachusetts borrowers since 2009, and we have relationships with dealers and lenders who help people with credit problems. No minimum credit score is required. However, we do encourage you to check your credit report for errors, in order to ensure that you get the best possible interest rate.

Minimum Auto Loan Requirements

  • 18 years of age
  • Monthly income of $1500 per month
  • Full coverage auto insurance (can be purchased/upgraded after purchase)

Down payments are often required for bad credit car loans in New Bedford.

Car Loan Amounts for New Bedford Customers

It’s easy to estimate the amount you can borrow. Just multiply your monthly income by the income factor that corresponds to your credit score. We’ve included a sample, based on the average income of New Bedford residents, $1,894.

Credit Income Factor Loan
Great Credit 10 $18,940
Decent Credit 9 $17,046
Temporary Bad Credit 8 $15,152
Bad Credit 7 $13,258
Terrible Credit 6 $13,258

Just because you’re able to borrow this amount, doesn’t mean you should. A smaller loan is advised, because it will put less pressure on you from a financial standpoint.

Getting Approved with No Money Down

Excellent credit? Then you probably won’t have to concern yourself with a down payment. If you have below-average credit, however, your dealer may require you to provide a payment in advance. The reason is simple: loans to such consumers pose more risk to the loan company. Delinquency is much more likely, and a down payment makes sure that some percentage of the vehicle’s value is not in jeopardy. What’s promising is, as the auto sector rebounds, more and more lenders and dealers should be able to approve auto loans in New Bedford with no money down.

Submit your application, and indicate that you won’t be putting any money down. We will work hard to connect you with a dealer or lender who can approve you for financing, no down payment needed.

What About In-House Car Loans in New Bedford?

In New Bedford, buy here pay here dealerships have become a necessary evil for many borrowers, mainly because of the financial crisis. Customers who have been unable to secure a loan because of seriously bad credit often find themselves at these types of car lots. Everything is paid to the dealership directly, and the vehicles are typically priced at $10,000 or less. We recommend that you eschew buy here pay here dealers in favor of a bad credit car loan we help you arrange. Apply online – it’s fast and free.

New Bedford Consumer Profile

New Bedford’s economy has been through a number of evolutions.  Once known as the “Whaling City,” the city largely subsisted on the profits of whale oil until petroleum became more popular. More recently fishing, textiles, and manufacturing have all helped shaped the city, though each of these industries has decelerated in recent years.  These economic tribulations have trickled down to the pocketbooks and credit scores of the residents – two important factors for anyone trying to finance a vehicle.

  • Pre-Tax Salary: $22,726 Per Year
  • Average Monthly Payment: $208 (11% of Income)
  • Recommended Car Payment: $152 to $189 (8%-10% of Income)

Below-average credit. It’s pretty common in New Bedford and across Massachusetts. The chart below shows the estimated number of New Bedford residents at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 2,079
500-549 5% 5,198
550-599 8% 8,316
600-649 12% 12,475
650-699 15% 15,593
700-749 18% 18,712
750-799 27% 28,068
800-850 13% 13,514