Auto Loans in Newton (MA)

Our team is quickly becoming the foremost provider of automotive financial services for residents of Newton, MA. The reason? An unbeatable combination of technology and service. We have relationships with dealers and lenders in Newton who want to get you in the driver’s seat of a new vehicle – this week! This is how our system works:

  1. Take a couple of minutes to complete our loan application.
  2. Check your application status through our members’ area.
  3. Work with your dealer or lender to finalize your paperwork.
  4. Select the car or truck you want.

Truly, we’re making the process of securing a car loan in Newton as easy as 1, 2, 3, Go!

Selecting The Right Vehicle

Both new and used vehicles are available, though we do not support private party purchases. The dealers and lenders in our network require that you purchase your vehicle through a dealership – a typical requirement among many banks and credit unions. Obviously, a major factor in choosing your vehicle is the amount you can spend. Variables such as credit and income influence how much you qualify to borrow. This table details how much people of various credit ratings can finance, based on an income of $6,002 a month, which is the average for Newton residents. Please know that these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $60,020
Decent Credit 9 $54,018
Slow Credit 8 $48,016
Bad Credit 7 $42,014
Really Bad Credit 6 $42,014

Simply because you can borrow such an amount, doesn’t mean you should. A smaller loan is recommended, because it will lower the risk of non-payment. Remember, vehicles are depreciating assets, so it’s best not to invest too heavily in them.

Credit and Down Payment Considerations

If you have a credit score in excess of 720, you may be able to secure a car loan in Newton with zero down payment. However, most applicants will need to furnish a down payment either in cash or trade equity, especially if they have had credit problems. Bad credit, even in a city like Newton, is rampant – largely due to the bankruptcies, foreclosures, and repossessions that characterized the years following the recession. Fortunately, it is still possible to finance a car in Newton with bad credit, and a car loan, if paid off as agreed, is one of the most effective ways to begin rebuilding one’s credit score. Having been in this industry for years, we have relationships with dealers and lenders who cater to subprime consumers.

Interest rates are quite high for any subprime loan, and vehicle lending is no different. Rates in the neighborhood of 15% APR are not uncommon. High rates, coupled with fast depreciation, can quickly lead to negative equity. That’s why it’s important to finance an affordable vehicle, providing a down payment sufficient to cover that initial drop in value (10-20%).  Ready to get started? Just submit your application online.

No Credit Check Dealerships in Newton

Buy here pay here financing is sometimes known as tote the note, your job is your credit, in house or no credit check financing. Consumers who cannot get approved for a loan because of major credit problems like bankruptcy often resort to car lots like these. Sure, they don’t perform credit checks, but you pay through draconian lending terms and inflated prices. Many a BHPH customer has been late on just a single payment, only to find himself suddenly dependent on MBTA mass transit because of a repossessed vehicle. Normally, it is best to apply online through us, so we can find you a bad credit auto loan in Newton that won’t leave you worse off than you were before.

Newton Consumer Profile

Newton-MANewton, located some seven miles from Boston, is known as one of the best small towns in America. It has low crime rates, good schools, and one of the highest income per capita figures in the state. Listed here are average statistics for residents of Newton.

  • Gross Salary: $6,002 Monthly
  • Average Car Payment: $660 (11% of Income)
  • Suggested Car Payment: $480 to $600 (8%-10% of Income)

Newton Consumers by Credit Tier

Bad credit is fairly common these days in Newton and across the state of Massachusetts. This table shows the estimated number of Newton consumers at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,702
500-549 5% 4,256
550-599 8% 6,810
600-649 12% 10,214
650-699 15% 12,768
700-749 18% 15,321
750-799 27% 22,982
800-850 13% 11,065

Your credit rating will have a significant impact on your interest rate, but provided that you have sufficient income, we can often find someone to finance you, even when you need an auto loan in Newton with bad credit.