Auto Loans in Plymouth (MA)

If you live in Plymouth and need to finance a car, our team is here to help. We help residents of “America’s Hometown” arrange the auto loans they need without the hassle of going from lot to lot, bank to bank.  When you apply online, your credit application will enter our state-of-the-art placement platform, where dealers and lenders compete to fund your loan. Our extensive relationships and proven technology take the hassle out of the financing process, freeing you to focus on the car you want – not how you’ll pay for it.

Pre-Qualification Information

Plymouth MAIn order to be approved, you need to have a gross monthly income of $1500, and this income must be verifiable via tax returns or pay stubs. The amount you can borrow is based on two primary factors:  income and credit score. Simply multiply your monthly income by the income factor associated with your credit score. We’ve included one such example, based on the average income of Plymouth residents: $911.

Credit Income Factor Amount Borrowed
Good Credit 10 $9,110
Fair Credit 9 $8,199
Temporary Bad Credit 8 $7,288
Poor Credit 7 $6,377
Really Bad Credit 6 $6,377

Simply because it’s possible to borrow a particular amount, doesn’t mean it’s a good idea. A smaller loan is recommended, because it will put less strain on you in terms of your monthly budget.

Down Payments Required?

We have many lenders in our network who offer car loans with no money down, even for people with bad credit. However, providing a down payment is a smart choice for a number of reasons: it minimizes your monthly payment, interest, and problems with negative equity. If you have credit problems, it substantially increases your chances of approval. However, we do realize that down payments tend to be difficult given the current market conditions. Even if you can’t offer one, we’re willing to try and find you a dealer or lender who can work with your down payment, or lack thereof. As a final note, keep in mind that the trade allowance from your existing vehicle can be used to cover this expensive. Alternatively, you could sell your existing car or truck through the classifieds.  This takes more effort, but you’re guaranteed to get more than the dealer will give you. You can then turn around and use those funds as your down payment.

Bad Credit Car Loans in Plymouth

Subprime lending is our principal focus. We have dealers and lenders who help people with credit scores of 620 and lower, and they are ready and willing to fund your loan. As an applicant with bad credit, however, there are extra things you need to consider:

  1. Your rate of interest might be high, typically in excess of 10% APR for a new vehicle and 12% APR for a used one.
  2. Given this high rate of interest, it’s crucial for you to choose an economical car or truck with affordable payments. Budget no more than 10% of your monthly income for your car payment.
  3. Keep in mind, making regular payments on an installment loan like this is an excellent way to improve your credit rating. However, it is crucial to make every payment on time. For this reason, it’s best to sign for auto-pay with your lender.

What about buy here pay here (BHPH) financing? In Plymouth, this sort of financing is often referred to as your job is your credit, tote the note, no credit check, or in house financing. Dealers like these do their own financing, instead of working with third-party lenders. They approve people with issues like open bankruptcy, foreclosure, or repossession on their records. However, most in house financing dealerships don’t help buyers improve their credit. More often than not, it is better to apply online, so we can find you an auto loan in Plymouth that can help improve your credit.

Plymouth Consumer Profile

Plymouth’s economy is quite strong, driven largely by tourism, healthcare, and research.  That said, the income per capita among Plymouth consumers is quite low compared to many other areas of the state.  This obviously an important factor for any lender reviewing an applicant, and could make approval difficult for some consumers.

  • Average Income: $10,935 Per Annum
  • Average Car Payment: $100 (11% of Income)
  • Recommended Car Payment: $73 to $91 (8%-10% of Income)

This chart depicts how many people in Plymouth are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,031
500-549 5% 2,578
550-599 8% 4,125
600-649 12% 6,187
650-699 15% 7,734
700-749 18% 9,280
750-799 27% 13,921
800-850 13% 6,703