Auto Loans in Salem (MA)

Here at Massachusetts Auto Finance, we take great pride in getting our customers approved for financing with no fees, no headaches, and no obligations. We’ve been in the auto finance industry since 2009, long enough to develop a class-leading network of dealers and lenders, many of whom are standing by, ready to fund your loan. Just apply online, and we’ll begin working to get you approved from a lender or dealer that suits your needs.

Low credit score? No problem. We make it easier to get pre-approved for your Salem auto loan, even if your history of credit is less than perfect. There are three subprime credit tiers:

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

No matter your score, we have lenders who want to get you into a new car. To be sure, your interest rate won’t be as low as someone with a FICO score of 700 plus, meaning it’s vital that you purchase an economical car or truck with easily-affordable monthly payments. We can get you approved for financing by a bad credit car dealer in Salem – online!

Credit Rating and Loan Size

The table below shows various loan amounts, based on a monthly income of $1,835, the average in Salem. These numbers are only estimations. You may qualify for a different amount. Talk with a vehicle finance agent to find out more.

Credit History Income Factor Amount Borrowed
Great Credit 10 $18,350
Average Credit 9 $16,515
Temporary Bad Credit 8 $14,680
Bad Credit 7 $12,845
Very Bad Credit 6 $12,845

As we stated previously, these are only estimates. For an exact quote, you must submit your application.

Down payments are payments made the day you sign for your new car or truck. They are frequently required of individuals with a disappointing history of debt repayment. After all, consumers with credit problems pose a greater risk to the finance company. Delinquency is more of a concern, and a down payment ensures that some percentage of the vehicle has already been paid for in advance. That isn’t to say dealers don’t have financing options for people who don’t have a down payment.

Just indicate your down payment amount on your application, and we will probably be able to help you find a lender or dealer who wants your business, whether or not you can put money down.

In-House Financing?

Buy here pay here car dealers in Salem now constitute a considerable percentage of market, largely thanks to the economic downturn. These dealers work with consumers that have been declined by traditional lending companies. Of course, the rates are high, but there aren’t many obstacles to credit acceptance.

Lamentably, most in house financing dealerships don’t help consumers improve their credit. Often, you would be better off applying online, so we can find you an auto loan in Salem that can help your credit.

Salem-Specific Credit, Income Numbers

Listed below are average statistics for residents of Salem.

  • Pre-Tax Salary: $1,835 Monthly
  • Average Monthly Payment: $202 (11% of Income)
  • Suggested Monthly Payment: $147 to $184 (8%-10% of Income)

Salem’s Credit Spectrum

Curious about the credit ratings of your friends and neighbors? We’ve calculated how many Salem residents fall into each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 808
500-549 5% 2,020
550-599 8% 3,233
600-649 12% 4,849
650-699 15% 6,061
700-749 18% 7,273
750-799 27% 10,910
800-850 13% 5,253

Regardless of where you find yourself in this table, we’re here to help. We help consumers of all credit scores and income levels. That’s what we do.

Would you like to submit an application for a car loan in Salem? Go here to apply online.