Auto Loans in Somerville (MA)

Somerville resident?  Need a loan to purchase new or used car? Our application placement platform makes it easy to get approved. Apply online, and your finance application will enter our placement platform. There we’ll find you a finance company based on your location, your income, your down payment, and more. Gone are the days of hurrying from one bank to the next, hoping to secure the funds you need. Now you can apply online, through us, and let the finance specialists come to you. As a brokering agency, we do not charge, the client, for our services, and there is no commitment to accept the lending offer you’re given. Why wait? Get rolling today!

How much can you borrow? That will depend on your credit, your income, and your lender. The chart below shows you multiple loan amounts, based on a monthly income of $3,878, the average in Somerville. These amounts are simply estimations. You may be entitled to a different amount. Speak to an auto finance agent to learn more.

Credit Income Factor Amount Borrowed
Great Credit 10 $38,780
Decent Credit 9 $34,902
Temporary Bad Credit 8 $31,024
Poor Credit 7 $27,146
Horrible Credit 6 $27,146

Just because you can borrow such an amount, doesn’t mean you ought to. A smaller loan is highly recommended, because it will put less stress on you financially.

Bad Credit Car Loans in Somerville, MA

Low credit score? No problem. We help applicants with damaged credit get approved every day. There are three “bad credit” credit tiers, ranging from 250 up to 660. Anything below 620 is generally classified as bad credit.  Regardless of what tier you are in, we have lenders who want to get you into a new car. Your interest rate will be based on a multitude of factors, including your credit score, credit history, loan term, vehicle type, lender, and other factors. Generally, though, subprime applicants are quoted rates of 12-18% APR. This is a high rate of interest, so it is important to make a prudent choice as far as the vehicle you purchase. Generally a late-model, low-mileage used vehicle is best, as these cars are new enough to be reliable and old enough to maintain a gradual (versus acute) rate of depreciation. Budget no more than 5-10% of your monthly income to your car payment. Remember you still have to pay for fuel, repairs, insurance, and registration. Let us find you a dealer that approves car loans for people in Somerville with bad credit. It’s easy. Just submit your online credit application.

A down payment and proof of income will often be expected for a bad credit auto loan in Somerville.  Why? Because a down payment protects the lender/lien-holder, while affording you substantial advantages:

  • Reduces the length of the loan, meaning you pay less in interest.
  • Lowers monthly repayment.
  • Decreases the risks of an underwater loan.

If you don’t have a down payment, and you have bad credit, you may have trouble getting approved. However, we still welcome your application, as we place many applicants who have bad credit and no down payment.

In House Financing Car Dealers in Somerville

If you are considering working with a buy here pay here dealer in Somerville, on account of poor credit, keep in mind that they will most likely require you to provide a hefty down payment. Shoppers who have been unable to secure financing because of seriously bad credit often wind up at dealerships like these. Of course, the annual percentage rates are higher than average, but there aren’t many hurdles to approval.

Lamentably, most in house financing car lots don’t help people re-establish their credit. Often, it is better to apply online through us, so we can find you an auto loan in Somerville that can help you improve your credit.

Credit and Income: Somerville

Somerville, once referred to as “Slummerville” due to the high crime rates, has been eking its way out of the financial stupor of its past. Still, that legacy of financial strife has left is imprint on the credit reports of many residents. The following are average stats for Somerville residents.

  • Pre-Tax Salary: $3,878 Monthly
  • Average Monthly Payment: $427 (11% of Income)
  • Ideal Car Payment: $310 to $388 (8%-10% of Income)

Have you ever wondered about the credit ratings of your neighbors? We’ve estimated how many Somerville residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,541
500-549 5% 3,852
550-599 8% 6,163
600-649 12% 9,245
650-699 15% 11,556
700-749 18% 13,867
750-799 27% 20,801
800-850 13% 10,015

Keep in mind, we also serve clients in nearby Cambridge, as well as Boston of course.