Auto Loans in Springfield (MA)

From credit scores to down payments, getting a car loan in Springfield – or anywhere in Massachusetts – can be a bewildering process. Fortunately, we’re here to direct you from application to approval. More and more lenders and dealers have entire departments dedicated to web-based applications, and we can get you approved from the comfort of your computer. When you apply online, our network of dealers and finance companies in Hampden County compete against each other for your business.

Bad Credit Car Loans for Residents of Springfield, MA

auto loanSpringfield may rank as one of the top 25 high-tech cities in the United States, but there are still a lot of consumers reeling financially from the recession. Obviously, bad credit can make it much more difficult to get approved for financing, but we pride ourselves on helping clients get the car loan they need, despite a credit score of 650 or lower.

A down payment and income verification may be considered necessary for any bad credit car loan in Springfield. Fortunately, most of our clients receive their approval within minutes, typically by a dealership with a special finance department – colloquially known as a bad credit car dealer. These dealerships – or rather the lenders who fund their clients’ loans – do submit information to the credit reporting agencies, which is a prerequisite for reestablishing your credit.

Simply apply online, and we’ll go to work finding you a bad credit auto loan in Springfield that will get you in the driver’s seat.

Determining How Much You Can Borrow

It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor associated with your credit score. We’ve included a sample, based on Springfield’s average per capita income, $1,718.

Credit Income Factor Amount
Great Credit 10 $17,180
Fair Credit 9 $15,462
Slow Credit 8 $13,744
Bad Credit 7 $12,026
Very Bad Credit 6 $12,026

To see your own loan amount, multiply your pre-tax monthly income by the corresponding income factor.

Do You Need a Down Payment?

Don’t have a down payment? No worries. That said, supplying a down payment gives you significant benefits:

  • Reduces the length of the loan, meaning less paid in interest.
  • Reduces payment per month.
  • Decreases the risks of an underwater loan.

With that being said, you don’t need a down payment to get pre-approved. Our approval platform will probably be able to help you find a lender or dealer who wants to get you behind the wheel, whether you can put money down or not.

No Credit Check Car Lots in Springfield

Buy here pay here dealers in Springfield have grown by leaps and bounds, because of the tough economy. Dealers like these finance consumers who can’t get approved anywhere else. The interest rates are typically expensive, but acceptance often is guaranteed. However, most in house financing dealers can’t help consumers rebuild their credit. In most cases, it is best to apply online, so we can find you a car loan in Springfield that can help improve your credit.

Credit and Income: Springfield

As we stated above, Springfield is one of the nation’s fast-growing technology and computing centers. This, combined with economic stablemates such as MassMutual, Smith & Wesson, and Merriam Webster, have enabled the city to weather the nation’s economic travails better than many of its neighbors.  This is important, because the income and credit profile of any applicant is key to the financing equation. Listed below are average statistics for residents of Springfield.

  • Pre-Tax Earnings: $1,718 Per Month
  • Average Monthly Payment: $189 (11% of Income)
  • Ideal Car Payment: $137 to $172 (8%-10% of Income)

Consumer Credit in Springfield

Poor credit is quite common these days in Springfield and across Massachusetts. This table depicts the estimated number of Springfield consumers at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 3,354
500-549 5% 8,386
550-599 8% 13,417
600-649 12% 20,126
650-699 15% 25,157
700-749 18% 30,189
750-799 27% 45,283
800-850 13% 21,803