Auto Loans in Taunton (MA)

Searching for an auto loan in Taunton? Pre-arranging your loan simplifies the car-buying process by leaps and bounds, allowing you to focus on the car you want, not how you’ll finance it. Our team has been helping consumers arrange their financing for years. We have relationships with lenders and dealers in Taunton, Bristol County, and across Massachusetts who want to fund your loan – right now! When you submit your application, our lenders compete against one another for your business. Best of all our service is free for you, the consumer, since we work on behalf of the lenders and dealers in our network.  That means no application fee on your part, and no obligation to accept the offer from your finance specialist.

Interest Rate and Loan Amount

These primary two aspects of any loan – interest rate and loan amount – are largely determined by two factors:

  •  Ability to Pay (Income)
  • Propensity to Pay (Credit)

The higher your credit score, the lower your rate of interest. Higher credit scores also result in higher maximum loan amounts. Below-average credit? We can help you get a bad credit car loan in Taunton, you’ll just have to pay a higher rate of interest:  10% APR or higher, typically. Additionally, your maximum loan amount will only be 6-8 times your monthly income. In reality, any more than this would not be a good idea, as you don’t want to overtax your monthly budget and end up missing a payment, thereby worsening your credit score instead of improving it. A down payment is highly recommended, and often required, if your credit history is rocky. That initial investment will keep you from falling prey to negative equity, an upside down situation in which you owe more on your loan than your vehicle is worth. In such scenarios, if you trade in the vehicle or its totaled, you could end up owing a “deficiency balance” – basically the difference between the value of the car and what you still owe to the lender.

One thing you want to avoid is buy here pay here financing, commonly known as rent to own, in house or no credit check financing. Dealers like these finance consumers that cannot get approved anywhere else due to poor credit. They approve people with problems like open bankruptcy, foreclosure, or repossession within the last year.  It’s usually best to eschew these kinds of dealers, applying instead for an auto loan from a bad credit car dealership in Taunton offering rates of interest that aren’t so penal. Apply online – it’s fast and free.

Estimating how much you can borrow is pretty easy. All you have to do is multiply your monthly income by the income factor that corresponds to your credit score. We’ve included an example, based on Taunton’s average per capita income: $2,642.

Credit History Income Factor Amount Borrowed
Great Credit 10 $26,420
Decent Credit 9 $23,778
Subprime Credit 8 $21,136
Poor Credit 7 $18,494
Terrible Credit 6 $15,852

As we stated before, the numbers above are estimations. For an exact quote, you must submit your application.

Do You Need a Down Payment?

We can find you dealers who approve people in Taunton with no down payment. However, a down payment is a good idea because it decreases your monthly payment, interest paid, and problems with being underwater. Listed below are the suggested down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

With that being said, our lenders and dealers realize that down payments are especially tricky given the current market conditions. Submit your application. We will work tirelessly to place your application with a dealer or lender willing to approve you for financing, no down payment needed.

Taunton Consumer Profile

Contrary to popular belief, there is more to auto financing than just your FICO score. Lenders consider the following:

  • Debt to Income Ratio
  • Source of Income
  • Payment History

Listed below are average stats for Taunton residents.

  • Gross Earnings: $31,703 Per Annum
  • Average Car Payment: $291 (11% of Income)
  • Ideal Car Payment: $211 to $264 (8%-10% of Income)

Curious about the credit scores of your neighbors? We have calculated how many Taunton consumers fall into each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,123
500-549 5% 2,808
550-599 8% 4,494
600-649 12% 6,740
650-699 15% 8,425
700-749 18% 10,110
750-799 27% 15,166
800-850 13% 7,302

The good news is, we can help nearly any borrower who has an income of $1500 per month or higher, no matter their credit score.