Auto Loans in Waltham (MA)

If you want to secure a car loan in Waltham for a new or used vehicle, our team is here to help. We’ve been brokering loans for residents of Waltham and greater Middlesex County for years, long enough to establish a strong network of dealers and lenders. We have them standing by, waiting for your application. When you apply online, we will find you a car loan that fits your credit and income.

Credit and Income Requirements

WalthamFor approval, you will need a verifiable income of $1500 monthly, prior to taxes and other withholdings. As far as credit score, there is no minimum required. However, you should have no repossessions in the past year, and any bankruptcies must be discharged, or else you’ll need an authorization to incur debt from your trustee. Both new and used vehicles can be financed, and there are dealers and lenders in our network that service each rung of the credit ladder. If your score is 620 or lower, we can help you secure a bad credit auto loan in Waltham, although your rate of interest will certainly be in excess of 10% APR. This is unavoidable, no matter where you finance, unless you have a cosigner willing to put their name on the loan. Before you accept the rate your finance specialist quotes you, it is always a good idea to pull your credit report from and check for any errors that could be lowering your score. As long as you make your payments on time, financing a car is a great way to begin re-establishing your credit.

Car Loan Amounts for Waltham Residents

The table that follows shows how much you can borrow, given a monthly income of $2,808, the average in Waltham. These figures are merely approximations. You may be entitled to more or less, depending on other factors. Speak to a vehicle finance specialist for details.

Credit History Income Factor Loan Amount
Great Credit 10 $28,080
Fair Credit 9 $25,272
Temporary Bad Credit 8 $22,464
Bad Credit 7 $19,656
Very Bad Credit 6 $19,656

Excellent credit? If so, you might not need to provide a down payment. But if your credit is sub-standard, your dealer may want you to provide a down payment. That’s because financing consumers with poor credit is a much riskier proposition, and a down payment ensures that some percentage of the vehicle’s value has already been secured. Don’t have the funds or trade-in vehicle to cover a down payment? We’re often able to find you a dealer, bank, or lending company who wants to get you in the driver’s seat, regardless of whether you have a down payment or not.

Buy Here Pay Here Dealers in Waltham

Buy here pay here dealerships in Waltham now represent a considerable portion of the market, largely as a result of the economic slowdown. Dealers like these specialize in helping consumers that can’t get approved any place else due to poor credit. The annual percentage rates are typically high, but approval is often guaranteed. Unfortunately, most of these car lots cannot help people re-establish their credit. Often, you would be more satisfied applying online, so we can find you an auto loan in Waltham that can help improve your credit.

Credit and Income: Waltham

Long-known as “The Watch City,” Waltham is now a research and learning center. Of course Brandeis University is located here, as well as Raytheon and ConstantContact. This strong economy is reflected in the average income of the residents.

  • Average Salary: $33,694 Per Year
  • Average Monthly Payment: $309 (11% of Income)
  • Ideal Monthly Payment: $225 to $281 (8%-10% of Income)

Waltham’s Credit Spectrum

If you’ve got a bad credit score, you’re not alone. This chart shows the estimated number of Waltham residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,185
500-549 5% 2,961
550-599 8% 4,738
600-649 12% 7,107
650-699 15% 8,884
700-749 18% 10,661
750-799 27% 15,991
800-850 13% 7,699

Whenever you are ready, we can help you find Waltham bad credit car loan you need. Go here to apply online.  Please keep in mind, we also serve Newton, located just to the south.