Auto Loans in Weymouth (MA)

If you’re a Weymouth resident, you don’t have to waste your time going from one lender to another, trying to get the loan you need. Good credit or bad, we can get you approved a lot sooner. Every lender has their own approval criteria, so it’s very important to find one that matches your needs. The actual application is a snap, and it asks fewer details than you might expect.

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor associated with your credit score. We’ve included such an estimation, based on Weymouth’s average per capita income, $4,361.

Credit History Income Factor Amount
Excellent Credit 10 $43,610
Average Credit 9 $39,249
Temporary Bad Credit 8 $34,888
Bad Credit 7 $30,527
Really Bad Credit 6 $30,527

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

Bad Credit Car Dealerships in Weymouth

Subprime credit? No problem. We help credit problems every day. If you simply go from bank to bank, submitting your application by hand, you’ll probably be rejected once or twice. Our system is much easier: you can submit just one application, and we’ll find a bad credit car dealer who wants to approve you for financing, even if your credit isn’t perfect. As an applicant with bad credit, your rate of interest might be higher, so it’s imperative that you purchase a cost-effective car or truck with low monthly payments. Let us get you approved for financing by a bad credit car dealer in Weymouth – today!

Buyers with good credit can usually finance a car with no down payment. Buyers with credit problems, however, seldom have it that easy. That’s because lenders are worried about the Loan-to-Value Ratio (LTV). This is the amount of the loan in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$15,000 $20,000 75%

The lower the LTV, the less risk for the lender. What’s promising is that, as the automotive industry rebounds, more and more dealers and lenders will be offering car loans with no money down. Submit your application. We’ll connect you with a lender or dealer who can approve you, no down payment required.

How About Buy Here Pay Here Car Loans?

In Weymouth, buy here pay here dealerships have been increasing by leaps and bounds, because of the economic recession. Shoppers who have been unable to get approved for financing because of serious credit problems often wind up at these types of car lots. The annual percentage rates are typically steep, but acceptance is generally guaranteed. However, most in house financing dealerships cannot help buyers repair their credit. In most cases, you would be happier applying online, so we can find you an auto loan in Weymouth that can help you repair your credit.

Credit and Income: Weymouth

Dealers and lenders are interested in a lot more than just your FICO rating. Lenders review your ability to pay (income), employment history, and individual credit history. Listed here are average stats for residents of Weymouth.

  • Average Salary: $4,361 Per Month
  • Average Car Payment: $480 (11% of Income)
  • Suggested Monthly Payment: $349 to $436 (8%-10% of Income)

Consumer Credit in Weymouth

Next we have an overview of Weymouth’s population by credit score. These are just estimations, but they should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 1,080
500-549 5% 2,699
550-599 8% 4,319
600-649 12% 6,479
650-699 15% 8,098
700-749 18% 9,718
750-799 27% 14,577
800-850 13% 7,018

According to these calculations, more than 25% of Weymouth residents will need a bad credit auto loan. If your credit puts you in one of the lower ranges, don’t worry. We have lenders who work with each of these credit tiers.