Auto Loans in Worcester (MA)

Do you need a car loan as soon as possible? We can help. We work with lenders and dealers in Worcester and across Massachusetts who want to approve your credit – this week! Simply apply online, and we’ll work to get you the car loan you need.

What if I Have Credit Problems?

Worcester car loanThis is a question we hear a lot. Fortunately, bad credit auto loans are one of our specialties. A lot of large dealerships now have entire sales teams specializing in something known as “special financing.” You may hear these called, in Worcester, “bad credit car dealerships.” These dealers are much like any others, except that they cater to people with credit problems. The experience is largely the same, except that the financing discussion often comes before, not after, you select your vehicle.

Most lenders want individuals with less-than-perfect credit to have an income of a minimum of $1500 on a monthly basis; however, most people who apply through us receive their approval right away. Let us get you approved for a bad credit car loan in Worcester – today! Apply Now!

How Much Can I Borrow?

The amount you’ll be eligible to finance is largely determined by your credit history and income. This table displays how much individuals of differing credit scores can borrow, given an income of $1,832 monthly, which is the average in Worcester. Remember, these are only estimates.

Credit Income Factor Loan Amount
Good Credit 10 $18,320
Fair Credit 9 $16,488
Temporary Bad Credit 8 $14,656
Poor Credit 7 $12,824
Terrible Credit 6 $12,824

Of course, these are 1) approximations and 2) maximums. For an accurate quote, please submit your application.  Please keep in mind that it is generally safer, wiser, and more prudent to finance a lesser amount.

How Much Will Be Due at Signing?

Down payments are payments made at the time that you purchase your vehicle. They are normally required of people with a disappointing history of debt payment. When dealing with subprime credit, lenders are worried about the Loan-to-Value Ratio, or LTV. Divide the amount of the loan by the wholesale value of the vehicle. This is the LTV.

Amount Borrowed Vehicle Value LTV
$7500 $10,000 75%
$15,000 $20,000 75%
$20,000 $25,000 80%

The economic downturn had a significant influence on LTV’s for subprime borrowers, but it’s risen back to around 70%. That being said, we get many applicants approved for financing, even with their lack of down payment.  Simply indicate your down payment amount on your application, and our system can often find you a lender or dealer who wants to get you behind the wheel, regardless of whether you can put money down or not.

Should I Consider In-House or Buy Here Pay Here Financing?

If you have wondered about working with a buy here pay here dealer in Worcester, owing to credit problems, keep in mind that they will most likely require you to provide a significant down payment. These dealerships finance consumers who have been turned down by conventional banking institutions. Everything is paid to the dealership, sometimes weekly, and the cars and trucks for sale are normally less than $10,000. It’s usually best to avoid these Worcester BHPH car lots, going instead with a bad credit car loan arranged through us.

For a full list of these dealers in the area, check out this Worcestor BHPH directory, complete with addresses and phone numbers, or simply apply now – it takes less than 3 minutes.

Worcester-Specific Income, Credit Statistics

The Worcester economy is anchored by leading employers such as Hanover Insurance and Polar Beverages, though the city enjoys a diverse set of other major employers and revenue-drivers, hosting a number of biotech and pharmaceutical companies.  Listed below are average statistics for residents of Worcester.

  • Pre-Tax Income: $21,978 Per Annum
  • Average Car Payment: $202 (11% of Income)
  • Ideal Monthly Payment: $147 to $183 (8%-10% of Income)

Next we’ve a breakdown of Worcester’s population by FICO score. These are just estimates, but they should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 3,567
500-549 5% 8,918
550-599 8% 14,268
600-649 12% 21,403
650-699 15% 26,753
700-749 18% 32,104
750-799 27% 48,156
800-850 13% 23,186

We also serve clients in nearby Boston, located just 40 miles to the east.