In Massachusetts, car loans and auto financing don’t have to be a hassle. Whether you’re looking for a used car or a new one, it’s our mission to help you get in the driver’s seat for less. The application process is fast and easy, and no money down is required.
With decades of experience in the automotive industry, we have the technology and relationships to get you financed. We have an extensive statewide network of lenders, and we will endeavor to place your application with the company who best fits your needs. When you apply through us, you save yourself the time and effort of going to multiple banks and/or dealers, trying to secure an approval. We streamline the entire process, and many happy customers have secured a vehicle on the very same day they applied!
The Application Process
- The first step is simply submitting your secure online application. Your data will be encrypted for privacy via SSL (Secure Socket Layer), and we will only email you a few select times during the process.
- After your submission, the falls into our court. We endeavor to match you, when possible, with the best company in your area. Many factors go into this: your income, credit profile, and employment status, to name a few.
- If pre-approved, a special finance manager will reach out to you either by phone or email. He or she will present you with your options as far as vehicles, interest rates, down payments, etc.
- If you choose to move forward, you will finalize the lending agreement and pick out your vehicle from a nearby car lot.
Follow through to submit your application online.
Massachusetts State Finances At A Glance
- Average MA Income: $55,244 Per Annum
- Average MA Credit Rating: 703
- Number of Vehicles Registered: 4,938,615
Minimum Massachusetts Car Loan Requirements
Whether they be banks, credit unions, or dealerships, the majority of Massachusetts lending institutions require that you hold a secure job with $1500-$1800 income per month. A few will approve applicants with only $1200 per month, but this is rare. But here’s the good news: these income requirements are pre-tax. It’s not how much you bring home each month, it’s how much gross income you have. At the same time, your total monthly debt, inclusive of your auto loan, shouldn’t be more than fifty percent of your earnings. In the state of Massachusetts, this comes out to $2,302, on average.
Even if your income or credit doesn’t satisfy the aforementioned requirements, you might be able to meet the criteria with a co-signer, larger down payment, or through a buy here pay here dealer. You can learn more about these types of dealers in this article.
Advice For Massachusetts Car Shoppers
We can assist you in getting Massachusetts auto loans with no money down, but down payments are always recommended. How much will suffice? The majority of finance companies will be delighted by an advance payment of 15 to 20%. You also need to think about your car payment. Never devote over 18-20% of your income for your car payment, including gas, maintenance, and insurance. Consider average numbers for Massachusetts consumers.
- $4,604: Income (Monthly)
- $829 to $921: Monthly Payment
Do you have a low credit score? Read more about what you can do here.