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Car Loans – Chelsea (MA)

In need of a car loan in Chelsea, Massachusetts? We place your application with finance companies who frequently give auto loans to consumers in Chelsea, MA. If you apply online, we’ll go that extra mile to track down the right car loan company, bearing in mind factors like:

  • Your Location (Chelsea)
  • What Your Credit Rating is
  • Your Salary
  • Amount of Money Down

This is how it works.

  1. First off, you will need to submit your secure online application.
  2. We try to place your application with the best Massachusetts auto loan company for your needs.
  3. Complete your auto loan documents and choose your car from a local car dealership.

Just click here to submit your secure application.

Getting Approved

In Chelsea, the average per year income is $30,161. The average fico score is 703. Remember, you don’t need to make more than $1500 monthly to be eligible for a car loan in Chelsea, Massachusetts.

The majority of auto loan lenders will expect you to have a stable job with $1500 income a month, and the amount you spend on existing debts, including your auto loan, shouldn’t surpass 50% of how much you make per month. In Chelsea, Massachusetts, this is $1,257 (average). Even in the event you can’t satisfy the aforementioned requirements, chances are you’ll be eligible with a co-buyer, more money down, or through buy here pay here financing in Chelsea, MA.

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Have you sat down with a calculator and run the numbers for your new car? Generally, it’s best to invest no more than a fifth of your regular monthly wages for installment payments, gas, and repairs. If you were to make $2,513 a month, this equals $452 to $503 monthly. Never shell out more than 20% of your income on your cars.

Car Loans with Bad Credit: Chelsea, Massachusetts

Financing a car with bad credit has never been this easy. Let’s consider credit ratings in Massachusetts as a whole:

  • Average MA Credit Score: 703
  • Credit Score Considered “Bad”: 620 or less

If you need a car loan in Chelsea, MA with bad credit, we can help you find loan companies who don’t just decline applicants with fico scores below 620. Please click here to submit your application online.

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The majority of finance companies have down payment requirements (typically 10%), coupled with a minimum debt-to-income ratio (only 1/2 of income dedicated to debt payments each month).

Buy Here Pay Here Dealerships in Chelsea, MA

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Due to the economy in MA, buy here pay here auto loans have become a whole lot more widespread.

At a buy here pay here car lot, referred to as a tote the note or your job is your credit car lot, your auto loan won’t originate from an off-site lender. Basically, these dealers provide in house automobile financing to Massachusetts applicants with low credit scores. These types of Massachusetts car loans are often supplied without any credit check.

Sadly, there are a few major drawbacks. The interest rates and advance payments are substantial, and you will have little chance to re-establish your credit through this kind of an establishment.

But don’t fret, there’s a pretty good chance you could get approved for an auto loan at better terms than you could expect from a tote the note vehicle dealer.

Used or Bad Credit Dealers in Chelsea, MA

  • National Auto Sales, 200 Everett Avenue, 2150
  • Eddie’s Auto Sales, 48 Pearl Street, 2150
  • Eastern Avenue Auto Body, 481 Eastern Avenue, 2150
  • Frank’s Auto Sales, 11 Marginal Street, 2150
  • Auto Connection, 69 Everett Avenue, 2150