Looking for an auto loan in New Bedford, MA? No matter if you need a luxury car or a heavy-duty truck, we can help you get in the driver’s seat without the hassles of an in-person credit application. When you apply online, we will do our best to match you with the ideal car finance company, considering such factors as:
- Where You Live (New Bedford)
- What Your Credit Scores Are
- How Much You Earn Yearly
- How Much You Can Put Down
Approval and Interest Rate
In New Bedford, the average income on a monthly basis is $1,894, while the average credit score is 703. Keep in mind, these are only average numbers. You don’t have to make more than $1500 monthly to meet the criteria for auto loans in New Bedford, Massachusetts.
Generally, auto loan providers require that you hold a stable job with $1500 income monthly, and your total monthly debt, including your auto loan, must not be more than 50% of your earnings. In New Bedford, Massachusetts, this equates to $947, on average.
Income or credit ratings too low? Don’t worry. You might still qualify as long as you:
- Get a Co-signer
- Provide a Larger Down Payment
- Trade in a Vehicle
- Go with Tote the Note Auto Loans.
Cars with Zero Down Payment: New Bedford, MA
Putting money down might not be mandatory, but it’s advised. Believe it or not, the majority of finance companies will require that you do so. How muchis sufficient? As a rule, lenders will be happy with an advance payment of 15-20%.
You will also want to consider your regular monthly payments. You don’t want to devote in excess of 18-20% of your income for your Massachusetts car loan. Let’s consider numbers for the average New Bedford car shopper.
- Yearly Income: $22,726
- Per month Income: $1,894
- Payment Range: $341-$379
Worried about your credit? Read more about bad credit auto financing below.
Car Loans with Bad Credit in New Bedford, MA: Getting Approved
It is important to budget carefully for your auto loan in New Bedford, MA. After all, you wouldn’t want to reduce your credit scores even further. So please do not set aside over 15% of your income per month toward paying off your bad credit car loan.
- $284: 15% of average income in New Bedford, MA
- $95: 5% for gas, routine maintenance, etc.
On top of that, you want to have a significant down payment if you can. New cars and trucks depreciate instantly. A down payment serves to counterbalance this.
What kind of car should you buy? Pre-owned. Positively. Used cars are cheaper to purchase and cover with insurance.
Your Job is Your Credit Dealerships in New Bedford (MA)
For many individuals in New Bedford, MA, buy here pay here lots are becoming the last resort to obtain financing.
You’ll find that at buy here pay here dealerships, also called a tote the note or in house financing car lot, the car loans are approved by the dealer directly loan company. Put simply, these dealerships provide in house car loans to Massachusetts car shoppers who have bad credit scores. If you’ve got a low credit score, finding an in house financing car dealership in New Bedford, MA might sound like your best option. Sadly, they are not without several significant downsides. The interest rates and amount due at signing are high; furthermore, you’ll have little chance to restore your credit rating through such a dealership.
But don’t worry, we may be able to help you get approved for an auto loan with better interest rates than you could expect with a tote the note dealership.
Uncertain what kind of car you should purchase? Take a look at this article about cheap cars in Massachusetts.
Dealerships That Finance People With Bad Credit: New Bedford (MA)
- Araujo Auto Sales, 54 Mt Pleasant St, 2740
- Ralph’s Chrysler-Jeep Inc, 867 Church St, 2745
- King Street Auto Sales, 124 King St, 2745
- Family Auto Sales, 1551 Purchase St, 2740
- Bizarros Auto Body & Sales, 593 Belleville Ave, 2745
- Pleasant Motors, 528 Ashley Blvd, 2745
- Cedar St Garage, 247 Cedar Street, 2740
- Casey’s Auto Sales, 1466 Pleasant, 2740
- Auto Professional, 966 Pleasant Street, 2740
- Glassman’s Auto Sales, 947 Church Street, 2745
- 5 Star Auto Sales, 20 Granfield, 2746
- Cottage St Motors, 589 Cottage Street, 2740
- Joe’s Automotive Autobody & Auto Sales Inc, 119 Potter, 2740
- John’s Automobiles Unlimited Sales & Service, 1880 Acushnet Avenue, 2746
- J O Auto Sales, 1025 County Street, 2746
- Auton Sales and Services, 188 Rivet Street, 2744
- Joe’s Auto Mall, 547 Belleville Avenue, 2746
- Max Auto Sales & Service, 1680 Purchase, 2740
- Oliver Used Auto Sales & Repair, 5 Nauset Street, 2746
- Ashley Ford Sales Inc, 395 Mount Pleasant Street, 2746
- Chumack’s Auto Repairs & Sales, 175 Ash, 2740
- Lunds Corner Quality Motors, 2147 Acushnet Avenue, 2745
- Richards Auto Sales, 413 Ashley Boulevard, 2745
- J M Auto Sales, 82 Cove, 2744
- John’s Auto Sales, 1769 Purchase Street, 2740
- Bill Richards Auto Sales, 1288 Ashley Boulevard, 2745
- Capitol Motors, 384 Dartmouth Street, 2740
- Best Choice Auto Sales, 116 Dartmouth Street, 2740
- Belleville Auto Sales, 319 Belleville Avenue, 2746
- Casey’s Auto Sales, 1854 Purchase, 2740
- Global Auto Sales, 601 South 2nd Street, 2744
- Budget Automotive, 22 County Street, 2744
- Lincoln Mercury of New Bedford, 915 Church St, 2743