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The majority of new vehicles are purchased with loans, and the rest are typically leased. Unfortunately, arranging such a loan can be a long process, robbing every ounce of fun from buying a car. If you want to get approved at the least expensive interest rate possible, we can help.

You could be driving of a new car before you know it.

Auto Finance Rates in Massachusetts

Wondering what interest you’ll be asked to pay? In fact, your annual percentage rate varies greatly based on your credit, as well as a range of other things. The rates shown below are only for informational purposes. They’re not advertisements, and your actual rate could deviate greatly from what you see below.

Credit Score New Car Pre-owned Car
Excellent 3.1% 3.0%
Good 4.3% 4.2%
Average 6.1% 6.1%
Subprime 8.3% 8.3%
Bad 13.5% 13.5%
Very Bad NA NA

Used Car Financing in Massachusetts

You will find that the loan rates for a used car are higher than the rates for a new one. If wealth-building is important to you, however, it’s better to opt for a second hand car. Here, we look at the cost of a loan for a car that’s brand new versus a few years old.

Years Old Price APR Months Payment Interest Total
New $20,000 6.00% 60 $386.66 $3,199 $23,199
1 Year $16,000 7.50% 60 $320.61 $3,236 $19,236
2 Years $13,600 7.50% 60 $272.52 $2,751 $16,351
3 Years $11,560 7.50% 60 $231.64 $2,338 $13,898

As you can see, the car financed new for $20,000 won’t be worth but $11,560 after 36 months on the road. Finance companies charge higher rates for pre-owned cars and trucks, but in many cases, you only need 10% down, and the insurance premiums are less costly.

Bad Credit Car Loans in Massachusetts

Right off the bat, finance companies check out when determining whether to approve you financing. In a nutshell, your credit score is used a measure of risk. Fortunately, the internet makes it a lot easier for the consumer with below-average credit. Buy here pay herecar lots are another option. Of course, your credit will not be a concern, but you will find yourself having to pay a lot in interest for an outdated vehicle.

If you can, you want to obtain your loan through one of the following loan companies:

  • National or regional bank.
  • Credit union local to you.
  • Automotive loan company.

A car dealership or local finance specialist will help you get financed through one of these loan companies. There are several advantages: cheaper rates, better service. Additionally, if you make your payments in a timely manner, an increase to your FICO score.

Best of all, you can complete an application online.

Massachusetts Resources