My Car Lender
 

Home / Finance / Massachusetts Auto Finance / Boston (MA) Auto Loans

 

Are you looking to obtain an auto loan in Boston? You can make arrangements for financing on the lot, but this can be very time consuming. To streamline the process, you can apply online for an auto loan. Loan companies and dealerships will vie to finance your credit, putting you in charge of the approval process.

Auto Loan Rates in Boston

Most loan providers don’t supply car loan rates based on credit score. Instead, they showcase the most affordable rate they offer. In reality, your rate of interest differs greatly based on your FICO score, among a variety of other variables. The rates shown below are only for informational purposes. These aren’t advertisements, and your precise rate could deviate widely from what’s seen below.

FICO Rating New Car Used 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

Checking your credit score can prevent you from being overcharged. We suggest this service.

Used Auto Loans in Boston

You’ll find that the loan rates for a pre-owned car or truck are more expensive than the rates for a new one. That said, new autos lose value so quickly, used vehicles are usually the better investment. Check out the table below, which illustrates the costs of auto loans for new versus used vehicles.

Years Old Price Rate 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

Basically, the car financed new for $20,000 is worth only $11,560 after 36 months. Loan providers charge higher rates of interest for used vehicles, but in many instances, you only need 10% down, and the insurance premiums are less expensive.

Poor Credit Car Loans in Boston

FICO ratings of less than 680 are often considered subprime, and those less than 620 are simply bad. Basically, lenders look at your credit history to determine whether or not you are likely to make your payments as scheduled. Although bad credit always results in a more expensive rate of interest, you can now request quotes from several different loan companies online.

For those with recent bankruptcies or repossessions, a buy here pay here dealership might be the only alternative. While you won’t have any difficulty when it comes to approval, it’ll cost you handsomely for the privilege.

It’s better to keep away from these dealers if possible, getting an auto loan on the web. This is the way a lot of consumers get financed, and it’s considerably cheaper in the end.

Contact an auto finance professional in your area today.

Boston Credit Repair

If you’d like to lessen your interest rate, you have a few options. Rectifying any credit report errors can increase your credit score appreciably. Fortunately, it’s free to check your credit report once a year at AnnualCreditReport.com. You can address any inaccuracies yourself, or hire a service to write the dispute letters for you. On top of that, down payments, cosigners, and shorter repayment terms all lead to decreased interest rates.

Zero Down Cars in Boston

Saving up enough cash required to purchase a car or truck is never easy, especially if your credit isn’t the best, in which case you might be expected to offer a substantial down payment. No down payment auto loans, like zero percent financing promotions, are mostly reserved for individuals with perfect credit. If you’ve got a bad credit score, there is only one real option: find a car dealer that takes trade-ins, and ask if they will accept your old car instead of a down payment.

Boston Resources

Credit Unions

[tboot_column_wrap]

[tboot_column size=”15″]

[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Phone” data=”Alpha,1 Deaconess Rd,2215,(617) 632-8164,American Airlines,1 Harborside Dr,2128,(617) 634-5525,Boston City – Credit Union,1 City Hall Ave,2108,(617) 635-4545,Boston Customs,10 Causeway St #436,2114,(617) 742-1135,Boston Customs,10 Causeway St,2114,(617) 742-1135,Boston Firefighters,60 Hallet St,2122,(617) 288-2420,Boston Post Office Employees CU,175 William F McClellan Hwy,2128,(617) 567-1395,Cabot Boston,2 Seaport Ln #1300,2210,(617) 342-6154,Cabot Boston,2 Seaport Ln,2210,(617) 342-6154,Citizens Bank,1628 Tremont St,2120,(617) 566-8066,City Of Boston,1 Union St,2129,(617) 635-4545,City Of Boston,CITY HALL,2201,(617) 635-4545,City Of Boston,1010 William T Morrissey Blvd,2122,(617) 635-1313,City Of Boston,77 Spring St,2132,(617) 635-2300,Delta Wye,256 Freeport Street,2122,(617) 436-1005,Filene,P. O. Box 961499,2196,(617) 357-2093,Filene,70 Franklin St,2110,(617) 357-2093,First Priority,25 Dorchester Ave,2111,(800) 949-7628,First Priority,100 Swift St,2128,(617) 482-4787,Hanscom,495 Summer St,2210,(617) 542-3184,Hanscom,VA Medical Center Building 1 Ground Level,2132,(857) 203-5774,Hanscom,JFK Federal Building Room E-245,2203,(617) 742-5741,Hanscom,5 Post Office Square #340,2109,(617) 412-4869,Harvard University Employees,677 Huntington Ave,2115,(617) 495-4460,Harvard University Employees,55 Fruit St,2114,(617) 495-4460,Industrial,1 Liberty Square,2109,(617) 742-1616,Liberty Bay,31 Oliver St,2110,(617) 439-6500,Mass Bay,147 W 4th St,2127,(617) 269-2700,Massachusetts State Employee CU,2 Centre,2119,(617) 723-5555,Medical Area Federal Credit Union,75 Francis St,2115,(617) 732-4185,Members Plus Credit Union,782 Adams St,2124,(617) 265-6967,New England Lee Federal Credit Union,10 Tyler St,2111,(617) 482-0900,Northeastern University,360 Huntington Ave,2115,(617) 373-2900,One Twenty,P. O. Box 300041,2130,(617) 257-8621,Pressers Union Local 12 Ilgwu,33 Harrison Ave,2111,(617) 832-6600,Soundview,1 Gillette Park,2210,(617) 463-2709,Symphony,301 Massachusetts Ave,2115,(857) 362-7328,Taupa Lithuanian,P.O. Box 95,2127,(617) 269-1450,Telephone Workers Credit Union,150 Federal St,2110,(617) 439-8855,Telephone Workers Credit Union,31 Milk St,2109,(617) 743-5111,The Herald Traveler Corporation,300 Harrison Ave,2118,(617) 426-3000,Tremont Credit Union,41 Warren St,2119,(617) 445-0481,University Credit Union,Commonwealth Ave,2215,(617) 739-7447″][/tboot_table]

[/tboot_column]

[/tboot_column_wrap]