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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

Credit UnionLocationZip CodePhone
Alpha1 Deaconess Rd2215(617) 632-8164
American Airlines1 Harborside Dr2128(617) 634-5525
Boston City - Credit Union1 City Hall Ave2108(617) 635-4545
Boston Customs10 Causeway St #4362114(617) 742-1135
Boston Customs10 Causeway St2114(617) 742-1135
Boston Firefighters60 Hallet St2122(617) 288-2420
Boston Post Office Employees CU175 William F McClellan Hwy2128(617) 567-1395
Cabot Boston2 Seaport Ln #13002210(617) 342-6154
Cabot Boston2 Seaport Ln2210(617) 342-6154
Citizens Bank1628 Tremont St2120(617) 566-8066
City Of Boston1 Union St2129(617) 635-4545
City Of BostonCITY HALL2201(617) 635-4545
City Of Boston1010 William T Morrissey Blvd2122(617) 635-1313
City Of Boston77 Spring St2132(617) 635-2300
Delta Wye256 Freeport Street2122(617) 436-1005
FileneP. O. Box 9614992196(617) 357-2093
Filene70 Franklin St2110(617) 357-2093
First Priority25 Dorchester Ave2111(800) 949-7628
First Priority100 Swift St2128(617) 482-4787
Hanscom495 Summer St2210(617) 542-3184
HanscomVA Medical Center Building 1 Ground Level2132(857) 203-5774
HanscomJFK Federal Building Room E-2452203(617) 742-5741
Hanscom5 Post Office Square #3402109(617) 412-4869
Harvard University Employees677 Huntington Ave2115(617) 495-4460
Harvard University Employees55 Fruit St2114(617) 495-4460
Industrial1 Liberty Square2109(617) 742-1616
Liberty Bay31 Oliver St2110(617) 439-6500
Mass Bay147 W 4th St2127(617) 269-2700
Massachusetts State Employee CU2 Centre2119(617) 723-5555
Medical Area Federal Credit Union75 Francis St2115(617) 732-4185
Members Plus Credit Union782 Adams St2124(617) 265-6967
New England Lee Federal Credit Union10 Tyler St2111(617) 482-0900
Northeastern University360 Huntington Ave2115(617) 373-2900
One TwentyP. O. Box 3000412130(617) 257-8621
Pressers Union Local 12 Ilgwu33 Harrison Ave2111(617) 832-6600
Soundview1 Gillette Park2210(617) 463-2709
Symphony301 Massachusetts Ave2115(857) 362-7328
Taupa LithuanianP.O. Box 952127(617) 269-1450
Telephone Workers Credit Union150 Federal St2110(617) 439-8855
Telephone Workers Credit Union31 Milk St2109(617) 743-5111
The Herald Traveler Corporation300 Harrison Ave2118(617) 426-3000
Tremont Credit Union41 Warren St2119(617) 445-0481
University Credit UnionCommonwealth Ave2215(617) 739-7447