People with bad credit often assume the worst when it comes to auto loans. New Englanders seem to lose hope simply because their credit is a slightly dinged up, leaving them to think that their only option left is buying beaters that have been left to rust on a used car lot in Everett. Yet, nothing could be further from the truth!
Lenders are more understanding of poor credit now than they ever have been in the past, and there are more local car dealers across northeastern Massachusetts offering programs for subprime buyers.
While it used to be feast or famine when it came to buying a car, today there are more options available to families with credit issues.
Here at Auto Credit Express, we have been helping families of all income levels and credit scores get auto loans for over 20 years. Recently, we noticed that South Shore and North Shore auto dealers have both come to realize what we have always known - families with credit issues shouldn't just automatically be disqualified as potential buyers. Rather, dealers and lenders should take the time to understand their situations before making approval decisions.
Now, we're helping families in the Merrimack Valley get affordable payments on newer model used cars, as well as helping couples in the Metrowest with past credit problems get into new cars. The old "one size fits all" approach to lending doesn't work in today's economy, and it's important for people to see what their options are, and to work with someone who understands their situation.
Bad credit auto loans in the Boston area are loans for individuals with credit scores below what banks and other traditional lenders consider prime credit. Buyers who benefit from bad credit auto loans generally have FICO scores that are at or below the 620 range. Such credit ratings are also known as subprime.
Auto Credit Express is partnered with dozens of lenders and thousands of dealers across the United States and Canada, many exclusive to the Boston metro area. These lenders are able to provide auto lending opportunities for people of every credit rating and help them improve their scores.
Just like missing payments can hurt your score, making your payments can help improve it. The only problem is, once you've damaged your credit, it can be difficult to find a dealership in south or west Boston who will give you a second chance.
And while some car lots might give you a second chance without looking at a credit report, they aren't likely to report your positive and timely payments to the three major credit bureaus. However, with a poor credit car loan from one of our Boston dealerships, your positive payments will be recorded.
The typical requirements are pretty straightforward. Massachusetts lenders want to be sure that you are both legal and local, and that your gross monthly income is high enough that you can afford the loan. They may also look at your debt to income ratio to make sure you aren't getting in over your head.
Monthly income of at least $1,500, gross
18 Years of Age or Older
Current resident of United States
Current citizen or legal resident of United States
Starting is the easiest step in the whole process, short of actually driving home with your car. Just start by clicking on the banner below, fill out the short loan request, and then we'll get to work finding your best opportunities for an auto loan in the Boston area.
