Boston, MA Auto Loans

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Boston Bad Credit Auto Loans

Boston is a populous city that is home to over 636,000 residents. With research that shows that over 300,000 people must commute to Boston for work purposes, one can see the integral role that transportation plays in supporting Massachusetts' economy. Many of these people require a car for their commuting needs. However, obtaining this transportation can pose a great difficulty to many residents. The median household income is only $51,000 in the state, and over 21 percent of residents live under the poverty level. Auto Credit Express can help by matching residents with less than perfect credit with car dealers that may be able to provide them with auto loans.


Bad Credit Auto Loans in Boston

If you have a poor credit history, then you may be concerned about qualifying for an auto loan. Car dealers and lenders that provide traditional financing typically will not offer loans to individuals who have credit scores that fall under 620. Our experts at Auto Credit Express are here to help those with bad credit qualify for loans from reputable car dealers in the greater Boston area. Auto Credit Express can match customers with dealers who will work with those who have bad credit due to high medical expenses, significant credit card debt, large student loan debt loads, foreclosures and other adverse credit events.

A bad credit car loan in Boston is available for almost any one of the individuals who have a low credit score that disqualifies them from traditional auto loans. To qualify for a bad credit loan, however, one may be need to pay a higher interest rate, secure the loan with collateral or obtain a co-signer.

In almost any credit situation, our experts at Auto Credit Express will help you secure financing for a car. Keep in mind that there will be some basic qualifications that you will need to prove to be able to secure financing for a new car with bad credit. It will be necessary for you to show a monthly income of at least $1,500, United States or Canadian citizenship, and proof of residence. If you can meet these basic requirements for a bad credit loan, then you can leave the rest of the work up to us.

Auto Financing Before, During, and After Bankruptcy

In Boston and throughout greater Massachusetts, bankruptcy is a serious issue that thousands of residents deal with every year. In difficult times, people have been forced to file for bankruptcy as a means of preventing foreclosure on a home or dealing with other unfortunate financial circumstances in life. In Massachusetts, over 15,000 people were forced to file for bankruptcy from 2012 to 2013. When you file for bankruptcy, it is usually listed on your credit report for up to seven years after the discharge. This means that anyone, including auto lenders, will be able to see that you have filed for bankruptcy.

Bankruptcy auto loans are intended to provide a financing sources for those who have filed for bankruptcy and would not otherwise be able to obtain vehicle financing. To qualify for a bankruptcy loan, one may be required to place collateral as security or pay a higher interest rate. Bankruptcy auto loans help individuals afford to purchase the cars that they need for work and in their daily lives.

Our experts understand how valuable your mode of transportation is in your life, and they will arrange for you to meet with particular Boston dealers who specialize in providing bankruptcy auto loans before, during, and after the BK process.

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Buy Here Pay Here Car Dealers

A Buy Here Pay Here car dealer in Boston may also be able to provide attractive financing options to one who needs to buy a new car and has bad credit. They offer financing directly through their own financial departments without using third party lenders.

A Buy Here Pay Here loan is a type of loan that requires you to come into the dealership, meet with a dealer and discuss your financial situation. He or she will run an analysis of your current circumstances to determine the type of car that you can afford. After this analysis has been completed, the car dealer will walk you through the lot to help you find a new car that fits within your budget. When you have picked the car out, you will then begin make payments weekly, bi-weekly, or monthly directly to the dealership. Typically, you will need to physically walk into the dealership to make your payment each time that you pay.

In Boston, there are many Buy Here Pay Here car dealers in the area and in surrounding cities like Cambridge. However, the problem is that these car dealers may not always be legitimate or reputable. Our experts at Auto Credit Express only deal with the most ethical dealerships in the industry, and we will put you in touch with the best ones in the area.

Locating Rent-to-Own Car Lots

Here at Auto Credit Express, we can also help you find rent-to-own car lots in Boston. This is a smart option for the person who wants to consider purchasing a certain type of vehicle but may want to test it out first. A rent-to-own option allows you to make rental payments on a car and then, ultimately, have the option to buy the car. A portion of the rental payments that you make will ultimately go towards the principal balance on the car, which is what makes rent-to-own cars different from leased vehicles.

These types of car lots are generally sought out by Boston residents who have little credit history or bad credit histories. This is because many RTO lenders don't care about what your credit scores are or what your report says, they just want to know that you can make your payments. If you have a reliable and steady income and you have a low DTI (debt-to-income) ratio, then you will be approved.

One thing you should know about the vehicles sold on rent-to-own lots is that many of them are enabled with GPS trackers and automatic shut-off devices. This is to help the dealer locate the car and repossess it if you happen to fall behind on your payments. Once you miss a payment and the lender locates and disables your car's engine, the only way to get it turned back on is to go the dealer and make your payment.

In-House Financing

In-house financing can also be an option for Boston residents with bad credit or adverse financial circumstances. With an in-house financing option, the dealer will work with you to provide a loan. The dealer will not use third-party lenders to create a financing option. Instead, the dealer will work exclusively with you to provide a car loan that fits within your budget.

Cutting out the third party makes for an easy and quick financing process. There is no stress as to whether you will be approved or denied, because the person making the decision is right in front of you, working every angle to get you into the car that you can afford. At Auto Credit Express, we do all of the research to help connect you with dealers that provide in-house financing to borrowers with poor credit.

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Tote the Note Car Dealerships

Tote the Note Car Dealerships in Boston also provide financing to people with bad credit. Dealers finance their own vehicles, so they have greater discretion to provide loans to the individuals whom they choose. The dealer will retain ownership of the note, and the purchaser will make payments that go towards paying down the note. The benefit to purchasers is that they will only be choosing from vehicles that will realistically fit into their budgets.

Get in touch with the trusted advisers at Auto Credit Express today to learn more about low credit financing options. Our advisers are here to help you succeed in getting back on track and gaining a fresh start. All you need to do is take a minute to fill out our quick, easy, and secure online application. You could be driving your new or used car home today!

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