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Auto Credit Express
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LendingTree
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Bank of America
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MassAutoLoans.com
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City of Boston Credit Union
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When looking for an auto loan, there are important factors to consider, starting with the auto loan type. Boston lenders offer loans for new and used vehicles, with different stipulations and terms for both. Additionally, you may be able to refinance your current Boston auto loan. This could help lower current monthly payments and lock in a lower interest rate.
Once you’ve decided what type of auto loan you need, you can start shopping around for a lender. Your credit score and desired term length are factors to consider. Some lenders offer financing for poor or no credit. Others may have certain credit requirements to qualify. Lending terms will vary based on your credit circumstances, but many offer longer terms for new vehicle purchases than used ones. There are some third-party companies that compare interest rates between several companies. This can help narrow down your search for a Boston lender.
When you’re ready to apply for an auto loan, there are some requirements and documentation you will need. Thankfully, most lenders offer an online application to help speed up the process. Many online applications include quick prequalification and pre-approval.
Some lenders use pre-approval and prequalification interchangeably, so be sure to ask the lender you’re working with which option is being used.
Once you’ve gotten pre-approval or prequalification, you’ll need to provide some documentation verifying your identity and financial situation. This includes:
Many lenders will have online portals to upload documentation, which helps expedite the loan process. Above all, keep in mind your credit score and budget so you aren’t tempted to overpay during the car shopping process.
| Term | New car | Used car |
|---|---|---|
| 36 months | 0.40 to 4.50 percent | 0.40 to 4.75 percent |
| 48 months | 0.40 percent to 4.38 percent | 0.40 to 5.09 percent |
| 60 months | 0.40 to 4.75 percent | 0.40 to 4.24 percent |
| 72 months | 0.50 to 4.88 percent | 0.50 to 4.75 percent |
Can I get an auto loan with bad credit?
Yes, there are lenders that offer special financing options for those with no or bad credit. Consider credit repair before taking out an auto loan to get a better interest rate.
Is it better to finance a car through a bank or the dealership?
Financing with a bank directly can help you get lower interest rates. But working with a dealership offers an all-in-one buying experience. Each has its own set of benefits.
Can I get an auto loan for a private sale?
Yes. You can get a loan when buying from a private individual.
What is the average car payment in Boston?
The average car payment for Massachusetts is $526 for new cars and $328 for used cars.
Auto Credit Express |
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Auto Credit Express (ACE) offers auto loan lender and dealer connections and specializes in rebuilding credit. It offers lender connections for all credit types, including bad, low or no credit and offers military auto loan connections. It helps with approvals with zero or $500 down. Additionally, ACE helps you determine if leasing or buying a vehicle is better. An online loan request form takes around three minutes to fill out. ACE serves Boston, other U.S. states and Canada. |
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LendingTree |
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LendingTree is an online loan marketplace, meaning it shows you personalized auto loan offers from multiple lenders. It displays a breakdown of interest rates and terms for comparison. It also shows the starting APR interest rate, terms, loan amounts and what loan is best for. LendingTree hosts an online auto loan calculator and estimating tool and offers connections for auto loans and auto refinancing. |
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Bank of America |
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Bank of America offers auto loans and auto refinancing services. Fixed rates are as low as 5.04 percent for new cars and 5.14 percent for used on a 60-month term. Bank of America offers a 30-day rate lock after applying, and you can quickly apply online. You can search for authorized auto dealers that work with Bank of America financing before you go to the dealership. Members can qualify for rate discounts ranging from 0.35 to 0.50 percent. Bank of America has many branch locations throughout Boston. |
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MassAutoLoans.com |
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Mass Auto Loans specializes in Boston bad credit auto loans. It works with a network of auto lenders and dealerships to offer poor and no-credit loans. It is a direct lender, so you can be approved before going to a dealership to purchase a vehicle. Financing rates start at 2.49 percent. Mass Auto Loans offers guaranteed loan approval. Auto loans cap at $30,000. |
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City of Boston Credit Union |
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City of Boston Credit Union serves Middlesex, Norfolk and Suffolk Counties. For new auto loans, interest rates start at 3.50 percent. Term options are available for up to 84 months on new vehicles and 60 months on used vehicles. Loan caps are $100,000 for new vehicles and $75,000 for used vehicles. Guaranteed Asset Protection (GAP) insurance coverage is available. GAP insurance is beneficial if the car is deemed a total loss and you still owe on the loan. City of Boston Credit Union offers pre-approval. It has nine Boston locations with its administrative offices at 455 West Broadway, South Boston, MA 02127. |
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