Nowadays, a car is not a luxury but a requirement and a practical investment. You do not need to spend hours shaking in stuffy public transport, you can easily make plans for the day and save a lot of time, and the car is an indispensable human assistant in rain and snow. At the same time, each of us has their own requirements for the dream car – speed, maneuverability, comfort, design, etc. Choose a car to your taste, and we will select the most profitable financial solution for you – our referral service will help you get a car loan in Boston easily and quickly.
Auto loan rates are lower than regular personal loan rates, they depend on your credit score (approximate figures):
|Credit scores||Average interest rate (APR), new car||Average interest rate (APR), used car|
How to apply for a car loan?
The procedure consists of the following stages:
- collect documents;
- prepare and submit the application in person in the lender’s office or online;
- wait for approval (on average, the decision is made within 1 hour but a longer period is possible).
If the decision is positive, you receive cash or the funds are deposited into your bank account.
On average, when applying for a secured loan in a bank, you can get an amount equal to 70% of the cost of the car. The price is determined by the commission, which is organized by the bank and the insurance company. The interest rate depends on the loan term, the amount of the down payment, the technical condition of the car, its release date, and the borrower’s credit history. The client will need to apply for vehicle insurance, which is one of the conditions for receiving money from the bank.
Common car loan requirements
- Minimum age: 18 yrs. Maximum Age: 75 yrs.
- Proof of identity: for example, driver’s license, Medicare card, passport;
- Proof of a steady, reasonably high income;
- Proof of residence;
- Good credit score.
Advantages of taking a car loan
- You do not immediately pay the entire cost of the car;
- Unlimited miles;
- The car will become your property after loan cancellation;
- You can buy a car you have long dreamed of but could not afford.
Disadvantages of taking a car loan
The option is the most unprofitable in the long term since the overpayment is huge. If the initial payment (down payment) is small, then banks may not give you a loan; if they do, then the monthly payments will be quite high. The longer loan term, the higher your overpayments.
- Large down payment;
- You do not own a car until you cancel a loan – the bank owns it. If you stop making payment, you may simply lose a car;
- Most likely, the bank will oblige you to pay full insurance (full coverage), which will also be a big expense in your budget;
- High long-term liabilities, It is necessary to have stable plans for the entire loan period.
Thus, the client can quickly get the necessary amount of money when providing a vehicle as collateral. In order for the transaction to be mutually beneficial, it is necessary to carefully study all the details of the loan agreement. And timely payment and compliance with the lender’s conditions will allow you to keep the car in your property.
Why apply for a car loan through our website?
- When applying for a loan through our website, you do not have to indicate that the money is needed to buy a car. Funds can be taken for any purpose, so the purchased car will not serve as collateral;
- You can submit your application remotely, online;
- A minimum set of documents is required;
- Quick loan approval — you will have the money on the day of application or the very next day;
- Service for all categories of adult individuals.
What else do you need to know about a car loan?
- Do not rush to apply for a loan in the car salon, compare all the available options;
- If you make regular payments, the interest rate may decrease in six months or a year;
- The timely loan repayment will have a positive impact on your credit score.
If you decide to take a car loan in Massachusetts, you should think about how to do it profitably. In this case, our company will help you find the best lender.