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Car loans give you the ability to purchase a new car or truck, even when you have limited money. Unfortunately, lining up a car loan can be a rather irritating process, preventing you from getting the car you want. Most finance experts recommend arranging your financing before visiting the dealer lot. Let a vehicle finance professional help you obtain your auto loan, answering your questions at the same time.

Auto Loan Rates in Harrisburg

What will your annual percentage rate be? Truth be told, your interest rate differs hugely based on your credit score, not to mention other factors. The rates displayed below are only for informational purposes. These aren’t advertisements, and your actual rate could be very different.

FICO Score New Car Used Car
Excellent 3.4% 3.6%
Good 5.0% 5.0%
Average 6.8% 6.8%
Subprime 8.7% 8.6%
Bad 13.0% 12.5%
Very Bad 13.4% 14.2%

Used Car Loans in Harrisburg

As a consumer, you’re under continuous barrage by advertising for new cars. That said, new cars and trucks lose value so quickly, used cars are usually the better investment. You can finance a solid used car or truck for a fraction of what it costs to finance a brand new one.

Years Old Price Rate Months Payment Interest Total Cost
New $16,600 6.00% 60 $320.92 $2,655 $19,255
1 Year $13,280 7.50% 60 $266.10 $2,686 $15,966
2 Years $11,288 7.50% 60 $226.19 $2,283 $13,571
3 Years $9,595 7.50% 60 $192.26 $1,941 $11,536

The majority of cars depreciate 15% per year, so you can obtain a low-mileage used car for thousands less than a brand new one. Here are the common limitations on used vehicle financing:

  • Vehicle not more than 7-10 years old.
  • Mileage no greater than 100,000 miles.
  • Purchased via dealer, not private party.

Bad Credit Auto Loans in Harrisburg

Your credit score is the first thing loan providers look at when deciding whether to approve you financing. It’s a simple fact: the better your credit, the lower your rate of interest is going to be. A couple of decades ago, there weren’t all that many loan companies who would approve car loans for consumers with credit problems. Now many loan companies, and also some banks, have subprime finance teams.

In Harrisburg, buy here pay here car lots end up assisting folks who’ve got major credit issues of one kind or another. The annual percentage rates border on extortionate, and the vehicles are always second hand. You will be better off with a car loan from a traditional bank, credit union, or loan provider. The interest rates are typically more affordable, the terms significantly better, and you have the ability to strengthen your credit score in the process.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

If you would like to elevate your credit score, a car loan can certainly help–on condition that you pay it off as agreed. But bear in mind that this is a step by step process. It’s a good idea to sign up for automated deduction, just to ensure you never skip any monthly payments.

Harrisburg Resources

Credit Unions

Credit UnionLocationZip CodeTelephone
NYC Employees740 Water St62946(618) 252-4502
Southeastern Electric Employees540 N Commercial St #70062946(618) 252-4510