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If you’re looking to buy a car, new or pre-owned, odds are you will need an auto loan in order to complete your purchase. How great if this was easy, but it really isn’t. Finance companies have to have a good deal of info before choosing to provide you an auto loan. We can help you obtain a car loan a lot sooner, at a reasonable interest rate, no matter your credit score. A finance expert can guide you through the process, helping you secure the financing you need from a finance company that won’t charge you a king’s ransom.

Auto Finance Rates in Pennsylvania

Below we’ve got rates of interest approximated at different credit levels. These are not to be viewed as advertisements. Your actual rate will be determined by various variables, such as loan provider, down payment, debt-to-income ratio, length and type of loan, etc.

Credit Rating New Car Used Car
Excellent 3.2% 3.6%
Good 4.4% 4.8%
Average 6.3% 6.8%
Subprime 8.6% 9.9%
Bad 12.0% 13.8%
Very Bad 13.2% 15.1%

Used Auto Loans in Pennsylvania

Some shoppers stay away from second hand vehicles because the rates of interest are more expensive. Elevated rates of interest for pre-owned cars, however, are compensated by more affordable down payments, monthly installments, and insurance premiums. Here, we examine the cost of financing a car or truck that is new versus 1-3 old.

Years Old Price APR Months Payment Interest Total
New $21,100 6.00% 60 $407.92 $3,375 $24,475
1 Year $16,880 7.50% 60 $338.24 $3,414 $20,294
2 Years $14,348 7.50% 60 $287.50 $2,902 $17,250
3 Years $12,196 7.50% 60 $244.38 $2,467 $14,663

After just 12 months of driving, the $21,100 new car is worth only $16,880, and only $12,196 after three years. Generally, you can get an auto loan for a car that is up to a decade old. Mileage restrictions often apply.

Bad Credit Car Loans in Pennsylvania

Are you struggling with a credit score in the mid to low 600s? Basically, your FICO score is used a measure of risk. Years ago, lenders were few who would approve car loans for consumers with bad credit. Now many loan companies, and also some banks, have subprime finance divisions.

If your credit is really bad, you may want to work with a car dealership that promotes buy here pay here loans. Yes, your credit won’t be a problem, but you will find yourself forking out a lot in interest for an outdated vehicle. You will be happier with a car loan from a traditional bank or credit union–a possibility through any standard dealership. The down payments are less expensive, as well as the interest rates, and the service is significantly better.

Contact an auto finance professional in your city today.

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