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Car loans permit you to make monthly payments on a car or truck that you couldn’t afford to buy with cash. When you have superb credit, this is a simple process. If you’ve got bad credit, however, it can be a real nightmare. Why would you wait to apply at the bank or dealer when you can get approved right here online?

A local finance expert can walk you step by step through the process, helping you obtain the finance package you need from a finance company near you.

Auto Finance Rates in Erie

These interest rates are only for informational purposes. They’re not advertisements. The rate you’re provided may vary significantly from what’s displayed here.

Credit Score New Car Pre-owned 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 Car Auto Loans in Erie

You’ll find that the rates for a used car or truck are more expensive than those for a new one. Smart consumers, however, usually go for pre-owned cars. Consider the comparison below, displaying the costs associated with car loans for brand new versus pre-owned cars and trucks.

Age Price Rate Months Payment Interest Total Cost
New $29,500 6.00% 60 $570.32 $4,719 $34,219
1 Year $23,600 7.50% 60 $472.90 $4,774 $28,374
2 Years $20,060 7.50% 60 $401.96 $4,058 $24,118
3 Years $17,051 7.50% 60 $341.67 $3,449 $20,500

It is possible to buy a very good car for the money if you aren’t afraid of a pre-owned car. Listed below are the common limitations on auto loans for used cars:

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

Bad Credit Car Loans in Erie

Credit score plays a big role in loan approval and interest rate. In effect, your credit score is used to gauge risk. Previous generations had to go from bank to bank, searching for one willing to approve them for financing. Fortunately, the internet has phased out most of this groundwork.

Buy here pay here financing is a second option. The disadvantages are substantial: exorbitant rates and rigid terms. You will be better off getting financed by a traditional bank or loan provider–an option through standard dealers. The interest rates will undoubtedly be more affordable, the terms improved, and you have the ability to re-establish your credit along the way.

Best of all, you can submit your application online.

Erie Credit Score Improvement

Interest can represent a substantial percentage of your monthly payment, particularly when your FICO score isn’t very good. Lots of consumers have discrepancies on their credit reports. These discrepancies could be harming your FICO score, and you don’t even know it. Many people don’t realize that, once per year, you can check your credit report completely free via

Disputing errors is fairly easy. You can do it on your own, or engage one of the credit improvement firms that serves Erie. Other things that might minimize your APR:

  • Adding a cosigner.
  • Providing an increased down payment.
  • Purchasing a new vehicle instead of used.

Zero Down Cars in Erie

Saving the cash necessary to buy a car or truck is never easy, especially if you have bad credit, in which case you might be expected to offer a pretty big down payment. A lot of loan creditors offer financing for 100% of the vehicle’s cost, but they require outstanding credit on the part of the new buyer. For people with less-than-perfect credit, there’s just one real solution: find a car dealer that takes trades, and use your existing vehicle to cover the down payment on your new one.

Erie Resources

Credit Unions

Credit UnionAddressZipPhone
1St Choice Community3910 Schaper Ave16508(814) 866-1111
American Meter Employees1320 E 11th St16503(814) 455-0096
Americo4101 Main St16511(814) 899-6608
Americo2627 W 23rd St16506(814) 833-0433
Autoclave ErieP.O. Box 806516506(814) 836-1952
Autoclave Erie2820 W 23rd St16506(814) 836-1952
Bliley2545 W Grandview Blvd16506(814) 835-1752
Erie1959 E 36th St16510(814) 825-2436
Erie518 State St16501(814) 825-2436
Erie1109 E 38th St16504(814) 825-2436
Erie2436 Buffalo Rd16510(814) 825-2436
Erie1005 Greengarden Blvd16501(814) 825-2436
Erie5500 Zuck Rd16506(814) 825-2436
Erie1220 W 32nd St16508(814) 825-2436
Erie1900 Keystone Dr16509(814) 825-2436
Erie City Employees5 E 34th St16504(814) 455-4888
Erie Community1129 State St16501(814) 455-6400
Erie Community100 Erie Insurance Place16530(814) 870-7500
Erie Community2165 W 21st St16502(814) 452-2152
Erie Firefighters3204 Maple St16508(814) 452-4898
Erie Flagship Community1325 Wayne St16503(814) 455-5035
Erie General Electric Fcu2154 E Lake Rd16511(814) 456-6231
Erie General Electric Fcu1595 W 26th St16508(814) 453-4450
Erie General Electric Fcu1623 E 38th St16510(814) 825-2511
Erie General Electric Fcu4268 Buffalo Rd16510(814) 464-8999
Erie Police626 State St #11216501(814) 453-2540
Erie Police626 State St16501(814) 453-2540
Erie T P E2222 Filmore Ave #61416506(814) 864-5934
Erie T P E2222 Filmore Ave16506(814) 864-5934
Erie Times335 Metz St16508(814) 459-0853
I B E W Local 56962 W 20th St16502(814) 455-2270
Loco & Cont Empl1286 E 38th St16504(814) 825-6763
Nkp Buffalo Div3034 W 12th St16505(814) 833-8589
Saint Vincent Erie2314 Sassafras St #10016502(814) 452-5742
Saint Vincent Erie2314 Sassafras St16502(814) 452-5742
Tri State Rail110 W 13th St16501(814) 455-0092
West Penn P&P1701 State St16501(814) 455-0103