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Getting a new car or truck without a loan or lease is quite uncommon in this day and age. For those who have great credit, this is a straightforward process. If you’ve got unfavorable credit ratings, however, it can be a serious pain. Typically, it’s smart to put together your auto loan beforehand.

A finance specialist can guide you step by step through the process, ensuring you secure the auto loan you need from a lender that offers affordable rates of interest.

Auto Finance Rates in Harrisburg

These rates are only for informational purposes. They are not advertisements. Precise rates differ.

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 Car Loans in Harrisburg

Options like 0% finance and zero down can be found on new cars when you’ve got great credit. That said, a used auto loan has a great deal of benefits:

  • Smaller down payment needed.
  • Lower purchase price.
  • Lesser risk of being upside down.

Below, we review the cost of a loan for a car or truck that is new versus 1-3 old.

Years Old Price Rate Months Payment Interest Total
New $16,800 6.00% 60 $324.79 $2,687 $19,487
1 Year $13,440 7.50% 60 $269.31 $2,719 $16,159
2 Years $11,424 7.50% 60 $228.91 $2,311 $13,735
3 Years $9,710 7.50% 60 $194.58 $1,964 $11,675

As you can see, the car financed new for $16,800 is worth only $9,710 after 36 months. Generally, you can finance a car that is up to 10 years old. Mileage restrictions often apply.

Poor Credit Car Loans in Harrisburg

Less-than-perfect credit can make it tough to finance a car, but it isn’t out of the question. To put it succinctly, your FICO score is used a measure of risk. Usually, it’s better to consult a professional who can lead you through the process.

Buy here pay here financing is a second option. While you won’t have any trouble when it comes to approval, you’ll pay a king’s ransom for the privilege. It’s best to steer clear of these dealers if possible, obtaining a car loan on the web. The down payments are cheaper, the same as the annual percentage rates, and the service is considerably better.

Contact an auto finance professional in your area today.

Minimizing Your Interest

Interest can take up a considerable percentage of your payment each month, particularly when your FICO score isn’t top notch. First of all, it’s recommended that you resolve any mistakes on your credit report. Fortunately, it’s free to check your credit report annually at

Addressing any inaccuracies–a relatively simple process–could bring about big improvements in your credit score. Offering a larger down payment or adding a cosigner who has a good credit score can also decrease your rate of interest.

Can a Car Loan Improve Your Credit?

If you want to boost your credit score, an auto loan will help–if you pay each installment as arranged. There is no instant surge in your FICO score. Rather, it should increase steadily over time. Make sure you enroll in automatic payments, as this will keep you from missing payments.

Harrisburg Resources

Credit Unions

Credit UnionAddressZip CodePhone
Belco Community Credit Union449 Eisenhower Blvd17111(717) 232-3526
Belco Community Credit Union5785 Allentown Blvd17112(717) 232-3526
Belco Community Credit Union403 N 2nd St17101(717) 232-3526
Belco Community Credit Union205 S Front St17104(717) 232-3526
Blue Chip5050 Derry St17111(717) 564-3081
Cat901 N Cameron St17101(717) 232-7411
Local 520 U AP.O. Box 618717112(717) 545-9329
Members 1St15 N Lockwillow Ave17112(717) 265-8370
Members 1St2500 Elmerton Ave17110(717) 707-0000
Members 1St2792 Old Post Rd17110(717) 657-9190
Members 1St2300 Linglestown Rd17110(717) 540-0026
Members 1St1021 Briarsdale Rd17109(717) 561-8500
Members 1St8100 Derry St17111(717) 561-0925
Members 1St11 N 3rd St17101(717) 241-5471
Pennsylvania Central959 E Park Dr17111(800) 356-3875
Pennsylvania Central5137 Jonestown Rd17112(800) 356-3875
Pennsylvania State EmployeesPO Box 6701317106(717) 234-8484
Pennsylvania State Employees1 Credit Union Pl17110(717) 234-8484
Pennsylvania State Employees121 Strawberry St17101(717) 234-8484
Postmark Credit Union2630 Linglestown Rd17110(717) 671-5119