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For many Johnstown car-shoppers, a car loan is necessary to buy any new or used car, truck, or SUV. As a rule, the lender holds a lien on the car or truck until it is fully paid off. You’re expected to carry comprehensive insurance, and your interest rate will depend largely on your credit score. A great many finance experts advocate arranging your auto loan before hitting the dealer lot, which provides the following advantages:

  • Fewer hours spent at the dealership.
  • Reduced interest rates.
  • Improved negotiating power.

This is especially worthwhile for people with bad credit, as an array of dealerships will consider your credit, a number of of which specialize in credit problems.

Car Loan Rates in Johnstown

Wondering what rate of interest you’ll be asked to pay? The reality is, your interest rate can vary widely based on your FICO score, among a number of other things. The rates shown below are only for informational purposes. These aren’t advertisements, and your actual rate could deviate widely from what you see below.

FICO 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 Financing in Johnstown

You will find that creditors charge slightly higher interest rates for used cars and trucks. However, used cars and trucks are less expensive in the end, and they don’t lose value so quickly. You can finance a low-mileage pre-owned car or truck for a small fraction of the cost of a new one.

Years Old Price APR Months Payment Interest Total
New $19,600 6.00% 60 $378.92 $3,135 $22,735
1 Year $15,680 7.50% 60 $314.20 $3,172 $18,852
2 Years $13,328 7.50% 60 $267.07 $2,696 $16,024
3 Years $11,329 7.50% 60 $227.01 $2,292 $13,620

The second it leaves the dealer lot, a new vehicle loses nearly a quarter of its value, and it keeps depreciating year after year. A car or truck that cost $19,600 new will only be worth $11,329 after 36 months of ownership. Let’s consider the most common limitations on auto loans for used cars:

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

Bad Credit Car Loans in Johnstown

Are you handicapped by a FICO rating in the mid to low 600s? Generally, loan providers examine your credit scores to determine whether or not you will pay off your loan as scheduled. Before the web, you might be declined at a variety of banks or dealerships before securing financing.

In house financing is yet another option, made available by Johnstown’s buy here pay here (BHPH) car dealerships. The rates of interest border on extortionate, and the vehicles tend to be price over market value. Invariably, it’s much easier to deal with a traditional bank, credit union, or finance company. The advantages are substantial: cheaper interest rates, far better service, and if you make your payments when they’re due, an improved credit score.

Go here to apply online.

Reducing Your Interest Rates

Are you worried that your interest rate is going to be too high? Many consumers are known to have errors on their credit reports. These mistakes could be harming your credit score, and you don’t even know it. Many people don’t realize that, once a year, you can check your credit report cost free via www.annualcreditreport.com.

Fixing any errors–a straight-forward process–could really improve your credit score. If you don’t have good credit, having a cosigner could bring about a more economical interest rate.

No Money Down Financing in Johnstown

More often than not, you need some real cash to get in the driver’s seat, as a down payment of 10-20% is usually required. Many loan companies will finance the vehicle’s full cost, but they require extremely good credit on the part of the new owner. No down payment increases the lender’s risk, which will elevate your rate of interest. When you have perfect credit, this isn’t so much an issue, as you’re still getting such an affordable rate. If you’ve got below-average credit, such a high interest loan is rarely advisable. You are better off saving for a down payment or trading in your old vehicle for equity.

Johnstown Resources

Credit Unions

Credit UnionLocationZip CodeTelephone
C-B-W Schools194 Donald Ln #415904(814) 254-4509
Cambria Federal Credit Union808 Chestnut St15906(814) 536-4659
Franklin Johnstown310 Bloomfield St15904(814) 262-9117
Franklin Johnstown544 Vine St15901(814) 539-5697
G A P Federal Credit Union111 Franklin Street Rm 22415901(814) 535-4165
G.A.P.111 Franklin St Rm 22415901(814) 535-4165
G.A.P.194 Donald Ln #315904(814) 266-8446
G.A.P.1342 William Penn Ave15906(814) 535-5523
Gautier Federal Credit Union424 Broad St15906(814) 535-6776
Healthcare First Credit Union1152 Franklin St15905(814) 535-2607
Healthcare First Credit Union321 Main St15901(814) 533-0749
Healthcare First Credit Union194 Donald Ln15904(814) 262-8494
Johnstown School Employees738 Viewmont Ave15905(814) 255-6642
Jstc Employees Federal Credit Union211 College Park Plaza15904(814) 266-6222
Jstc Employees969 Eisenhower Blvd15904(814) 266-6222
Merho15 Irene St15905(814) 535-3116
Merho194 Donald Ln #215904(814) 266-3076
Pacoe1761 Goucher St #10615905(814) 255-1876
Pacoe Federal Credit Union727 Goucher St15905(814) 255-1876
Ussco Johnstown532 Oakridge Dr15904(814) 266-4987
Ussco Johnstown522 Central Ave15902(814) 535-4646
Ussco Johnstown Federal Credit UnionOakridge Dr15905(814) 266-4987