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Purchasing a new vehicle without a loan or lease is pretty rare nowadays. You can arrange an auto loan through the dealer; having said that, this can take a a good bit of time. Luckily, it’s simple to apply on the web, saving yourself a lot of time and effort. An auto loan professional can walk you through the process, helping you get financing from a finance company that won’t charge you a king’s ransom.

Auto Loan Rates in Philadelphia

Below we’ve got rates of interest you can expect at various credit scores. These aren’t to be perceived as advertisements. Exact interest rates differ.

Credit Rating 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 Loans in Philadelphia

As consumers, we’re under continual barrage by advertising for new cars. If wealth-building is important to you, however, you might want to finance a used car. The figures speak on their own.

Age Price APR Months Payment Interest Total
New $30,600 6.00% 60 $591.58 $4,895 $35,495
1 Year $24,480 7.50% 60 $490.53 $4,952 $29,432
2 Years $20,808 7.50% 60 $416.95 $4,209 $25,017
3 Years $17,687 7.50% 60 $354.41 $3,578 $21,264

Interested in pre-owned car or truck? Listed below are the most common limits on used vehicle financing:

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

Poor Credit Car Loans in Philadelphia

In Philadelphia and beyond, poor credit is far from unusual. Simply speaking, creditors use your credit history as a measure of the likelihood that you’re going to repay your loan as agreed. Although below-average credit always leads to a more expensive interest rate, you can now request quotes from an assortment of loan providers online.

A lot of consumers with low credit scores end up at one of Philadelphia’s buy here pay here dealerships. These retailers offer on-the-spot auto loans, sans credit assessment. The rates of interest are very expensive, and the vehicles tend to be overpriced. Instead, it’s wise to look for financing on the web. The interest rates will undoubtedly be more affordable, the terms considerably better, and you have the chance to rebuild your credit along the way.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

A car loan can be a highly effective method of raising your credit score, but you have to ensure that you make your payments promptly. Buy here pay here dealers rarely ever report back to the credit reporting agencies, which means your credit score isn’t likely to get better. Even though the actual improvement in your credit score is tough to estimate, the increase is sizeable.

Philadelphia Resources

Credit Unions

Credit UnionAddressZip CodeTelephone
A M E Union1614 W Jefferson St19121(215) 765-5868
Abc Money Transactions Inc501 Adams Ave19120(215) 342-6623
Allen Ame5911 Larchwood Ave19143(215) 748-4203
American Bakery Workers7521 Verree Rd19111(215) 722-8605
American Heritage2060 Red Lion Rd19116(215) 969-0777
Americhoice Federal Credit Union2005 Market St #260019103(215) 851-6363
Asbestos Workers Local 146513 Bustleton Ave19149(215) 289-3990
Borinquen101 E Allegheny Ave19140(215) 739-4110
Bright Hope1200 Cecil B Moore Ave19122(215) 232-7001
C. B. C.5430 Pulaski Ave19144(215) 849-4614
Dva5000 Wissahickon Ave19144(215) 842-2000
E C A I5124 N 5th St19120(215) 364-1885
E C A I7106 James St19135(215) 364-1885
E. S. B. Employees5516 Rising Sun Ave19120(215) 324-6165
E. S. B. Employees7520 Bustleton Ave19152(215) 342-1529
Eagle 1 Credit Union1015 Chestnut St19107(215) 574-7863
Eagle One2303 Frankford Ave19125(215) 425-9290
Eagle One1900 Byberry Rd19116(215) 671-7627
Eagle One7500 Lindbergh Blvd19176(267) 298-1480
Fedchoice11601 E Roosevelt Blvd19255(215) 464-0850
Franklin Mint200 Stevens Dr19113(610) 595-0341
Franklin Mint501 S 54th St19143(215) 748-9500
Hew300 Spring Garden St19123(202) 488-5400
Hew Federal Credit Union600 Chestnut St19106(215) 413-7001
Holsey Temple5305 Germantown Ave19144(215) 848-2210
Holy Trinity Baptist1818 Bainbridge St19146(215) 546-5400
Iupat D.C. 212980 Southampton Rd19154(215) 934-5130
Jones Tabernacle2106 N Woodstock St19121(215) 927-4733
Kine Neal1300 Race St19107(215) 567-2583
Kine Neal207 S Juniper St19107(215) 546-0306
Kine Neal24 S 2nd St19106(215) 413-0731
Kine Neal632 Market St19106(215) 413-5890
M.A.B.C.2012 69th Ave19138(215) 549-2411
Mayfair2844 St Vincent St19149(215) 335-1201
Mayfair5301 Tacony St19137(215) 289-1415
Media Members400 N Broad St19130(215) 854-4460
Metropolitan Service700 Robbins St19111(215) 697-3700
Mount Carmel Baptist5732 Race St19139(215) 471-8511
Neal Kine1800 Chestnut St19103(215) 496-0747
Neal Kine200 Market St19106(215) 923-9021
New Bethel A. M. E.6153 Germantown Ave19144(215) 848-1755
New Life1152 N 63rd St19151(215) 477-5000
Northwood6836 Castor Ave19149(215) 725-8100
Paper Converters Local 286/1034410 N 8th St19123(215) 829-9212
Pennypack8714 Crispin St19136(215) 338-2027
People For People Community Develop700 N Broad St19130(215) 235-3764
Phila Gas Works Employees8022 Bustleton Ave19152(215) 742-9611
Phila Postal Workers Credit Union2970 Market St19104(215) 386-5664
Philadelphia12800 Townsend Rd19154(215) 934-3500
Philadelphia929 Snyder Ave19148(215) 755-7523
Philadelphia1206 Chestnut St19107(215) 923-0473
Philadelphia1600 Arch St19103(215) 209-0263
Philadelphia1801 N Broad St19122(215) 236-3670
Philadelphia6707 Germantown Ave19119(215) 843-2671
Philadelphia8025 Roosevelt Blvd19152(215) 333-4450
Philadelphia Letter Carriers900 Market St19107(215) 922-5474
Philadelphia Mint151 N Independence Mall E19106(215) 408-0170
Pinn Memorial2251 N 54th St19131(215) 878-1645
Police & Fire901 Arch St19107(215) 931-0300
Police & Fire7145 Frankford Ave19135(215) 931-0300
Police & Fire7604 W City Ave19096(215) 871-4501
Police & Fire7500 Castor Ave19111(215) 742-5081
Police & Fire11701 Bustleton Ave19116(215) 677-0239
Police & Fire3338 S Broad St19145(215) 465-1865
Police & Fire3330 Grant Ave19114(215) 698-7269
Police & Fire8500 Henry Ave19128(215) 508-5316
Police & Fire2835 Southampton Rd19154(215) 330-1171
R T C518 Wharton St19147(215) 468-9814
Rector146 Rector St19127(610) 293-1058
Rhawnhurst7952 Bustleton Ave19152(215) 742-5999
Richard Allen419 S 6th St19147(215) 925-0616
Rohm & Haas Emp600 Market St19106(215) 592-3990
S I Philadelphia636 N 43rd St19104(215) 382-2997
S M215 N 57th St19139(215) 472-4784
Sb1200 N 16th St19102(215) 569-3700
Service Station Dealers906 Rhawn St19111(215) 342-1818
St. Pauls1000 Wallace St19123(215) 769-5199
Sun2800 W Passyunk Ave19145(215) 339-2424
SunMellon Building Concourse Level19103(215) 751-1610
SunLawndale Ave19111(215) 744-8800
Sun Federal Credit Union1801 Market St #60019103(215) 751-1610
The Triumph BaptistP. O. Box 984819140(215) 228-8003
The Triumph Baptist1648 W Hunting Park Ave19140(215) 228-8003
Transit Workers919 E Cayuga St19124(215) 743-2922
Transit Workers1933 Fairmount Ave19130(215) 684-0612
Trouvaille4700 Wissahickon Ave #12619144(215) 951-0329
Trouvaille4700 Wissahickon Ave19144(215) 951-0329
Trumark Financial1811 John F Kennedy Blvd19103(215) 725-9739
Trumark Financial7306 Castor Ave19152(215) 725-9739
Trumark Financial1931 S Broad St19148(215) 725-9739
Trumark Financial1900 N 5th St19122(215) 725-9739
Trumark Financial12377 Academy Rd19154(215) 953-5353
U Of P3900 Chestnut St19104(215) 898-8539
Ukrainian Selfreliance1729 Cottman Ave19111(215) 725-4430
Ukrainian Selfreliance14425 Bustleton Ave19116(267) 351-4021
Ukrainian Selfreliance2307 Brown St19130(215) 232-3993
University Of Pennsylvania Students3401 Walnut St #431a19104(215) 222-2606
University Of Pennsylvania Students3601 Walnut St19104(215) 222-1186
Vine Memorial5600 W Girard Ave19131(215) 472-1189
Viriva Community1301 S Christopher Columbus Blvd19147(215) 333-1201
Viriva Community7346 Frankford Ave19136(215) 333-1201
Viriva Community1423 Spruce St19102(215) 333-1201
Ward4301 Aspen St19104(215) 386-1039
Wayland Temple Baptist2500 Cecil B Moore Ave19121(215) 769-0243
Wesley Ame Zion1500 Lombard St19146(215) 735-1657
White Rock5240 Chestnut St19139(215) 471-7233
Zion3600 N Broad St19140(215) 223-0930
Zoar Methodist Church1204 Melon St19123(215) 769-3899