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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


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip Code,Telephone” data=”A M E Union,1614 W Jefferson St,19121,(215) 765-5868,Abc Money Transactions Inc,501 Adams Ave,19120,(215) 342-6623,Allen Ame,5911 Larchwood Ave,19143,(215) 748-4203,American Bakery Workers,7521 Verree Rd,19111,(215) 722-8605,American Heritage,2060 Red Lion Rd,19116,(215) 969-0777,Americhoice Federal Credit Union,2005 Market St #2600,19103,(215) 851-6363,Asbestos Workers Local 14,6513 Bustleton Ave,19149,(215) 289-3990,Borinquen,101 E Allegheny Ave,19140,(215) 739-4110,Bright Hope,1200 Cecil B Moore Ave,19122,(215) 232-7001,C. B. C.,5430 Pulaski Ave,19144,(215) 849-4614,Dva,5000 Wissahickon Ave,19144,(215) 842-2000,E C A I,5124 N 5th St,19120,(215) 364-1885,E C A I,7106 James St,19135,(215) 364-1885,E. S. B. Employees,5516 Rising Sun Ave,19120,(215) 324-6165,E. S. B. Employees,7520 Bustleton Ave,19152,(215) 342-1529,Eagle 1 Credit Union,1015 Chestnut St,19107,(215) 574-7863,Eagle One,2303 Frankford Ave,19125,(215) 425-9290,Eagle One,1900 Byberry Rd,19116,(215) 671-7627,Eagle One,7500 Lindbergh Blvd,19176,(267) 298-1480,Fedchoice,11601 E Roosevelt Blvd,19255,(215) 464-0850,Franklin Mint,200 Stevens Dr,19113,(610) 595-0341,Franklin Mint,501 S 54th St,19143,(215) 748-9500,Hew,300 Spring Garden St,19123,(202) 488-5400,Hew Federal Credit Union,600 Chestnut St,19106,(215) 413-7001,Holsey Temple,5305 Germantown Ave,19144,(215) 848-2210,Holy Trinity Baptist,1818 Bainbridge St,19146,(215) 546-5400,Iupat D.C. 21,2980 Southampton Rd,19154,(215) 934-5130,Jones Tabernacle,2106 N Woodstock St,19121,(215) 927-4733,Kine Neal,1300 Race St,19107,(215) 567-2583,Kine Neal,207 S Juniper St,19107,(215) 546-0306,Kine Neal,24 S 2nd St,19106,(215) 413-0731,Kine Neal,632 Market St,19106,(215) 413-5890,M.A.B.C.,2012 69th Ave,19138,(215) 549-2411,Mayfair,2844 St Vincent St,19149,(215) 335-1201,Mayfair,5301 Tacony St,19137,(215) 289-1415,Media Members,400 N Broad St,19130,(215) 854-4460,Metropolitan Service,700 Robbins St,19111,(215) 697-3700,Mount Carmel Baptist,5732 Race St,19139,(215) 471-8511,Neal Kine,1800 Chestnut St,19103,(215) 496-0747,Neal Kine,200 Market St,19106,(215) 923-9021,New Bethel A. M. E.,6153 Germantown Ave,19144,(215) 848-1755,New Life,1152 N 63rd St,19151,(215) 477-5000,Northwood,6836 Castor Ave,19149,(215) 725-8100,Paper Converters Local 286/1034,410 N 8th St,19123,(215) 829-9212,Pennypack,8714 Crispin St,19136,(215) 338-2027,People For People Community Develop,700 N Broad St,19130,(215) 235-3764,Phila Gas Works Employees,8022 Bustleton Ave,19152,(215) 742-9611,Phila Postal Workers Credit Union,2970 Market St,19104,(215) 386-5664,Philadelphia,12800 Townsend Rd,19154,(215) 934-3500,Philadelphia,929 Snyder Ave,19148,(215) 755-7523,Philadelphia,1206 Chestnut St,19107,(215) 923-0473,Philadelphia,1600 Arch St,19103,(215) 209-0263,Philadelphia,1801 N Broad St,19122,(215) 236-3670,Philadelphia,6707 Germantown Ave,19119,(215) 843-2671,Philadelphia,8025 Roosevelt Blvd,19152,(215) 333-4450,Philadelphia Letter Carriers,900 Market St,19107,(215) 922-5474,Philadelphia Mint,151 N Independence Mall E,19106,(215) 408-0170,Pinn Memorial,2251 N 54th St,19131,(215) 878-1645,Police & Fire,901 Arch St,19107,(215) 931-0300,Police & Fire,7145 Frankford Ave,19135,(215) 931-0300,Police & Fire,7604 W City Ave,19096,(215) 871-4501,Police & Fire,7500 Castor Ave,19111,(215) 742-5081,Police & Fire,11701 Bustleton Ave,19116,(215) 677-0239,Police & Fire,3338 S Broad St,19145,(215) 465-1865,Police & Fire,3330 Grant Ave,19114,(215) 698-7269,Police & Fire,8500 Henry Ave,19128,(215) 508-5316,Police & Fire,2835 Southampton Rd,19154,(215) 330-1171,R T C,518 Wharton St,19147,(215) 468-9814,Rector,146 Rector St,19127,(610) 293-1058,Rhawnhurst,7952 Bustleton Ave,19152,(215) 742-5999,Richard Allen,419 S 6th St,19147,(215) 925-0616,Rohm & Haas Emp,600 Market St,19106,(215) 592-3990,S I Philadelphia,636 N 43rd St,19104,(215) 382-2997,S M,215 N 57th St,19139,(215) 472-4784,Sb1,200 N 16th St,19102,(215) 569-3700,Service Station Dealers,906 Rhawn St,19111,(215) 342-1818,St. Pauls,1000 Wallace St,19123,(215) 769-5199,Sun,2800 W Passyunk Ave,19145,(215) 339-2424,Sun,Mellon Building Concourse Level,19103,(215) 751-1610,Sun,Lawndale Ave,19111,(215) 744-8800,Sun Federal Credit Union,1801 Market St #600,19103,(215) 751-1610,The Triumph Baptist,P. O. Box 9848,19140,(215) 228-8003,The Triumph Baptist,1648 W Hunting Park Ave,19140,(215) 228-8003,Transit Workers,919 E Cayuga St,19124,(215) 743-2922,Transit Workers,1933 Fairmount Ave,19130,(215) 684-0612,Trouvaille,4700 Wissahickon Ave #126,19144,(215) 951-0329,Trouvaille,4700 Wissahickon Ave,19144,(215) 951-0329,Trumark Financial,1811 John F Kennedy Blvd,19103,(215) 725-9739,Trumark Financial,7306 Castor Ave,19152,(215) 725-9739,Trumark Financial,1931 S Broad St,19148,(215) 725-9739,Trumark Financial,1900 N 5th St,19122,(215) 725-9739,Trumark Financial,12377 Academy Rd,19154,(215) 953-5353,U Of P,3900 Chestnut St,19104,(215) 898-8539,Ukrainian Selfreliance,1729 Cottman Ave,19111,(215) 725-4430,Ukrainian Selfreliance,14425 Bustleton Ave,19116,(267) 351-4021,Ukrainian Selfreliance,2307 Brown St,19130,(215) 232-3993,University Of Pennsylvania Students,3401 Walnut St #431a,19104,(215) 222-2606,University Of Pennsylvania Students,3601 Walnut St,19104,(215) 222-1186,Vine Memorial,5600 W Girard Ave,19131,(215) 472-1189,Viriva Community,1301 S Christopher Columbus Blvd,19147,(215) 333-1201,Viriva Community,7346 Frankford Ave,19136,(215) 333-1201,Viriva Community,1423 Spruce St,19102,(215) 333-1201,Ward,4301 Aspen St,19104,(215) 386-1039,Wayland Temple Baptist,2500 Cecil B Moore Ave,19121,(215) 769-0243,Wesley Ame Zion,1500 Lombard St,19146,(215) 735-1657,White Rock,5240 Chestnut St,19139,(215) 471-7233,Zion,3600 N Broad St,19140,(215) 223-0930,Zoar Methodist Church,1204 Melon St,19123,(215) 769-3899″][/tboot_table]