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Hoping to secure financing in Scranton? Typically, the lender retains a lien on the car or truck until you’ve made all of the payments. You will need to carry comprehensive insurance during this time, and your interest rate will depend largely on your credit score. Why waste time applying for financing at the lender or car dealership when you can apply right now online?

A car loan specialist can lead you through the process, ensuring you get the car loan package you need from a company that offers reasonable rates of interest.

Auto Finance Rates in Scranton

The rates below are not anything but estimations to give you a notion of what rate of interest you can expect given your location and your FICO score. Your precise rate of interest will depend on a number of factors, which include lender, down payment, debt-to-income ratio, length and type of loan, etc.

FICO 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 Auto Loans in Scranton

We’re continuously bombarded by advertising for new cars and trucks. Smart consumers, however, typically purchase used cars. Check out the chart below.

Age Price Rate Months Payment Interest Total Cost
New $17,200 6.00% 60 $332.52 $2,751 $19,951
1 Year $13,760 7.50% 60 $275.72 $2,783 $16,543
2 Years $11,696 7.50% 60 $234.36 $2,366 $14,062
3 Years $9,942 7.50% 60 $199.21 $2,011 $11,953

The minute it leaves the dealership, a new vehicle loses nearly 25% of its value, and it continues depreciating every year. A car that cost $17,200 when new won’t be worth but $9,942 three years later. More often than not, you can finance a car that’s up to 10 years old. Mileage limitations often apply.

Poor Credit Auto Loans in Scranton

Generally speaking, offers like no money down are inconceivable if you have below-average credit. More often than not, the better your credit, the lower your interest rate. In most cases, it’s a good idea to work with someone familiar with the process.

It may seem that a buy here pay here dealership is the simplest choice. These types of dealerships don’t even consider your credit, and they offer inexpensive pre-owned cars and trucks. There’s a price you pay for that lack of credit check: outrageous rates of interest, a number of conditions and terms, and a limited selection of vehicles. You will be happier with an auto loan from a traditional bank or finance company, which you can do through traditional car dealers. This is how a lot of consumers nowadays get financed, and it’s significantly cheaper over time.

Go here to apply online.

No Money Down Financing in Scranton

Often consumers don’t understand that you generally need some cash on hand to get financed.

The down payment compensates for the rapid depreciation you see with any new car sale. If you’ve got a bad credit score, there is just one real option: get a hold of a car dealer that welcomes trades, and ask if they can consider your existing car in lieu of a down payment.

Scranton Resources

Credit Unions

Credit UnionLocationZipPhone
Cmc-Fcpi Employees1822 Mulberry St18510(570) 348-2140
Cmc-Fcpi Employees1716 Linden St18510(570) 348-2140
First Credit Union Of Scranton605 Davis St18505(570) 961-8953
First Credit Union Of Scranton125 N Washington Ave18503(570) 963-5908
First Credit Union Of Scranton230 N Washington Ave18503(570) 963-5908
Intext Employees925 Oak St18515(570) 961-4006
Mckinney Products820 Davis St18505(570) 346-7551
Net920 Oak St18508(570) 961-5300
Penn East441 N 7th Ave18503(570) 342-2720
Penn East720 Davis St18505(570) 342-2720
Penn Wilco600 Larch St18509(570) 341-5511
Polish National Union Of America1004 Pittston Ave18505(570) 344-1513
S A M P Scranton815 Smith St18504(570) 342-6234
Scranton & N E Educational FCU960 N Main Ave18508(570) 341-2144
Scranton Times Downtown129 Penn Ave18503(570) 348-9192
Scranton Times Downtown200 Adams Ave18503(570) 963-6871
Spojnia1006 Pittston Ave18505(570) 344-1513
Tobyhanna300 Mulberry St #20118503(570) 346-6055
Tobyhanna300 Mulberry St18503(570) 346-5644
Ukrainian Self Reliance Federal Credit Union207 River St18505(570) 487-1947