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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

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Phone” data=”Cmc-Fcpi Employees,1822 Mulberry St,18510,(570) 348-2140,Cmc-Fcpi Employees,1716 Linden St,18510,(570) 348-2140,First Credit Union Of Scranton,605 Davis St,18505,(570) 961-8953,First Credit Union Of Scranton,125 N Washington Ave,18503,(570) 963-5908,First Credit Union Of Scranton,230 N Washington Ave,18503,(570) 963-5908,Intext Employees,925 Oak St,18515,(570) 961-4006,Mckinney Products,820 Davis St,18505,(570) 346-7551,Net,920 Oak St,18508,(570) 961-5300,Penn East,441 N 7th Ave,18503,(570) 342-2720,Penn East,720 Davis St,18505,(570) 342-2720,Penn Wilco,600 Larch St,18509,(570) 341-5511,Polish National Union Of America,1004 Pittston Ave,18505,(570) 344-1513,S A M P Scranton,815 Smith St,18504,(570) 342-6234,Scranton & N E Educational FCU,960 N Main Ave,18508,(570) 341-2144,Scranton Times Downtown,129 Penn Ave,18503,(570) 348-9192,Scranton Times Downtown,200 Adams Ave,18503,(570) 963-6871,Spojnia,1006 Pittston Ave,18505,(570) 344-1513,Tobyhanna,300 Mulberry St #201,18503,(570) 346-6055,Tobyhanna,300 Mulberry St,18503,(570) 346-5644,Ukrainian Self Reliance Federal Credit Union,207 River St,18505,(570) 487-1947″][/tboot_table]

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