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Auto Loans in Harrisburg (PA)

If you are looking to purchase a new car, there is a high probability you will need an auto loan. We enable you to submit your application in real-time. Experience the convenience of having a dedicated finance specialist to answer your questions and line up your loan.

Harrisburg Dealerships That Take Bad Credit

Have you given thought to where to buy your new car? When you’ve got less-than-perfect credit, private party car loans are typically out of the question. Instead you’ll have to buy from a dealership. Thank goodness there are dealers that finance poor credit. Compared with a buy here pay here car lot, such dealers typically offer:

  • Less owed on the day of purchase, in cash or trade.
  • More affordable APRs.
  • More favorable lending terms.
  • Opportunity to strengthen your credit score.

Your income and credit determines how much car you can get financed. Below is an example based on the average per-person income in Harrisburg, $1,039 per month:

Credit Score Multiplier Amount Borrowed
700 10 $10,390
625 9 $9,351
575 8 $8,312
525 7 $7,273
300 6 $6,234

These figures are only approximations. You might not be qualified to finance this much, particularly if you haven’t got a solid record with previous auto loans and leases. Apply online to speak with an auto lending expert about how much you can borrow.

How to Minimize Your Harrisburg APR Rates

If you want to minimize the overall cost of your next vehicle, take action to secure a more affordable rate of interest. This could result in big savings.

Consider this chart that shows the impact of different interest rates.

Good Credit Decent Credit Subprime Credit
Loan $9,351 $9,351 $9,351
APR 3.50% APR 7.00% APR 11.00% APR
Payment $170 $185 $203
Interest Owed $856 $1,759 $2,848

First and foremost, searching for and contesting any errors on your credit report can raise your credit score, and we all know that healthier credit means reduced rates. Also, paying off any existing debt can scale down your debt-to-income (DTI) ratio, thereby reducing your rate of interest. Securing a shorter-term loan will also keep your rate low, and it will also minimize negative equity. Last but not least, a bigger down payment will reduce your loan-to-value ratio (LTV)–yet another way of reducing your rate.

Buy Here Pay Here Dealers in Harrisburg, PA

Harrisburg Buy Here Pay Here

Have you thought of getting your vehicle through a buy here pay here car lot in Harrisburg? Such Harrisburg bad credit car dealerships don’t depend on banks or credit unions to approve people for financing, so they can service a larger variety of clientele.

For people with terrible credit, Harrisburg in house financing dealerships are often the only option, even though the loan rates are more expensive than you’d get from a dealership that does indirect lending. Furthermore they don’t often report payments to the credit bureaus, which means the person’s credit score isn’t likely to go up as a result of the loan.

What Car Should You Buy?

The car you should buy, price-wise, will depend largely on your income and credit. Try not to spend more than 8% of your monthly earnings on your car payment. For a consumer with a monthly income of $1,039, the average in Harrisburg, this is $83.

Excellent Credit Okay Credit Subprime Credit
Monthly Income $1,039 $1,039 $1,039
Monthly Payment $83 $83 $83
Rate 3.50% 7.00% 11.00%
Years 5 5 5
Down Payment $1,142 $1,049 $956
Total Interest $418 $789 $1,164
Total Paid $6,129 $6,037 $5,943
Purchase Price $5,711 $5,247 $4,779


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