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Auto Loans in Philadelphia (PA)

In Philadelphia, you have several options for getting a car loan, but only a few companies have simplified credit acceptance like us. We’ve spent years securing a network of dealers and lenders across the country, and we are dedicated to matching you to the lender who wants your business most. We will match you with a financing consultant who can help you line up the auto loan needed for the vehicle you prefer.

Car Loan Philadelphia PA

Bad Credit Car Dealers in Philadelphia, PA

If you have less-than-perfect credit, many traditional lending institutions won’t approve you for a loan. Thank goodness, there are dealers and finance companies that do cater to individuals in this demographic. In any bad credit lending scenario, there are certain things to be expected:

  • Rates of interest that are higher.
  • Down payments that are larger.
  • Loan repayment terms that are shorter.

But keep in mind, they will get you approved for financing through lenders that supply information to the credit bureaus, thereby allowing you to improve your credit score. Here at Motive Auto Finance, we work with many of these dealerships, and they want to get you the car you want. Go here to apply online.

New or Used: Which is Best?

Used and new cars each offer unique merits. In many cases, a used car is a better deal. The interest rates on new cars are lower, but used cars are significantly less expensive.

New Car Pre-owned Car
Years Old 0 3
Price $15,120 $7,560
Down Payment $3,024 $756
Interest Rate 5.00% 7.50%
Months 60 48
Payment $228.27 $164.51
Total Interest $1,600 $1,093
Total Investment $16,720 $8,653

Buy Here Pay Here Financing in Philadelphia, Pennsylvania

People young and old in Philadelphia and across Pennsylvania resort to buy here pay here dealerships, sometimes known as in house financing car lots, thinking they will only be able to get financed with no credit check. Not the case. Most dealer finance isn’t direct to the consumer, as dealerships go through banks and lenders with whom they have relationships to deliver the loans, but BHPH dealers serve as both dealer and lender.

Most often, used autos are the only thing available, and these Philadelphia dealers may require you to have an ignition kill-switch installed in your vehicle. Repossession frequently occurs, and the interest rates are extremely high. Is elevating your credit important to you? Then you should apply online through us, since BHPH car lots won’t help you rebuild your credit.

Budgeting Guidelines for Philadelphia Borrowers

When you finance a car, not more than 10% of your monthly income should be dedicated to your monthly payment. Moreover, to minimize interest and negative equity, opt for a 60-month repayment term at the very most. If you adhere to these guidelines, you will find yourself buying a car that costs about 50% of your yearly income. If you make $18,140 per annum, the average for residents of Philadelphia, you would buy a $9,072 car or truck. Please remember, this is at the upper end of what you ought to budget. Various professionals advise forking over even less, just 10-30% of your income for a car.

New And Used Cars in Philadelphia, PA

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