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Auto Loans in Scranton (PA)

Cars have become ever more pricey, so it’s crucial that you lock down the most affordable interest rate available for your credit. We enable you to submit your application online. It really is difficult to envision a more convenient way to get your auto loan.

Auto Loans Scranton PA

Bad Credit Car Dealers in Scranton, Pennsylvania

For anybody who is looking for a dealer that accepts poor credit, look no further. As compared to a buy here pay here dealer, such dealers typically offer cheaper rates and significantly better terms. Your income and credit will determine how much car you can get financed. With poor credit, the maximum amount you can borrow is six to eight times your monthly income. For the Scranton consumer earning $1,795 a month, this is $10,770 to $14,360. With that being said, just 8% of your income ($144, in our example) should be earmarked for your car payment, which may very well restrict what you can spend. Apply online to have a finance professional confirm how much you can borrow.

Scranton Auto Finance Rates: Keeping Them Affordable

Interest rate is critical if you want to decrease the total amount you end up investing in your vehicle.

Take a look at what you’ll pay in interest at an interest rate of 11.00% as opposed to 3.50%.

Good Credit Decent Credit Sub-prime Credit
Loan $16,155 $16,155 $16,155
Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Installment $294 $320 $351
Interest Owed $1,478 $3,038 $4,920

A better credit score will lead to lower rates of interest on car loans, not to mention credit cards and mortgages. At this site, you can check your report once every 12 months, without spending a dime, and challenge any mistakes you find, possibly giving you a better credit score. Also, make sure to pay off as much debt as you can, as lenders prefer credit-seekers without a lot of existing debt, rewarding them with more attractive rates. Financing your vehicle for 60 months or less will result in a lower rate than a repayment term of 72 months or more, you will be at less risk of being upside down. As a final point, how much can you put down on your car or truck? A down payment will reduce the loan-to-value ratio on this loan. The bigger the down payment you can offer, the better.

Buy Here Pay Here Car Lots in Scranton, PA

Many people in Scranton head for buy here pay here auto lots, thinking that they will only be able to get approved at such a place. Rarely is this the case. Nearly all dealer financing is indirect, as dealers work with banks and lenders with whom they have relationships to provide the loans. On the other hand, buy here pay here dealers handle everything on site. They are the actual loan originator. Sadly, you should be prepared for inflated interest rates, massive down payments, and vehicles that are too expensive for their mileage and condition. Because of this, these car dealers don’t have a very good track record. Let us place you in the hands of a reputable dealer who can get your loan funded, even if your credit is terrible.

Financing Recommendations for Scranton Consumers

Your car payment, what should you spend? Determine how much is 10% of your monthly income–the maximum you should invest in this. Be mindful, though, that you don’t opt for a repayment period of 6 years or more, which can lead to:

  • More interest paid to the lending company.
  • Increased rate of interest.
  • Worse difficulties with negative equity.

Rather, try to pay off your vehicle after 60 months. This will translate to a car that costs around half of what you earn on a yearly basis. For Scranton residents, having incomes of $21,536 a year, the per capita average, this is a vehicle that costs $10,770. In the end, the less you can spend to obtain a solid vehicle, the better.

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