Auto Loans in Allentown (PA)

Why waste your time driving from one lender in Allentown to another, trying to get approved? No matter credit, we can get you the loan you need a lot sooner, with fewer headaches. Each and every lender has their own approval criteria, so it’s crucial that you find one willing to work with your credit. Here’s how our system works:Allentown-PA

  1. Apply through our website.
  2. Sign in to your new account to check your approval status.
  3. When approved, speak with your finance specialist to complete your paperwork.
  4. Go buy the vehicle you want.

Sounds simple, right? It really is! Apply Now!

Dealerships in Allentown That Finance Bad Credit

If you have some credit problems, we’re the perfect solution – this type of financing is a large part of what we do. There are six primary credit tiers when it comes to auto financing, and we have dealers and lenders that service each of them. If your credit score is low, your rate of interest might be higher, so it’s vital that you choose a budget-friendly car or truck with low payments. It’s best to devote less than 8% of your monthly income to your car payment. Five percent is even better.

Obviously, this may be difficult to achieve. If you earn $24,000 a year – approximately the average in Allentown – that’s a payment of just $100 a month. Still, this is a good guideline for which to aim. By making your car payment  a small part of your overall budget, you’ll be keeping yourself in a more comfortable place financially, while minimizing risks like repossession. We can get you approved for a bad credit car loan in Allentown – online!

Financing Pre-Approval in Allentown: How Much?

Loan creditors determine how much to lend you based on your income and credit score. In the chart that follows, we’ve listed how much applicants of various credit scores can finance, based on an income of $2,010 a month, the average for Allentown residents. Please know that these are only estimations.

Credit Rating Income Factor Loan Amount
Good Credit 10 $20,100
Fair Credit 9 $18,090
Subprime Credit 8 $16,080
Poor Credit 7 $14,070
Horrible Credit 6 $14,070

Just because it’s possible to borrow this amount, doesn’t mean you should. A smaller loan is highly recommended, because it will be less of a budgetary burden.

No Down Payment?

auto loan Allentown PABuyers with good credit can typically get an auto loan without providing a down payment. However, it’s somewhat more complicated for people with below-average credit. That’s because lending to consumers with credit problems is a much riskier proposition, and a down payment makes sure that some percentage of the vehicle’s value has been secured. That being said, we have companies that provide auto loans with no money down. Our application placement system can often help you find a lender or dealer who wants your business, whether or not you have a down payment.

Really bad credit? Considering a car lot that doesn’t perform credit checks? Keep in mind, nearly all buy here pay here dealerships do consider down payments a requirement. These dealers work with people that have been turned down by conventional lending companies. Payments are made to the dealership, often in person, and the vehicles are typically priced at less than $10,000. These dealers have a reputation for aggressive, even unethical methods, and the rate of repossession is so high that many of them install ignition interlocks and GPS tracking devices in all of their vehicles.

Allentown-Specific Income, Credit Statistics

A consumer’s FICO score is just part of the picture. Creditors check your income, history of employment and residence, and debt repayment history. Here are average stats for residents of Allentown.

  • Average Earnings: $2,010 Per Month
  • Average Monthly Payment: $221 (11% of Income)
  • Suggested Monthly Payment: $161 to $201 (8%-10% of Income)

Next we have broken down Allentown’s population by FICO score. These are just estimations, but they should give you a sense of where you stand.

FICO Score % of Population Residents
300-499 2% 3046
500-549 5% 7616
550-599 8% 12185
600-649 12% 18278
650-699 15% 22847
700-749 18% 27417
750-799 27% 41125
800-850 13% 19801

If you fall into one of the lower tiers, don’t be concerned. We have lenders who help people in each of these credit tiers. Are you ready to get started on your Allentown auto loan? Click here to submit your application.