Auto Loans in Altoona (PA)

Do you need a car loan, but don’t want to deal with the hassles that go along with the process? You’ve come to the right place. Each lender has their own approval standards, so it’s important to find one willing to approve your credit. Apply online, and our dealers compete to fund your loan. Once matched, you will deal with a finance professional to work out the specifics of your finance package:  lender, interest rate, term length, amount, and of course vehicle.

The Role of Credit in Financing

AltoonaThe Pennsylvania Railroad once served as the financial heart of Altoona, but decades of industrial decline have taken their toll not only on the city’s economy, but the credit of its citizens. Bad credit has become a commonplace struggle for consumers in the area, and we all know that credit serves as the lynchpin of vehicle financing.

Fortunately, below-average credit is not the end of the road, and we prove it everyday by helping our clients get financed despite credit problems. In fact, a large number of large dealerships now have entire departments specifically for what, in industry parlance, we call “special finance,” a sector dedicated to lending to consumers with bad credit stemming from issues such as medical bills, bankruptcy, foreclosure, divorce, and repossession. Dealers that cater to such customers are commonly called bad credit dealerships. They typically require the following:

  • Verified income of $1500 or $1800 per month, minimum.
  • Down payment of 10-20% of vehicle purchase price.
  • Lender lien placed on vehicle until loan is repaid.

Fortunately, a paid-as-agreed car loan will serve to re-establish your credit, as those months of timely payments serve as evidence of your creditworthiness. In order to ensure that you can make every payment on time, it would behoove you to limit your car payment to just 10% of your monthly income. This will ensure that you have the funds necessary to make each payment on time and in full.

Ready to get moving? Go here to submit your secure application.

How Much Can I Borrow?

The table below shows how much you can borrow, based on a monthly income of $1,677, the average in Altoona. These amounts are simply approximations. You may qualify for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan
Good Credit 10 $16,770
Decent Credit 9 $15,093
Slow Credit 8 $13,416
Bad Credit 7 $11,739
Really Bad Credit 6 $11,739

To calculate your own loan amount, multiply how much money you make each month by the applicable income factor.

No Down Payment?

Credit score of 700 or better? Then you probably won’t have to provide a down payment. Shoppers with problematic credit, on the other hand, don’t have it so easy. That is because such loans are much more of a risk for the lender. Delinquency is more of an issue, and a down payment means that some percentage of the vehicle has already been paid for in advance. That’s not to say that dealers don’t ever approve people with no down payment.

We help our clients get financed each and every day, despite issues with their credit and down payment.

Buy Here Pay Here Car Dealers in Altoona

For those who have gone through bankruptcy or foreclosure, you’ve probably wondered about going to a buy here pay here dealership in Altoona. These dealers work with consumers who have been declined by other creditors. Payments are made to the dealership, sometimes in person, and the vehicles are normally less than $10,000. This may sound better than it is. These are not like the bad credit car loans from a regular dealership in your area. They are not regulated in the same way, giving “BHPH” dealers more rein to take advantage of buyers through inflated down payments and interest rates, as well as other unscrupulous sales tactics. Just because you have bad credit doesn’t mean you have to settle for “no credit check” financing. There are plenty of dealers in our network who’d like the chance to win your business.

Credit and Income: Altoona

There is more to the approval process than just your credit score. Lenders review your income, history of employment and residence, and history of credit. Listed below are average stats for residents of Altoona.

  • Gross Income: $20,122 Annually
  • Average Monthly Payment: $184 (11% of Income)
  • Ideal Monthly Payment: $134 to $168 (8%-10% of Income)

Next we have a breakdown of Altoona’s population by FICO rating. These estimations should give you a general idea of where you stand in relation to other consumers in your community.

FICO Score % of Population Residents
300-499 2% 1311
500-549 5% 3278
550-599 8% 5245
600-649 12% 7868
650-699 15% 9835
700-749 18% 11802
750-799 27% 17703
800-850 13% 8524

Don’t worry if you’re credit isn’t perfect, we can help virtually any borrower who has an income of $1500 per month or higher, no matter what their credit score is.