Auto Loans in Bensalem (PA)

Need to finance a car? We can help. We have an extensive network of lenders and dealers, many of whom are standing by, ready to approve you for financing. This is how the process works:

  1. Apply for your Bensalem auto loan online.
  2. Monitor your application status through our members’ area.
  3. Consult your dealer rep about your rate of interest and terms.
  4. Sign your agreement.
  5. Go buy the car you want from a nearby dealer.

Sound simple? It really is!

FICO score of 640 or less? That’s often regarded as subprime or bad credit, but our service is ideally-suited to consumers with problematic credit. We have lenders who work with subprime credit, and they are ready and willing to fund your loan. Yes, your interest rate would be lower if you had a credit score of 700 plus, but that’s just how the lending industry works. If you have bad credit, you’ll probably have your application placed with a bad credit car dealer or auto lender. Companies like these do submit payment data to the credit reporting agencies, which is a prerequisite for restoring your credit. Applying is simple, fast, and hassle-free. Just submit your secure application.

The table below shows you various loan amounts, derived from a monthly income of $4,041, the average in Bensalem. These amounts are simply estimates. You may be eligible for a greater or lesser amount, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount
Good Credit 10 $40,410
Fair Credit 9 $36,369
Subprime Credit 8 $32,328
Poor Credit 7 $28,287
Terrible Credit 6 $28,287

To figure out your own loan amount, multiply your pre-tax monthly income by the appropriate income factor.

If you’ve got a FICO score of 700 or more, then yes: you can typically finance a car without providing a down payment. Of course, it’s somewhat more difficult for applicants with low credit scores. At this stage, the Loan-to-Value ratio becomes one of the most important factors. This is the amount you borrow versus the wholesale value of the vehicle.

Loan Amount Vehicle Value LTV
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $25,000 80%

Dealers that finance bad credit in Bensalem and across Pennsylvania try to keep the LTV relatively low, typically staying in the range of approximately 70%. With that being said, we have companies that offer auto loans for people with no down payment.

Submit your application, and enter a zero in the down payment section. We will place your application with a lender willing to fund your loan, zero down payment needed.

Buy Here Pay Here Dealerships in Bensalem

Ever wondered about car lots in Bensalem promoting buy here pay here loans? These dealerships work with consumers whose credit has been rejected by other finance companies. Payments are made to the dealer, often weekly, and the vehicles typically cost less than $10,000.

Bensalem-Specific Credit, Income Numbers

Dealers and lending companies are interested in much more than just your FICO score. Loan companies review such things as:

  • Debt to Income Ratio
  • Stability
  • Payment History

The following are average statistics for residents of Bensalem.

  • Pre-Tax Earnings: $48,491 Annually
  • Average Car Payment: $445 (11% of Income)
  • Ideal Car Payment: $323 to $404 (8%-10% of Income)

Have you ever wondered about the credit scores of your friends and neighbors? We have calculated how many Bensalem consumers fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 1274
500-549 5% 3185
550-599 8% 5095
600-649 12% 7643
650-699 15% 9554
700-749 18% 11465
750-799 27% 17197
800-850 13% 8280

Regardless of where you find yourself on this table, we can help. We work with borrowers of all credit scores and income levels. That’s what we do.