Auto Loans in Chester (PA)

Here at Pennsylvania Auto Finance, we get our customers approved for financing with no fees, hassles, or obligations. We have a class-leading network of lenders and dealers, many of whom offer online approvals. The actual application takes under three minutes to submit, and there’s no obligation to accept the offer you’re given.

Less-than-perfect credit? Don’t worry. We help consumers with credit problems – that’s our specialty. If you simply went from dealer to dealer, completing applications, you may face at least one or two rejections. Our system is significantly more convenient: you can apply from the privacy of your home or office, and we’ll find a lender willing to fund your loan, even if your credit isn’t perfect. A down payment, as well as proof of income may be required; however, most applicants are approved within minutes. We can find you a bad credit car dealer or lender in Chester who’s ready to approve you for financing – today!

How Much Am I Eligible to Borrow?

The chart below shows you how much you can borrow, given a monthly income of $2,714, the average in Chester. These figures are just estimates. You may be eligible for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount Borrowed
Excellent Credit 10 $27,140
Decent Credit 9 $24,426
Temporary Bad Credit 8 $21,712
Poor Credit 7 $18,998
Very Bad Credit 6 $18,998

To determine how much you can borrow, multiply how much money you earn on a monthly basis by the corresponding income factor.

Good credit? If so, you probably won’t need to stress about a down payment. Purchasers with below-average credit, on the other hand, may need to offer up a down payment. At this stage, the Loan-to-Value ratio becomes important. Divide the the amount you want by the wholesale value of the vehicle being financed. This is the LTV.

Amount Borrowed Vehicle Value LTV
$20,000 $25,000 80%
$20,000 $30,000 67%

Lenders who deal with bad credit generally prefer lower LTV ratios, because these present less risk. That isn’t to say that dealers don’t offer financing for people with no money down.

We help our clients get into a new car everyday, despite issues with their credit and down payment.

Buy Here Pay Here Car Dealers in Chester

Perhaps you’ve seen dealerships in Chester promoting buy here pay here sales? These dealers approve auto loans on the lot, rather than relying on banks or lenders. The annual percentage rates are typically high, but approval will likely be guaranteed.

Credit and Income: Chester

There’s more to the approval process than just your FICO score. Loan companies evaluate such things as:

  • Debt to Income Ratio
  • Source of Income
  • History of Payments

Here are average statistics for Chester residents.

  • Gross Salary: $32,570 Per Year
  • Average Monthly Payment: $299 (11% of Income)
  • Recommended Monthly Payment: $217 to $271 (8%-10% of Income)

Bad credit. It’s fairly common in Chester and across Pennsylvania. This chart shows the estimated number of Chester residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1604
500-549 5% 4009
550-599 8% 6415
600-649 12% 9622
650-699 15% 12028
700-749 18% 14433
750-799 27% 21650
800-850 13% 10424