Auto Loans in Erie (PA)

Having your loan pre-approved allows you to simplify the car-buying process, and we can help. Our loan-finding system takes the legwork out of getting approved. This is how our system works:

  1. Apply online.
  2. Check the status of your application through our approval center.
  3. Once approved, work with your dealer or lender to complete your documentation.
  4. Last but not least, buy your vehicle from a nearby dealer.

This process truly takes the hassle of searching and applying for a car loan in Erie. Join the many other Erie residents who’ve submitted their application through us!

Have Bad Credit? Auto Loans Available

Erie whether the recession decently well, largely due to major employers like GE, Plastek, and Erie Insurance Group. However, Erie residents faced significant credit challenges, much like their fellow Pennsylvanians, and it’s estimated that roughly 1 in every 4 consumers in the city has a credit score of 620 or less – i.e., “bad credit.”  Fortunately, our system is ideally-suited to people with less-than-perfect credit, as we work with a wide array of dealers and lenders, many of whom provide auto loans for people in Erie with bad credit.

To be sure, the APR on such a loan will be at least 10%, as lower credit means higher rates.  For this reason, it’s crucial for you to choose an inexpensive vehicle with easily-affordable payments. Aim to spend just 5-8% of your monthly income on a car payment. This will keep you the loan from straining budget, resulting in late payments, credit issues, and unnecessary stress.

Can This Help My Credit?

Erie auto loanYes. A car loan can help your credit. Unfortunately, it can hurt your credit as well. The key is making your payments on time, in full. As you build a history of timely payments, your credit score will gradually rise. The degree to which your score rises is impossible to estimate – it depends on too many factors. But most experts agree:  taking out, then paying off a loan for a vehicle is one of the most powerful, effective ways to get your credit back on track. So let us find you a dealer who approves loans for people with credit problems – today!

Your approved loan amount is based on your income and credit history. In the table that follows, we’ve detailed the maximum loan amount for people of a variety of credit tiers, based on the average monthly income in Erie, $1,163. Please know that these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $11,630
Average Credit 9 $10,467
Slow Credit 8 $9,304
Poor Credit 7 $8,141
Horrible Credit 6 $8,141

To see your own loan amount, multiply your pre-tax monthly income by the corresponding income factor.

Down Payment – Do I Really Need One?

A number of our dealers work with people with no money down. However, supplying a down payment gives you significant benefits:

  • Shortens loan, meaning less is paid in interest.
  • Lowers payment per month.
  • Safeguards you against the risks of an underwater loan.

That being said, you don’t need a down payment to get pre-approved. Apply online. We’ll connect you with a lender who can approve you for financing, no down payment required. If you are thinking of working with a buy here pay here dealer in Erie, on account of bad credit, then bear in mind that they will most likely require you to provide a considerable down payment. Consumers who have been unable to secure financing due to major credit problems like bankruptcy often wind up at these types of car lots. They work with people with problems like bankruptcy, foreclosure, or repossession on their record. Typically, we can help you secure a much better deal than you’ll get at one of these establishments.

Erie-Specific Credit, Income Numbers

Banks, dealers, and car loan companies are worried about a lot more than just your credit score. Creditors review your income, history of employment and residence, and history of credit.

Below are some average stats for residents of Erie.

  • Gross Income: $13,951 Per Year
  • Average Monthly Payment: $128 (11% of Income)
  • Recommended Car Payment: $93 to $116 (8%-10% of Income)

Next we have an overview of Erie’s population by credit rating. These estimates should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 3737
500-549 5% 9344
550-599 8% 14950
600-649 12% 22425
650-699 15% 28031
700-749 18% 33637
750-799 27% 50455
800-850 13% 24293

Not where you want to be in terms of credit? Don’t worry, we can help nearly any applicant who earns $1500 plus per month, no matter what their credit score is.

If you’re ready, we can help you find good or bad credit car loan in Erie you need. It’s easy to apply online.