Auto Loans in Lancaster (PA)

Looking for the best way to finance a car in Lancaster? Search no further. More and more dealerships, banks, and other lenders have whole departments devoted to online applications, and we can get you approved straight from your own home. Submit your application, and the dealers and lenders in our network compete to fund your loan.

Credit Tiers We Serve

Low credit score? Don’t worry. We help you find a finance company that suits your needs, even if your history of credit is sub-standard. There’s no minimum credit score involved, and we can help consumers in each of the lower credit tiers.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

Car Loans in Lancaster for Bad Credit

auto loanOf course, bad credit scores translate in a number of lending parameters:  higher rates of interest, larger down payment requirements, and lower loan amounts. Basically, bad credit car loans in Lancaster, or anywhere, end up costing you more. On the other hand, they have certain advantages, foremost of which is their ability to help you rebuild your credit. Short of buying a home, there are few methods of rebuilding your credit more powerful than paying off your car on-time for 36-72 months. This demonstrates to future lenders that you are “back in the saddle” when it comes to credit, and it will lead to lower interest rates and better scores in the future. Additionally, it’s sometimes possible to refinance your auto loan at a lower rate once you’ve been paying it off long enough to rise to a higher credit tier.

When you apply through us, we will put you in touch with a finance specialist from a local dealership who will guide you through the process, providing you with personalized information on interest rates, down payments, available vehicles, and more. It truly is a great way to get yourself behind the wheel of a new car without all the hassles. So let us get you approved by a bad credit car dealership in Lancaster – online! It’s simple. Just submit your online credit application.

Auto Loan Pre-Approval in Lancaster: How Much?

The chart that follows shows you how much you can borrow, given a monthly income of $894, the average in Lancaster. These figures are only approximations. You may be entitled to a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan Amount
Good Credit 10 $8,940
Decent Credit 9 $8,046
Temporary Bad Credit 8 $7,152
Bad Credit 7 $6,258
Horrible Credit 6 $6,258

To work out your own loan amount, multiply your monthly income by the most suitable income factor.

Do I Need a Down Payment?

No down payment? No worries. However, a down payment is recommended for a number of reasons: it minimizes your payment amount, total interest, and risk of being upside down. Your ideal down payment would be 20% for a new vehicle, and 10% for a used one. Still, we understand that down payments take a lot more time and energy given the current economic climate. Our approval platform can probably find you a dealer or lender who can work with your down payment, or lack thereof.

In House Financing Dealers in Lancaster

For those who have experienced bankruptcy or foreclosure, you have perhaps considered going to one of the buy here pay here car lots in Lancaster. These dealerships make credit decisions on-site, rather than working with banks or lenders. They specialize in helping people with problems like open bankruptcy, foreclosure, or repossession in the last year. Unfortunately, the down payments on the vehicles they sell are often outrageously – close to the worth of the vehicle itself – and the interest rates and payments aren’t much better. Since they rarely report to the credit agencies, they can’t help you build your credit, and they frequently require weekly cash payments. All in all, it’s better to apply for a car loan through us, or save up to buy a cash outright, with no financing.

Credit and Income: Lancaster

Though important, your credit score is just part of the picture. Creditors look at such things as:

  • Ability
  • Stability
  • Credit History

Here are average stats for Lancaster residents.

  • Pre-Tax Salary: $894 Monthly
  • Average Car Payment: $98 (11% of Income)
  • Recommended Monthly Payment: $72 to $89 (8%-10% of Income)

Ever wondered about the credit ratings of your friends and neighbors? We’ve estimated how many Lancaster consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 2997
500-549 5% 7493
550-599 8% 11989
600-649 12% 17984
650-699 15% 22479
700-749 18% 26975
750-799 27% 40463
800-850 13% 19482