Auto Loans in Lebanon (PA)

Need to finance a car? We can help. Many dealerships, banks, and other lenders now have entire departments committed to web-based approvals, and we can help you arrange your financing without leaving your computer. This is how it all works:

  1. Apply through our website.
  2. Sign in to our members’ area to check your placement status.
  3. Once your application has been placed, speak with your dealer or lender to finalize your paperwork.
  4. Go select your vehicle from a dealer in the area.

Join the many other Lebanon residents who’ve used these steps to finance the car they want!

What if I Have Subprime Credit?

Below-average credit is often a roadblock to financing, but not with us. We have lenders who help people with credit scores of 620 and less, and they want to fund your loan. Sure, your rate of interest won’t be as low as someone with a FICO score of 700 plus, meaning it’s important to choose an inexpensive car or truck with low payments. If you have below-average credit, you’ll probably have your application placed with a lender or dealer in Lebanon that specializes in bad credit. These companies will submit payment data to the credit bureaus, which is a prerequisite for reestablishing your credit.

Car Loan Pre-Approval in Lebanon: How Much?

It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor associated with your credit score. We’ve included a sample, based on the average income of Lebanon residents: $3,109.

Credit Income Factor Loan
Great Credit 10 $31,090
Decent Credit 9 $27,981
Subprime Credit 8 $24,872
Bad Credit 7 $21,763
Very Bad Credit 6 $21,763

As we stated previously, the amounts listed above are estimates. For a detailed quote, please submit your application.

No Down Payment Deals?

If you have a credit score of 700 or more, then yes: you can typically get a car loan with no money down. However, it’s a bit more complicated for people with less-than-perfect credit. At this point, the Loan-to-Value ratio becomes important. Divide the amount of the loan by the wholesale value of the car or truck. This is the LTV.

Amount Borrowed Vehicle Value Loan-to-Value
$12,000 $15,000 80%

The recession had a tremendous influence on LTV’s for borrowers with below-average credit. Before the financial crisis, it was close to 100%, and dropped to around 60% in 2010. Nowadays it is back up to around 70%. Don’t have a down payment? We’ve been able to get quite a few clients an approval, even with their lack of down payment.

Submit your application, and leave the down payment field empty. We’ll place your application with a lender who can give you the loan you need, no down payment necessary.

If you are thinking of working with a buy here pay here car lot in Lebanon, thanks to bad credit, bear in mind that they will most likely require you to provide a large down payment. Customers who have been unable to secure a loan due to seriously bad credit often turn to these types of dealerships. They specialize in helping people with issues like bankruptcy or repossession within the last 12 months.

Lebanon-Specific Financial Profile

Credit ratings are just part of the equation. Creditors look at the following:

  • Ability
  • Employment History
  • History of Debt Repayment

Here are average stats for Lebanon residents.

  • Gross Salary: $3,109 Per Month
  • Average Monthly Payment: $342 (11% of Income)
  • Ideal Monthly Payment: $249 to $311 (8%-10% of Income)

Bad credit is pretty common in Lebanon and across Pennsylvania. The chart below depicts the estimated number of Lebanon residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1251
500-549 5% 3127
550-599 8% 5002
600-649 12% 7504
650-699 15% 9380
700-749 18% 11256
750-799 27% 16883
800-850 13% 8129

Let us help you secure the bad credit car loan in Lebanon you need. Click here to apply online.