Auto Loans in Reading (PA)

We know that getting approved for a car loan in Reading can be a serious hassle, and we’re here to help. The advantages of our system are numerous:

  • One application, multiple dealers
  • Real-time decisions for most applicants
  • Weak credit not usually an issue

Here’s how the process works:

  1. Take a couple of minutes to submit your credit application.
  2. Log in to your email for your approval status.
  3. If approved, get in touch with your finance specialist to finalize your documentation.
  4. Lastly, buy your vehicle.

Don’t waste your time driving from lender to lender – or worse, relying on BARTA – when you can submit one application, and get approved for financing the very same day.

Dealers That Work with Bad Credit in Reading

Our application process is ideally-suited to applicants with problematic credit. A large number of larger lenders and dealers now have complete departments specializing in something known as “special financing.” These are often known as Reading bad credit car dealers. Needless to say, we work with many of them. A down payment and income verification may be considered necessary.

Fortunately, most of our clients are approved within minutes. If you have less-than-perfect credit, you’ll probably be matched with a dealer or lender in Reading that specializes in special financing scenarios. Companies like these will report to the credit agencies. This is a prerequisite for rebuilding your credit. There are no obligations for using our service, and no hassles. Just submit your application online.

Loan companies decide how much to lend you by assessing your income and credit score. This table details how much consumers of various credit ratings can finance, based on the average monthly income in Reading, $2,922. Please bear in mind that these are only estimates.

Credit History Income Factor Loan
Excellent Credit 10 $29,220
Decent Credit 9 $26,298
Subprime Credit 8 $23,376
Bad Credit 7 $20,454
Horrible Credit 6 $20,454

Just because you can borrow such an amount, doesn’t mean you ought to. A smaller loan is a good option, because you’ll be able to repay it more quickly, thereby minimizing the total interest paid. In this economy, it’s best to opt for a late model pre-owned vehicle with payments that won’t strain your budget. This is particularly true if you’ll be obtaining a bad credit auto loan. You don’t need something that will run the Duryea Hill Climb from City Park to Skyline Drive in record time. Just a good, solid machine that meets your budget and needs.

Financing a Car with No Money Down

auto loan Reading PABuyers with good credit can usually finance a car without a down payment. Customers with credit problems, however, seldom have it that easy. As you can imagine, consumers with below-average credit are much more of a risk for the lender. Non-payment is more likely, and a down payment makes certain that at least a percentage of the vehicle’s value has been secured. That’s not to say that dealers don’t have financing options for people with no down payment.

Our application placement system can usually find you a dealer, bank, or finance company who wants your business, regardless of whether you can put money down or not.

If you are thinking of working with a buy here pay here car lot in Reading, thanks to bad credit, then bear in mind that they will most likely require you to provide a hefty down payment. Customers who cannot get approved for financing because of major credit problems like bankruptcy often find themselves at dealerships like these. Sure, the rates are inflated, but there are a lot fewer obstacles to credit acceptance.

Reading-Specific Credit, Income Numbers

Dealers and lenders are worried about more than just your credit score. Loan companies check your ability to pay (income), stability, and history of credit. Listed below are some average statistics for Reading residents.

  • Pre-Tax Salary: $2,922 Per Month
  • Average Car Payment: $321 (11% of Income)
  • Recommended Monthly Payment: $234 to $292 (8%-10% of Income)

Reading has more residents living in poverty than any other city in the nation, and it shows in the credit scores of the city’s population. We’ve calculated an estimate of how many Reading residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 3816
500-549 5% 9539
550-599 8% 15,263
600-649 12% 22,894
650-699 15% 28,618
700-749 18% 34,342
750-799 27% 51,512
800-850 13% 24,802