Auto Loans in Scranton (PA)

Here at Pennsylvania Auto Finance, we arrange car loans for people in Scranton of all credit levels and budgets. Our loan-finding platform takes the headache out of getting a loan. Here is how the process works:

  1. Take a minute to complete our online application.
  2. Sign in to our members’ area to monitor your application status.
  3. Next, get in touch with your lender or dealer to complete your documentation.
  4. Go purchase your vehicle.

Most applicants are approved the very same day they apply, and we have a 90% success rate for qualified borrowers. Are you ready? Go here to submit your secure application.

Bad Credit Car Loans for Scranton Residents

Low credit score? Not to worry. We help people with damaged credit all the time. Many large lenders and dealers now have entire sales teams dedicated to what they call “special finance.” This is really just a fancy name for bad credit auto loans. Scranton residents suffered under the yoke of the recession, and their credit scores reflect it. Today, more than one in four residents is estimated to have a credit score of 620 or lower – i.e., “bad credit.”

In order to get approved for such a loan, you will need a minimum gross monthly income of $1500, and your lender will want to see recent pay stubs in order to verify your income. Most subprime auto lenders in Scranton also require a down payment. The specific amount is typically based on a percentage of the vehicle’s purchase price, generally 10-20%.

If you meet the minimum income requirement, you have a very good chance of securing an approval. In fact, we get many applicants approved the same day they apply. We can help you find a bad credit car dealer or lender in Scranton ready to approve you for financing – today! There are no obligations when you use our service, and no hassles. Go here to submit your online credit application.

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor that corresponds to your credit score. We’ve included a sample, based on the average income of Scranton residents, $1,795.

Credit History Income Factor Loan Amount
Excellent Credit 10 $17,950
Fair Credit 9 $16,155
Slow Credit 8 $14,360
Bad Credit 7 $12,565
Really Bad Credit 6 $12,565

Keep in mind, these are just estimations. For a detailed quote, please submit your application.

Scranton Auto Loans, No Down Payment?

We do have lenders in our network who offer car loans with zero money down, even for people with bad credit. Having said that, a down payment gives you considerable advantages:

  • Reduces the length of the loan, meaning less is paid in interest.
  • Reduces payment per month.
  • Decreases negative equity.

That being said, we understand that down payments are hard to come by in this economic climate. Our approval platform will probably find you a lender or dealer who can accept you, even though you don’t have a down payment.

Scranton Buy Here Pay Here Dealers

In House financing is commonly known as:

  • Your Job is Your Credit
  • We Tote The Note
  • Rent to Own
  • We Finance

These dealerships finance people whose credit has been rejected by traditional financial institutions. They specialize in helping people with problems like bankruptcy or repossession in the last 12 months.

Credit and Income: Scranton

Contrary to popular belief, there’s more to auto financing than just your FICO score. Lenders check such things as:

  • Ability
  • Source of Income
  • Credit History

The following are average stats for residents of Scranton.

  • Average Income: $1,795 Monthly
  • Average Monthly Payment: $197 (11% of Income)
  • Ideal Monthly Payment: $144 to $180 (8%-10% of Income)

Below-average credit. It’s pretty pervasive in Scranton and across Pennsylvania. The chart below shows the estimated number of Scranton residents at each credit level.

FICO Score % of Population Residents
300-499 2% 2604
500-549 5% 6510
550-599 8% 10,417
600-649 12% 15,625
650-699 15% 19,531
700-749 18% 23,438
750-799 27% 35,156
800-850 13% 16,927

Your credit rating will have a significant impact on your interest rate. However, provided that you have sufficient income, we can typically find someone to finance you, even when you have subprime credit.