Auto Loans in State College (PA)

Whether your credit is good or bad, financing a car can be a confusing process, but we’ll direct you each step of the way. More and more lenders and dealers now have entire departments committed to online applications, and we can get you approved straight from your own home or office. When you apply online, we will match you with a lending company based on where you live, your finances, your down payment, and more.

Dealerships in State College That Take Bad Credit

If you’ve got a history of bad credit, we can help. In fact, Special Finance is one of our specialties. There are three subprime credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

Whatever your score, we have lenders who want to approve you for financing. A down payment, as well as income verification will often be expected, but most of our clients get approved within minutes. Let us get you approved for financing from a bad credit car dealership in your area – online! There are no obligations for using our service, and no hassles. Go here to submit your secure application.

Auto Loan Pre-Approval: How Much?

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor associated with the state of your credit. We’ve included such an estimation, based on State College’s average per capita income: $1,140.

Credit Rating Income Factor Loan
Good Credit 10 $11,400
Average Credit 9 $10,260
Slow Credit 8 $9,120
Bad Credit 7 $7,980
Really Bad Credit 6 $7,980

Again, the amounts listed above are approximations. For a precise quote, please submit your application.

Can I Buy a Car with Zero Money Down?

Good credit? Then you probably won’t have to provide a down payment. Customers with problematic credit, however, don’t have it so easy. That’s because lenders are focused on the Loan-to-Value Ratio (LTV). Divide the amount of the loan by the wholesale value of the vehicle in question. This is the LTV.

Amount Borrowed Vehicle Value Loan-to-Value
$12,000 $15,000 80%
$15,000 $20,000 75%
$20,000 $25,000 80%
$20,000 $30,000 67%

Bad credit car dealers often strive for an LTV of approximately 70%. Don’t have a down payment? We get a lot of applicants approved for financing without a down payment.

Simply enter your down payment amount on your application, and we can often help you find a dealer or lender who’s willing to work with you, even if you don’t have a down payment.

Most buy here pay here car lots consider down payments mandatory. These dealerships approve people for financing on site, instead of working with banks or finance companies. The annual percentage rates are always high, but they often offer guaranteed credit acceptance.

State College-Specific Financial Profile

Credit scores are just part of the equation. Loan companies look at the following:

  • Debt to Income Ratio
  • Stability
  • History of Credit

Listed here are average stats for State College residents.

  • Gross Earnings: $1,140 Monthly
  • Average Car Payment: $125 (11% of Income)
  • Suggested Monthly Payment: $91 to $114 (8%-10% of Income)

Next we have a breakdown of State College’s population by FICO rating. These estimates should give you an idea of where you stand in relation to other consumers in your area.

FICO Score % of Population Residents
300-499 2% 1380
500-549 5% 3450
550-599 8% 5519
600-649 12% 8279
650-699 15% 10349
700-749 18% 12419
750-799 27% 18628
800-850 13% 8969