Auto Loans in Wilkes-Barre (PA)

Welcome to Pennsylvania Auto Finance, where we find you the loan you need with no headaches and no obligations. More and more lenders and dealers have whole departments dedicated to online approvals, and we can get you approved from the comfort of your computer. Just submit your application, and we’ll begin working to get you the loan you need. You could be finalizing the details of your auto loan with a finance specialist within the hour.

Financing a Car with Bad Credit in Wilkes-Barre

Wilkes-Barre’s economy was originally based around the coal industry, but the decline in “King Coal” led to an economic decline whose aftereffects are still being felt in the 21st century. The city has launched a number of revitalization projects in recent years, jumpstarting the economy, but many individuals and families in the area are still struggling with credit problems related to the housing bubble, the recession, and overall industrial decline.

Bad credit is often a real setback when it comes to financing, as auto lending is based largely on risk. Bad credit and high risk go hand-in-hand, after all. We can help you get a car loan with bad credit in Wilkes-Barre, but a few additional requirements may be required.  These may include proof of income and residence, a down payment, and acceptance of a higher-than-average rate of interest (APR), typically in excess of 12%.

A lot of larger dealerships now have complete sales teams specifically for something known as “special financing.” Such establishments are commonly called Wilkes-Barre bad credit car dealerships, and we work with a wide array of them. To be sure, the APR on your loan won’t be as low as someone with a credit score of 700 or higher, but that just comes with the territory. Don’t delay. Let us find you a dealer who funds auto loans for people with credit problems. Apply Now!

What’s Your Borrowing Power?

The table below depicts how much you can borrow, derived from a monthly income of $1,276, the average in Wilkes-Barre. These amounts are merely approximations. You may be eligible for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan
Great Credit 10 $12,760
Average Credit 9 $11,484
Subprime Credit 8 $10,208
Bad Credit 7 $8,932
Terrible Credit 6 $8,932

To see how much you can borrow, multiply your monthly income by the most suitable income factor.

Down Payment: Do You Need One?

We do work with lenders who don’t require borrowers to supply a down payment. However, a down payment is a smart choice for a number of reasons: it lowers your payment, interest paid, and problems with negative equity. An ideal down payment would be 20% for a new vehicle, and 10% for a used one. Nevertheless, we realize that down payments are hard to come by these days. Our application placement system will probably be able to help you find a dealer or lender who wants to get you behind the wheel, whether or not you can put money down.

Buy Here Pay Here Car Dealers in Wilkes-Barre

If you have a very low credit score, then you probably are familiar with buy here pay here car lots. These dealers approve people for financing in-house, rather than working with banks or lenders. They don’t perform credit checks, and they often offer guaranteed approval. If this sounds too good to be true, it is. Remember how we were discussing risk earlier. In order to compensate for financing such high-risk borrowers, these “BHPH” lots impose all kinds of requirements. They read like a list of disadvantages:

  • Large down payments, often 25%+
  • Elevated rates of interest, often 20%+ APR
  • Weekly, as opposed to monthly, down payments
  • Older used vehicle inventory, each with lots of miles on the odometer
  • Installation of ignition kill-switches and GPS trackers to aid in repossession

You will, most likely, be safer and happier financing through a dealership that caters to bad credit, but doesn’t lend directly to its customers. This is the type of dealer we will connect you with when you submit your application.

Wilkes-Barre Consumer Profile

Lenders are concerned with much more than just your FICO score. Lenders review such things as:

  • Debt to Income Ratio
  • Employment History
  • Credit History

Listed here are average stats for Wilkes-Barre residents.

  • Average Earnings: $15,317 Per Annum
  • Average Monthly Payment: $140 (11% of Income)
  • Recommended Car Payment: $102 to $128 (8%-10% of Income)

If you have a low credit score, you’re not the only one. This table depicts how many people in Wilkes-Barre are in each credit level.

FICO Score % of Population Residents
300-499 2% 2726
500-549 5% 6815
550-599 8% 10904
600-649 12% 16356
650-699 15% 20445
700-749 18% 24534
750-799 27% 36802
800-850 13% 17719

Don’t worry if you’re credit isn’t perfect, we can help nearly any consumer who makes $1500 or more on a monthly basis, regardless of their credit score.