Auto Loans in York (PA)

Ready for a new car? Why waste your time trekking from lender to lender, trying to get the loan you need? No matter credit, we can get you the approval you need faster. Our application placement system takes the headache out of getting a loan. When you apply online, your finance application will enter our placement platform. There we’ll find you an auto loan that fits your credit and income. You will work one-on-one with a finance consultant to complete your purchase. By the time you step foot onto the dealership, you will have the confidence of a pre-approved financing, allowing you to focus on the car you want, not the funding you need.

Auto Loan Interest Rates in York

At the time of this writing, rates in York range from 3.5% APR for a 36-month new car loan with good credit to 18%+ APR for a 60-month used car loan with bad credit. Obviously this is a wide margin, but it illustrates that credit and lending terms play vital roles in setting your interest rate. In order to get an accurate interest rate quote, you will need to provide the necessary data through our online finance application. Then a finance specialist will be able to work up the rates you can expect for various loans. If you want the lowest rate possible, be sure to pull your credit report for free from Annual Credit Report (official site) and check it for errors.

Bad Credit Auto Loans in York

A bad credit score is not a problem. There are three individual credit tiers into which subprime borrowers fall, based on their particular credit score:

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

No matter which tier you fall into, there are lenders that want to finance your loan. As you know, low credit scores result in more costly interest rates, but we can typically get you behind the wheel of a new car. Here are the minimum requirements:

  • 18 years of age.
  • $1500 per month income.
  • No open bankruptcies, unless you have obtained a debt authorization.

If you have poor credit, you’ll typically be approved by a lender or dealer in York that specializes in special financing scenarios. Companies like these submit information to the credit agencies, which is a prerequisite for reestablishing your credit. Payment history constitutes more than one-third of the FICO scoring matrix, so the record of on-time payments you build by paying off your car can substantially improve your credit rating.

How Much Can I Finance?

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor associated with your credit score. We’ve included an example, based on York’s average per capita income, $2,393.

Credit Score Income Factor Sum
Excellent Credit 10 $23,930
Decent Credit 9 $21,537
Temporary Bad Credit 8 $19,144
Poor Credit 7 $16,751
Terrible Credit 6 $14,358

Just because it’s possible to borrow such an amount, doesn’t mean it’s a good idea. A smaller loan is a good option, because you will pay less interest, and your monthly installment will be reduced.

Down payments can be made in cash or via trade-in, and typically range from 5-20% of the vehicle’s price. They are often required of people who have a less than ideal history of debt repayment. At this stage, the Loan-to-Value ratio becomes one of the most important factors. This is the amount borrowed in relation to the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$10,000 $15,000 67%
$15,000 $17,500 86%

The downturn had a major influence on the average LTV for subprime applicants, but it is going back up as the economy gets better. The good news is that, as the economy improves, more and more lenders and dealers will be approving auto loans in York with zero down. Our application placement system can often help you find a lender or dealer who wants to get you behind the wheel, whether you have a down payment or not.

In House Financing Dealers in York

If you have really bad credit, chances are you are familiar with buy here pay here car lots. These dealers approve car loans directly, rather than relying on banks or finance companies. They specialize in helping people with problems like open bankruptcy, foreclosure, or repossession in the last 12 months. Problem is, they charge extremely high interest rates and down payments, meaning you end up paying much more for your vehicle than it’s worth. Many people with bad credit think they must resort to these dealers, when in fact they could get approved through a service like ours.

York-Specific Income, Credit Statistics

York-PA
“The White Rose City”

York is home to a number of companies that are deep-rooted in the community, such as nationally recognized name York Barbell, as well as lesser-known but successful manufacturers of hydroelectric turbines and HVAC systems. Given this strong economic base, residents of York have higher-than-average per-capita earnings.  This is important, because, there’s more to the approval process than just your credit score. Creditors review your income, history of employment and residence, and credit history.

Listed here are average statistics for York residents.

  • Gross Earnings: $28,717 Per Annum
  • Average Monthly Payment: $263 (11% of Income)
  • Suggested Car Payment: $191 to $239 (8%-10% of Income)

Curious about the credit ratings of your community as a whole? We have estimated how many York residents are in each credit tier.

FICO Score % of Population Residents
300-499 2% 3503
500-549 5% 8758
550-599 8% 14,013
600-649 12% 21,019
650-699 15% 26,274
700-749 18% 31,528
750-799 27% 47,292
800-850 13% 22,770