In the market for a new or used car? Looking to finance it? Here at CarLoansPennsylvania.com, it’s our mission to get you approved. We get most of our clients in the driver’s seat in as little as 24 hours. The foundation of our service is twofold: technology and relationships. We have relationships with countless banks, dealers, and lenders across the state who can lend you the funds you need, even if your credit history isn’t perfect. These relationships took years and years to build, and few brokers or dealers themselves can offer you access to such an extensive network of companies who are approving credit for car buyers. We have become a trusted source of client acquisition for these lending institutions, and that means you have the very best chances of getting approved – and we all know that approval is key in this economy.
Technology is our other key advantage. Our secure application placement system allows you to submit your information just once, and we can place your application with the company that best suits your profile. It’s fast, it’s easy, and there are zero fees and zero obligations.
Ready to get started? Submit Your Secure Application.
Your Approval: Step-by-Step
After your application enters our system, we work to match you with a company whose approval criteria match your profile in terms of location, income, down payment, and other factors.
Your matched lender could be a bank, credit union, dealer, or auto finance company. It all depends on your profile and our lender coverage in your area. We are able to get approximately 50% of our clients pre-approved by a lender. If your gross monthly income is greater than $1500, our success rate is closer to 90%.
If pre-approved, you will be contacted directly by your lender via telephone, email, or both. This should happen within 24 hours of applying, though it can take up to 48 hours in some cases. Your lender will be able to give you more information as far as the interest rate they can offer, as well as the loan terms, restrictions, and vehicle inventory. You are under no obligation to accept this offer.
In order to finalize your new loan, you’ll need to furnish some documentation such as drivers license, proof of income, etc. Then you’ll choose your car or truck from an area dealer.
Click here to submit your secure application.
Pennsylvania Economy at a Glance
In the state of Pennsylvania, the average annual income is $43,239, while the average credit rating is 696. Of course, these are just averages. You don’t have to make $3,603 monthly to qualify for auto loans in Pennsylvania. No, the minimum monthly income requirement for most companies is $1500. However, there are a few companies that require just $1250, and a few that require $1800.
Generally, Pennsylvania auto loan providers require that you have a solid job with $1500 income monthly, and your total monthly debt, including your car loan, should not surpass half of your wages. In the state of Pennsylvania, this rounds out to $1,802, on average.
Even in the event you don’t meet the aforementioned prerequisites, you might be eligible by taking one or more of these steps:
- Provide Somebody to Co-sign: Typically this will be a parent, spouse, or sibling.
- Offer More Money Down: 10-20% is recommended.
- Opt for Buy Here Pay Here financing: Learn more about this here.
Tips For Pennsylvania Car Shoppers
We can aid you in getting zero down payment deals, but down payments are always recommended. How much should you offer up? Nearly all lenders will be satisfied with an advance payment of 15 to 20%. Another concern is your monthly payments. You don’t want to spend in excess of 18-20% of your income on transportation in general. That means all vehicles under your roof, including their registration fees, fuel, maintenance, and insurance. Let’s consider average numbers for Pennsylvania residents.
- Annual Income: $43,239
- Per month Income: $3,603
- Monthly Budget: $649-$721
Low credit scores? Get more information about financing a car with bad credit here.