Are you one of the thousands of residents of the Keystone State with a poor credit history? Do you need auto loans for bad credit scores in Philadelphia but have a credit score (credit score) below 640?
If the answer is yes to both of these questions then you will be relieved to know that there are a number of lenders who work with car dealers to offer bad credit car loans in Philadelphia.
Bad credit car loans Philadelphia lenders: AutoNetFinancial specializes in bad credit car loans. You need to realize that our lenders, working through retail car dealers, will probably charge you a much higher interest rate – known as sub prime lending - than those charged by more conventional lenders such as banks and credit unions (usually called "prime" rates). The main focus of these sub prime lenders is to help consumers with bad credit rebuild their credit history and improve their credit scores while driving a new or low-mileage pre-owned vehicle.
"In-house financing" or "buy here pay here" lenders: These are lenders who are also Philadelphia car dealers. Unlike most traditional Philadelphia car dealers, they don't follow what might be considered the "normal" rules of auto financing. If you visit one of these dealers while shopping for Philly auto loans for poor credit, you'll find that they usually aren't as stringent as those lenders that offer Bad credit car loans in Philadelphia. They will verify your income and residence while you are applying for auto finance, but recent repossessions are usually not an issue.
What these dealers will ask for is a much larger down payment, given the average value of the cars they sell. It also means that the annual percentage rate of interest charged by these dealers is much higher than what most sub prime lenders would charge. These dealers will also not report your payment history to the credit bureaus. This means that even if you make all your payments on time, your credit score will not improve and your credit history will have no recent positive information.
In the final analysis, if you are serious about reestablishing your car credit and improving your credit score, you should choose a bad credit car loans Philadelphia dealer that specializes in poor credit car loan customers and deals with a broad spectrum of sub prime lenders. This web site that can match you up with these dealers should be your first choice for auto financing for bad credit.
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