When it comes to getting a car loan, Philadelphia drivers have plenty of options to choose from.

One of the best ways to get approved for a car loan in Philadelphia is to apply for a loan online through a reliable lender. You can get your answer quickly and be on your way to driving your a new or used car faster than ever before. It is easy and safe to complete an online secure loan application. Websites such as Prescott Financial can help you get approved instantly for your auto loan. Most customers are able to receive an approval within just a few hours of submitting their application.

Car Loans for Drivers with Bad Credit or No Credit

car loan Philadelphia

Many people believe that because they have poor credit, or have never established credit in the past, then they can not get approved for a car loan. That couldn’t be further from the truth. There are many different types of lenders throughout the automotive loan industry. And while it is true that there are many lenders who will only work with individuals who have good credit, there are also lenders who will work with you, regardless of your current credit rating in order to find a loan option that will work for you and your credit situation. It is important to shop around, no matter what type of credit you may have, in order to find the best loan with minimal finance charges and a reasonable interest rate.

Purchasing a Pre-Owned Car Using a Car Loan

Pre-owned vehicles are ideal for drivers on a budget because they can provide you with the quality of a high-priced car for less. If you would like to purchase a pre-owned car and are wondering if there are loans available for this type of vehicle, there is good news for you. Many lenders will offer loans on pre-owned cars, however there are usually some restrictions to the terms of the loan. Some lenders request that the car is only a few years old, while others may recommend a warranty. Regardless of what the terms may be, you can be assured that if the car you want is pre-owned, getting a loan doesn’t have to be a headache. For more information on getting a car loan, Philadelphia residents can contact the lenders available in their area or visit the many auto loan websites available on the web.

For many people, purchasing a car doesn’t have to be as impossible as it seems. These days, lenders have seriously reduced the number of loans that they are giving out to potential car buyers. As a result, the tough lending standards of today have caused many people to struggle to find the financing that they need for their car. While lenders are still apt to give loans to buyers with a good credit rating, they are much less likely to do so for those with a bad credit rating. However, hope is not lost. There are still lenders out there who will work with you to buy that car you’ve always wanted.

Review Your Options

bad credit ratingThe first step to finding the right loan company for your needs is to do your research and review your options. You can do this by specifically searching for companies that provide loans for people with low credit ratings or you can even ask around about which loan companies most of your friends and family are using, Chances are that you will have someone that knows of a very good loan company that helps individuals with a low credit rating.

Check the Company

Not all companies that cater to individuals with low credit ratings are safe and reliable to work with. Therefore, you should be careful about which company you choose. To make sure that the company you are considering is worth your time, take a look on the reviews that it has gained and read about its policy. Policies can usually be found online at the company’s website. There are a few qualities that you want to make sure that your loan company has before you decide to work with it.

Qualities of a Good Loan Company

There are a few very important qualities that you should look for in companies that cater to individuals with low credit ratings. These qualities include flexibility with their clients, their interest rates, their repayment periods, and what they expect from their consumer. The good news is that there are usually many options out there that are completely willing to help you get the loan that you need at decent interest rates and at a flexible repayment period. Once you found the company that works for you, find your car and give the loan company a call. They’ll usually be more than happy to work with you.

The best way to secure a good deal when you buy a car is to make sure that the loan you use has a low interest rate. Low interest rates mean that you end up paying less money over time and that you also have the funding that you need for your car loan. Before you make any big decisions about your car, it is best to know the current Philadelphia interest rates for car purchases. Below is an overview of what you should be expecting to pay in interest when you buy your next car.

The High Rates

There are a number of lenders that you should stay away from, and those lenders tend to usually be big banks. Banks increase their interest rates because they think that people use them as the only solution for their car loans. Currently, Wells Fargo has an interest rate of 11.25% on a 60 month car loan. The next high number is also by another big bank. Firstrust’s interest rate for a 60 month car loan is 7.49%. These astronomical numbers can do severe damage to your finances and they can also make it very difficult to pay back your car and on time.

The So-So Options

There are a few other lenders whose interest rates are not as bad as the banks above. For example, you can get a car loan from Bank of America for 60 months at 3.04%. Chase Bank is slightly above that number, setting at 3.6%. Lastly, PNC bank is the lowest among these three, setting its interest rate at 3% for 60 months. These low terms are the most common types of interest rates that people use for their cars. In most cases, the banks will review your credit history before providing you with a loan.

Other Companies

Finally, there is a third option, and that is going to an independent car loan lender. Independent lenders want to be competitive and work with their clients, so their interest rates are usually set at 3% or lower. With this low interest rate, you can expect to be able to pay your car loan on time and without a problem. If you take out your loan for 60 months, you will only be paying a small premium every month. To make sure you’re making a good choice, don’t forget to check the terms of the contract and the set interest rate before you sign.

Unfortunately, getting a car loan is not as easy as it used to be. You have probably noticed that lends are becoming more cautious with who they give out loans to. Even if you qualify for a car loan, you are most likely getting turned down a lot too. To a secure a car loan these days, you must bypass a great deal of red tape. While it may not seem so, there are actually a number of reasons that you have to deal with the regulations that the car loan companies are imposing.

Financial Concerns

car loan red tapeFirst and foremost, there is car loan red tape because lenders are highly worried about financial concerns. In the past, it could be that you could get a car loan without having a job or having defaulted on other loans. This type of loan system not only hurt the loan companies, but it also caused widespread recalls of purchased vehicles. This type of situation can destroy car dealerships, loan lenders, and even those that purchase the cars. It is a poor financial situation for everyone. Therefore, while there are loan companies out there that will give you a loan despite having no credit or bad credit, they do require that you have a stable job that shows that you can repay your loan.

Some Lenders Like Making it Difficult

While it is understandable that some lenders are concerned about your ability to pay back your loan, which is something that is in your best interest anyways, some lenders just like making it difficult in general. There are car loan lenders that require car buyers to fill out a great deal of paperwork and to provide certain documents for their loan application. This type of system is an inconvenience to you and it also unnecessarily created more work for the lending company. Lending companies simply think that this system make the loan more secure.


The good news is that not all loan companies operate the same. While there are some loan companies that have a lot of red tape, there are others that work to minimize the red tape so that you can get the loan that you need. The best solution is to try to find a loan company that is flexible, wants to work with you, and tries to minimize the time and energy spent on getting a loan.

If you live in Philadelphia, you likely know how hectic driving can be. Some drivers that you encounter can be prone to speeding, disregard for other drivers, and road rage. With these types of drivers, it can be difficult to enjoy from a safe and non-negligent driving environment. For those that are experienced drivers in Philadelphia, chances are that you haven’t tried implementing ways to mitigate the harm posed to you. To make things easier for you, below are a few recommendations that you can take into account to help make your driving experience better and safer.

driving in Philadelphia

Distance Yourself from Danger

The first step that you can take to survive commutes in Philadelphia is to distance yourself from dangerous drivers. The best way to implement this strategy is to pay close attention to the road and who is on it. If you notice a car beginning to tailgate or if you notice another car speeding in the background or ahead of you, you should do your best to keep as far away as possible from that driver. You don’t want to engage other drivers or signal your discomfort. The best approach is to practice caution on your behalf and to take care that you aren’t being negligent in any way.

Drive Out of Rush Hour

Rush hour is the time of day that is rife with car accidents. These types of car accidents tend to affect not one or two cars, but any at the same time because the cars are in close proximity to each other. To mitigate risk to yourself, you should drive during hours of the day when there are not many drivers on the road. If you do find yourself in traffic during rush hour, also keep in mind to keep a distance between you and other cars.

Reduce Your Liability

Of course, according to law you must have car insurance. Assuming that you have already protected yourself through that avenue, you should also consider reducing your financial risk by driving a pre-owned car. Pre-owned vehicles are usually in very good condition, and if you do find yourself in an accident, you will not need to suffer a major financial loss because the initial value of the car has already been reduced.

Overall, the above tips are excellent ways to survive driving in Philadelphia. Hopefully you will successfully implement these tips on your next car ride.