The Right Auto Loan for You
Choose the option that drives you:
When you finance your vehicle through Orrstown Bank, you get:
Since 1919, Orrstown Bank has been committed to meeting the financial needs of the community. Serving residents of both Pennsylvania and Maryland, we provide a broad suite of business, consumer and wealth management services to our clients.
We pride ourselves on our friendly, community-oriented client service and offer a transparent lending experience. We'll work with you to determine the best way to meet your unique financial goals.
The Orrstown Bank team monitors rates daily to find the best loan options for our clients at any given time.
Three Reasons to Consider Bank Auto Loans in PA or MD
If you're weighing the option of securing a car loan through a dealership versus a financial institution such as a bank, you may be surprised to know that bank auto loans are a better choice in many cases.
Here are three reasons you might want to consider getting a car loan through your community bank:
- A bank can preapprove you for a car loan. If you're preapproved for an auto loan, the lender will let you know the rate, loan amount and terms you are conditionally approved for.
- A bank will not mark up your interest rates. With dealer-arranged financing, an agent may raise the interest rate of the loan they suggest to you. This profit margin compensates them for arranging the financing. A bank doesn't need to do this to new or used car loan rates.
- A bank will assist you pressure-free. Dealers may pressure you to finance through them so they can receive compensation and close the sale immediately. Applying for preapproval with a bank may help take some of the pressure out of your decision to buy a vehicle.
How to Finance a Used Car
If you're thinking about financing a used car, it can help to take a few precautionary steps:
- Know your credit score before you apply. Knowing what's in your credit score will give you an idea of the used car loan interest rate and terms you can expect.
- Be honest when applying. When applying for a used auto loan, it's important to give prospective lenders accurate information on the application. Be prepared to provide personal information, such as your social security number, bank account numbers and credit card information during the loan process, since these numbers are used to match the specifics on your credit report to your application.
After securing your used car loan, it's important to make your payments on time. This will allow you to build equity in your car and protect good credit. Making loan payments on time will also steer you away from loan default, dings on your credit report and the repossession of your vehicle.
To ensure you make payments on time, try setting up autopay from your savings or checking account. This ensures that you make your automatic payment on a specific day each month.
Visit Us in Maryland or Pennsylvania Today
If you're looking for a bank large enough to provide the auto loan you need yet small enough to remember your name, we invite you to stop by one of our locations today.