Editor's choice: Carvana

- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
Dealership financing is often the easy choice when you're shopping for a car. But local banks and credit unions in Pennsylvania — alongside larger national lenders — often offer more competitive rates.
To see which lenders offer car loans in your state, select your credit score range and Pennsylvania from the table. Then choose Show me my personalized options.
The Motor Vehicle Sales Finance Act governs auto loans in Pennsylvania. It specifies the maximum amount of interest a lender can charge per year. For new vehicles and used vehicles within two model years of the sale date, interest is capped at 18%. For older used vehicles, interest is capped at 21%.
Pennsylvania law also states what terms should be included in the loan agreement and how repossession works if you fail to repay your loan. Ensure your lender provides you with a full breakdown of the cost of borrowing so you know exactly how much you need to repay.
Banks and credit unions often offer better rates than national options and dealerships — but typically require you to have an account before you borrow. These Pennsylvania-based banks are a good starting point, but search for more options in your community before you commit to a loan.
Lender | Available financing | APR |
---|---|---|
First National Bank | New and used vehicles, recreational vehicles | Not stated |
First Commonwealth Bank | New and used vehicles | Not stated |
Mid Penn Bank | New and used vehicles, recreational vehicles | Not stated |
Dollar Bank | New and used vehicles, recreational vehicles | As low as 3.69% |
Pennsylvania State Employees Credit Union (PSECU) | New and used vehicles, refinancing, lease buyouts, recreational vehicles | As low as 2.49% |
While local banks and credit unions tend to offer better rates than national banks and dealerships, your options may hinge on your credit score and other factors. To find the most competitive rates for your particular situation, compare online lenders and larger banks in addition to local banks for your next car loan.