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Getting a new vehicle without a loan or lease is quite unusual nowadays. Whether you get approved for a loan, and what interest rate you’re charged, depends mainly on your credit score. Other variables include:

  • Location
  • Monthly income
  • Money down
  • Occupational history

Instead of wasting time at the dealer or finance company, you can apply for a car loan on the web. You could be discussing the details of your loan in minutes.

Car Loan Rates in North Carolina

These rates are for informational purposes only. They aren’t advertisements. The rate you’re offered may deviate significantly from what’s displayed here.

Credit Rating New Car Pre-owned Car
Excellent 3.2% 3.5%
Good 4.5% 4.9%
Average 6.2% 6.4%
Subprime 9.3% 10.1%
Bad 12.8% 14.8%
Very Bad 13.2% 15.5%

Checking your credit rating can keep you from being overcharged. Many lenders use an automotive-specific credit score that’s not available to buyers, but you can go here to check your credit scores–it will let you determine what your rate of interest should be.

Used Car Auto Loans in North Carolina

Options such as zero percent auto loans and zero down payment can be found on new cars for those who have terrific credit. However, new cars and trucks depreciate so quickly, pre-owned vehicles are often a better investment. You can finance a low-mile used vehicle for so much less than the cost of a new one.

Years Old Price Rate Months Payment Interest Total
New $21,000 6.00% 60 $405.99 $3,359 $24,359
1 Year $16,800 7.50% 60 $336.64 $3,398 $20,198
2 Years $14,280 7.50% 60 $286.14 $2,889 $17,169
3 Years $12,138 7.50% 60 $243.22 $2,455 $14,593

Clearly, the car purchased new for $21,000 won’t be worth but $12,138 after 36 months on the road. Most of the time, you can get an auto loan for a vehicle that’s up to ten years old. Mileage limits may apply.

Poor Credit Auto Loans in North Carolina

Your credit history is of utmost importance when financing a car. Countless people don’t ever check their FICO score, because they just don’t want to know. However, you really should know your score. Fortunately, the internet has made it a lot easier for the bad credit borrower. A lot of people with less-than-perfect credit find themselves at one of North Carolina’s buy here pay here car dealers. These retailers offer in-house auto loans, with no credit check. While you might not have problems getting approved, you will be charged a lot for the privilege. You will be happier with an auto loan from a traditional bank or credit union, which you can do through any conventional dealership. The down payments are less expensive, as well as the rates of interest, and the service is significantly better.

Go here to apply online.

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