My Car Lender

Home / Finance / North Carolina Auto Finance / Charlotte (NC) Auto Loans


The purchase of a new car without a loan or lease is pretty unusual these days. Normally, the lender keeps a lien on the car or truck until it is fully paid off. You are required to carry full coverage insurance during this time, and your interest rate will depend largely on your credit score. If you need to secure the most affordable rate of interest available, we can help. A finance professional can lead you through the process, ensuring you secure financing from a company you can trust.

Auto Loan Rates in Charlotte

Worried about the rate of interest you’ll be charged? In point of fact, your interest rate differs greatly based on your credit, not to mention other variables. The rates displayed below are only for informational purposes. They aren’t advertisements, and your precise rate could deviate vastly from what’s displayed below.

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%

Used Car Financing in Charlotte

New cars are enticing, needless to say. Smart buyers, however, usually go for used cars. Consider the comparison below.

Years Old Price Rate Months Payment Interest Total Cost
New $22,500 6.00% 60 $434.99 $3,599 $26,099
1 Year $18,000 7.50% 60 $360.68 $3,641 $21,641
2 Years $15,300 7.50% 60 $306.58 $3,095 $18,395
3 Years $13,005 7.50% 60 $260.59 $2,631 $15,636

After just one year of driving, the $22,500 new car is worth only $18,000, and only $13,005 after three years. Auto loans for used cars come with slightly higher interest rates, but in many instances, you only need 10% down, and the insurance costs are less expensive.

Poor Credit Auto Loans in Charlotte

In the world today, poor credit is quite common. There is nothing more humiliating than being declined by the car dealership. Before the net, you had to agree to whatever annual percentage rate and provisions they gave you. Today, there are better ways to get approved.

It’s best to avoid turning to a no credit check dealership. These buy here pay here dealers are known for aggressive sales tactics. The rates border on extortionate, and the cars and trucks are likely to be overpriced. Instead, it’s smart to look for the loan you need via the internet. An established bank or finance company will report your repayment to the credit reporting agencies, so your credit score will improve as long as you keep making your payments as agreed.

Best of all, you can submit your application online.

Minimizing Your Interest Rate

Besides selecting a more affordable car or truck, the best way to reduce your payment amount is by boosting your FICO score. First, you need to resolve any errors on your credit report. Lots of folks don’t realize that, once a year, you can check your credit report at zero cost via You can challenge any discrepancies on your own, or employ a company to assist you. Providing a more substantial down payment or the addition of a cosigner who’s got solid credit could also trim your rate of interest.

Can a Car Loan Improve Your Credit?

An auto loan can improve your credit score, if it meets the following guidelines:

  • It is not offered by a buy here pay here dealer.
  • The payments are made promptly, month after month.

There’s no direct increase in your FICO score. Rather, it should increase progressively as time goes on. Most lenders offer automated payment solutions, which are key to keeping current on your payments.

Charlotte Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
Allegacy FCU1900 Randolph Rd28207(336) 774-8161
Blue FlamePO Box 3306828233(704) 523-0075
Blue Flame4301 Yancey Rd28217(704) 523-0075
Carolina Cooperative6502 McMahon Drive28226(704) 543-8901
Carolina Cooperative2110 Crown Centre Dr28227(704) 845-4031
Carolina Postal3601 Mulberry Church Rd28228(704) 392-3418
Carolinas TelcoPO BOX 66846728266(704) 391-5600
Carolinas Telco2600 Sharon Rd W28210(704) 391-5600
Carolinas Telco5023 Central Ave28205(704) 391-5600
Carolinas Telco300 S Brevard St28202(704) 391-5600
Carolinas Telco2821 Crisman St28208(704) 391-5600
Charlotte Fire Department2100 Commonwealth Ave28205(704) 375-3950
Charlotte Metro718 Central Ave28204(704) 375-0183
Charlotte Metro2732 Ashley Rd28208(704) 375-0183
Charlotte Metro4525 Sunset Rd28216(704) 375-0183
Charlotte Metro11228 Ardrey Kell Rd28277(704) 375-0183
Charlotte Metro1835 West W T Harris Boulevard28262(704) 375-0183
Clearview2830 Boyer St28208(800) 926-0003
Eds2701 Westport Rd28228(704) 391-0678
First Legacy Community431 Beatties Ford Rd28216(704) 375-5781
First Legacy Federal Credit UnionPo Box 1628528297(704) 375-5781
Founders10600 S Commerce Blvd28273(704) 588-6726
Hamlet6101 Idlewild Rd28212(704) 535-8300
Latino Community5933 South Blvd28217(704) 553-0386
Latino Community4801 E Independence Blvd #10328212(704) 531-0201
Latino Community Credit Union4801 E Independence Blvd28212(704) 531-0201
Piedmont Advantage Credit Union4700 Yorkmont Rd28208(704) 359-8080
Piedmont Advantage Credit Union5501 Josh Birmingham Pkwy28208(704) 359-4373
Self Help Credit Union926 Elizabeth Ave28204(704) 409-5900
Sharonview5033 South Blvd28210(704) 527-7482
Sharonview7422 Carmel Executive Park Dr #10028226(704) 973-2500
Sharonview13900 S Lakes Dr28273(704) 969-6184
Sharonview Credit Union14301 S Lakes Dr28273(704) 504-5355
Sharonview Federal Credit Union521 Meridian Corporate Center28208(704) 969-6700
Shepherds5525 Albemarle Rd28212(704) 625-1469
State Employee Credit Union1516 Alleghany St28208(704) 399-3987
State Employees'10120 Couloak Dr28216(704) 392-0438
State Employees'901 N Wendover Rd28211(704) 366-4042
State Employees'6630 Executive Cir28212(704) 568-5980
State Employees'1130 E 3rd St28204(704) 376-9133
State Employees'4720 Airport Center Pkwy28208(704) 394-4844
State Employees'6201 Fairview Rd28210(704) 551-0612
State Employees'8605 University City Blvd28213(704) 549-5822
State Employees'10820 S Tryon St28273(704) 504-8796
State Employees'10910 Ardrey Kell Rd28277(704) 540-1159