My Car Lender
 

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

 

Quite a number of folks decide to buy their cars and trucks with a loan, making monthly payments as opposed to shelling out just one lump sum. Often, auto financing is arranged in the dealer’s office, but this can be a very inefficient process. To hasten approval, you can sign up on the web for your auto loan. You will find professionals ready to help you get a loan at a rate you can afford.

Auto Finance Rates in Durham

Keep in mind, these rates should not be regarded as advertisements, but rather estimates at the time of publication. The rate you’re provided may vary substantially from the rates seen here.

Credit Score New Car Used 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%

Don’t know your credit score? You really should. We recommend this service, where you can check your score absolutely free.

Used Car Financing in Durham

Car manufacturers are in the business of selling brand new cars and trucks. That said, to put yourself in the best financial position, you’ll opt for a pre-owned car. Take a look at the chart below, depicting the costs associated with car loans for brand new versus used cars and trucks.

Years Old Price Rate Months Payment Interest Total
New $28,250 6.00% 60 $546.15 $4,519 $32,769
1 Year $22,600 7.50% 60 $452.86 $4,571 $27,171
2 Years $19,210 7.50% 60 $384.93 $3,886 $23,096
3 Years $16,329 7.50% 60 $327.19 $3,303 $19,631

Essentially, the car purchased new for $28,250 won’t be worth but $16,329 after three years on the road. Used car loans have slightly higher interest rates, but in most situations, you only need 10% down, and the insurance costs are cheaper.

Poor Credit Car Loans in Durham

FICO scores of less than 680 are often viewed as subprime, and those below 620 are simply considered bad. Higher credit scores usually lead to lower interest rates, but there are a lot of other variables at play. In the old days, loan providers were few who would finance consumers with bad credit. Now many lenders, and also some banks, have subprime finance divisions.

A lot of people wind up going to buy here pay here car dealerships in Durham that don’t check a buyer’s credit. No credit checks come at a price: inflated rates, lots of conditions and terms, and limited vehicles. Almost always, it’s better to work with a traditional bank, credit union, or loan company. The advantages are myriad: more affordable rates, superior service. Additionally, if you make your payments in a timely manner, an improvement to your FICO score.

Contact an auto finance professional in your area today.

Minimizing Your Rate of Interest

There are various strategies to lessen your interest rate. Fixing any credit report mistakes can increase your credit score substantially. You can check your credit completely free at annualcreditreport.com, a service offered by the three major credit bureaus.

Durham has a number of credit restoration services that help people fix such mistakes, or you can file the paperwork yourself. Offering an increased down payment or the addition of a cosigner who’s got a good credit rating may also lessen your interest rate.

No Money Down Financing in Durham

Saving up enough cash you need to purchase a car or truck is never easy, especially if you have a bad credit score, which commonly necessitates a substantial down payment. The truth is, getting a car loan with no down payment isn’t often possible. When you have less-than-perfect credit, there’s just one main alternative: track down a car dealership that takes trades, and let your existing vehicle cover the down payment on your new one.

Durham Resources

Credit Unions

Credit UnionLocationZipPhone
BCBSNCP. O. Box 229127702(919) 765-1369
BCBSNC1965 Ivy Creek Blvd27707(919) 765-1369
CoastalSouth St27707(919) 420-8000
Coastal23 Page Rd27703(919) 420-8000
CoastalSouthpoint Crossing Dr27713(919) 281-5240
Coastal Federal Credit Union5316 Page Rd27703(919) 941-0562
Covenant Community Credit701 Morreene Rd27705(919) 384-7212
Duke Universityl100 2200 W Main St27705(919) 684-6704
Duke University Federal Credit Union1400 Morreene Rd27705(919) 684-6704
Generations Community123 W Main St27701(919) 683-2000
Greater PiedmontP. O. Box 172927702(919) 687-0585
Greater Piedmont3901 N Roxboro St #20227704(919) 627-6800
Greater Piedmont601 S Mangum St27701(919) 687-0585
Greater Piedmont Credit Union3643 N Roxboro Rd27712(919) 420-7244
Latino Community100 W Morgan St27701(919) 530-8800
Members101 City Hall Plaza27701(919) 560-4177
Mount Vernon Baptist Church1007 S Roxboro St27707(919) 688-1823
RTP Federal Credit Union4220 Apex Hwy27713(919) 941-5700
RTP Federal Credit Union1005 Slater Rd27703(919) 941-1060
RTP Federal Credit Union1005 Slater Rd #10027703(919) 941-5700
Self-Help301 W Main St27701(919) 956-4600
State Employees Credit Union - Durham3808 Guess Rd27705(919) 477-3634
State Employees'108 Olive Branch Rd27703(919) 596-0290
State Employees'3810 Ben Franklin Blvd27704(919) 471-1765
State Employees'4900 N Carolina 5527713(919) 806-0903
State Employees'504 S Duke St27701(919) 682-9602
State Employees'3872 Guess Rd27705(919) 477-3634
State Employees'1131 Slater Rd27703(919) 941-9120
Vision FinancialPO Box 1581827704(919) 477-0696
Vision Financial508 Fulton St27705(919) 286-3158
Vision Financial214 Pacific Ave27704(919) 477-0696
WelcomePO BOX 13398 MAI-CA42827709(919) 483-1648
Welcome5 Moore Dr27703(919) 483-8844