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With cars so expensive these days, it is very tricky to purchase a vehicle without having a loan. Whether you get a loan will depend on a variety of factors, which include:

  • How high your credit score is.
  • How much you earn.
  • Where you reside.
  • What your down payment is.

Rather than driving from one company to another, applying for loans, you can apply today on the web.

This is especially worthwhile for consumers with below-average credit, as an array of dealerships will review your application, a number of of which are experts in credit problems.

Auto Loan Rates in Fayetteville

What will your APR be? Truth be told, your interest rate varies widely based on your credit score, not to mention other factors. The rates shown below are only for informational purposes. These are not advertisements, and your actual rate could be very different.

Credit Rating 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%

Used Car Financing in Fayetteville

We’re under continual barrage by advertising for new cars and trucks. With that being said, to put yourself in the best financial position, it’s better to choose a pre-owned car. Consider the chart below, which displays the costs associated with car loans for brand new versus pre-owned cars and trucks.

Years Old Price Rate Months Payment Interest Total
New $30,500 6.00% 60 $589.65 $4,879 $35,379
1 Year $24,400 7.50% 60 $488.93 $4,936 $29,336
2 Years $20,740 7.50% 60 $415.59 $4,195 $24,935
3 Years $17,629 7.50% 60 $353.25 $3,566 $21,195

Interested in pre-owned car or truck? Typically, you can finance a car that’s up to 10 years old. Mileage constraints may apply.

Poor Credit Car Loans in Fayetteville

Has your credit been damaged by chapter 7/13 bankruptcy, foreclosure, or other similar issues? Simply put, assuming you have below-average credit, a single digit annual percentage rate is a pipe dream. Fortunately, we know of loan companies who specialize in non-prime credit situations.

In Fayetteville, buy here pay here car dealers end up serving a large percentage of the bad credit demographic The negatives are sizeable: inflated rates of interest and multitudinous stipulations. If at all possible, you’ll want to secure your loan through one of the below loan companies:

  • Local bank.
  • Credit union local to you.
  • Automobile finance company.

A dealership or finance specialist can help you obtain financing from one of these lenders. A regular loan company will report your progress to the credit bureaus, meaning your credit score will get better if you keep making your payments on time.

Best of all, you can submit your application online.

Fayetteville Credit Improvement

There are several strategies to minimize your rate of interest. First, you can check your credit report for inaccuracies. You can check your credit free of charge through this link. You can dispute any mistakes on your own, or engage a credit repair service to handle the dispute for you. Other ways to improve your interest rate:

  • Including a cosigner.
  • Supplying an increased down payment.
  • Going with shorter financing.

No Money Down Auto Loans in Fayetteville

A good many consumers don’t fully grasp that you almost always need some cash in the bank to get a car loan. If you have perfect credit, many creditors will not require a down payment. If your credit isn’t but average, however, a down payment of 10-20% is often necessary. If you have a bad credit score, there is only one real alternative: find a car dealership that welcomes trade-ins, and see if they will take your existing car instead of a down payment.

Fayetteville Resources

Credit Unions

Credit UnionAddressZipTelephone
Bragg Mutual2917 Village Dr28304(910) 488-3515
Bragg Mutual201 Hay St #101c28301(910) 484-2379
Bragg Mutual Federal Credit Union201 Hay St28301(910) 484-2379
Fayetteville Postal544 Ramsey St28301(910) 484-5146
Fort Bragg1638 Skibo Rd28303(910) 487-8202
Fort Bragg7840 Raeford Rd28314(910) 487-8300
Fort Bragg6300 Ramsey St28311(910) 487-8361
Latino Community155 Bonanza Dr #10328303(910) 323-4334
Latino Community Credit Union100 Hay St28301(910) 323-4334
Navy Federal Credit Union2606 Bragg Blvd28303(888) 842-6328
Pentagon1800 Skibo Rd28303(910) 868-5594
Purolator EmployeesPO Box 6463728306(910) 425-1725
Purolator Employees3190 Natal St28306(910) 425-1725
Sharonview1828 Owen Dr28304(910) 485-1940
State Employees'651 Executive Pl28305(910) 483-6124
State Employees'124 McArthur Rd28311(910) 488-1919
State Employees'4065 Sycamore Dairy Rd28303(910) 483-8900
V A M C Fayetteville Federal Credit Union2300 Ramsey St28301(910) 488-1240
V.A.M.C. Fayetteville2300 Ramsey St #10328301(910) 488-1240