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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


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Telephone” data=”Bragg Mutual,2917 Village Dr,28304,(910) 488-3515,Bragg Mutual,201 Hay St #101c,28301,(910) 484-2379,Bragg Mutual Federal Credit Union,201 Hay St,28301,(910) 484-2379,Fayetteville Postal,544 Ramsey St,28301,(910) 484-5146,Fort Bragg,1638 Skibo Rd,28303,(910) 487-8202,Fort Bragg,7840 Raeford Rd,28314,(910) 487-8300,Fort Bragg,6300 Ramsey St,28311,(910) 487-8361,Latino Community,155 Bonanza Dr #103,28303,(910) 323-4334,Latino Community Credit Union,100 Hay St,28301,(910) 323-4334,Navy Federal Credit Union,2606 Bragg Blvd,28303,(888) 842-6328,Pentagon,1800 Skibo Rd,28303,(910) 868-5594,Purolator Employees,PO Box 64637,28306,(910) 425-1725,Purolator Employees,3190 Natal St,28306,(910) 425-1725,Sharonview,1828 Owen Dr,28304,(910) 485-1940,State Employees’,651 Executive Pl,28305,(910) 483-6124,State Employees’,124 McArthur Rd,28311,(910) 488-1919,State Employees’,4065 Sycamore Dairy Rd,28303,(910) 483-8900,V A M C Fayetteville Federal Credit Union,2300 Ramsey St,28301,(910) 488-1240,V.A.M.C. Fayetteville,2300 Ramsey St #103,28301,(910) 488-1240″][/tboot_table]