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Given the steep price of the average new car, it is very tough to get a car without financing. Often, your car loan package will be arranged in the F&I office, but this can be a very time-consuming process. Most finance experts recommend securing your financing in advance. Enjoy the convenience of having a local Greensboro finance specialist guide you through the car-buying process. What’s even better, there’s no cost to apply.

Auto Finance Rates in Greensboro

What will your APR be? The truth is, your annual percentage rate differs widely based on your FICO score, among a range of other factors. The rates displayed below are only for informational purposes. They are not advertisements, and your actual rate will vary.

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 Auto Loans in Greensboro

Options like zero percent car loans and zero down payment can be found on new cars if you have exceptional credit. With that being said, it is better to finance a pre-owned car or truck, since the total price will be substantially less. The numbers speak on their own.

Age Price APR Months Payment Interest Total Cost
New $15,600 6.00% 60 $301.59 $2,496 $18,096
1 Year $12,480 7.50% 60 $250.07 $2,524 $15,004
2 Years $10,608 7.50% 60 $212.56 $2,146 $12,754
3 Years $9,017 7.50% 60 $180.68 $1,824 $10,841

As you can see, the car purchased new for $15,600 won’t be worth but $9,017 after 36 months. Below are the typical restrictions on used car loans:

  • Car no older than 7-10 years.
  • Mileage no greater than 100,000.
  • Purchased via dealer, not private party.

Bad Credit Auto Loans in Greensboro

These days, bad credit is pretty common. Nothing is more humiliating than having your credit turned down at the dealership. Although poor credit always results in an increased rate of interest, you can now request quotes from an assortment of loan companies online.

In Greensboro, buy here pay here car dealerships end up catering to folks who’ve got serious credit problems of one type or another. While you probably won’t have problems with respect to approval, you will be taxed a lot for the privilege. If possible, you want to secure your finance package through one of the below lenders:

  • Regional or local bank.
  • Credit union in your area.
  • Automotive loan company.

A dealer or auto finance specialist can help you get financed through one of these lenders. The down payments are cheaper, the same as the interest rates, and the service is much better.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

A car loan can be an effective way to improve your credit, but it’s essential that you make your payments promptly. If you decide to deal with a buy here pay here dealership, you simply won’t have this chance. It’s best to sign up for automatic payments, as this will stop you from forgetting payments.

Greensboro Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Phone” data=”Acclaim,PO Box 29527,27429,(336) 332-5302,Acclaim,1823 Banking St,27408,(336) 332-5302,American Partners,7360 W Friendly Ave #124,27410,(336) 855-3553,Carolina Postal,4817 W Market St,27407,(336) 292-8340,Greensboro Health Care,1200 N Elm St,27401,(336) 832-8119,Greensboro Health Care,GREENSBORO HEALTH CARE CREDIT UNION,27401,(336) 832-8119,Greensboro Municipal,217 N Greene St,27401,(336) 373-2090,Greensboro Municipal,2200 Soabar St,27406,(336) 373-2090,Greensboro Postal,3701 W Wendover Ave,27407,(336) 855-0662,Greensboro Postal,201 N Murrow Blvd,27401,(336) 275-0287,Greensboro Postal,1120 Pleasant Ridge Rd,27409,(336) 662-0360,Internal Revenue Employees,2306 W Meadowview Rd #107,27407,(336) 378-2070,Latino Community,2410 Randleman Rd,27406,(336) 370-9512,Lincoln National,PO Box 21008,27420,(336) 691-3721,Lincoln National,100 N Greene St,27401,(336) 691-3721,Lorillard,2917 S Elm Eugene St,27406,(336) 272-5244,Lorillard,2525 E Market St,27401,(336) 335-6830,Members,4160 Piedmont Pkwy,27410,(336) 852-1424,Premier,PO BOX 26590,27415,(336) 370-1286,Premier,1400 Yanceyville St,27405,(336) 370-1286,Self-Help,3400 Battleground Ave,27410,(336) 545-9916,State Employees’,720 Summit Ave,27405,(336) 273-7400,State Employees’,1030 W Market St,27401,(336) 379-8602,State Employees’,211 Pisgah Church Rd,27455,(336) 282-2301,State Employees’,1201 New Garden Rd,27410,(336) 834-8080,State Employees’,200 Muirs Chapel Rd,27407,(336) 547-9095,Summit,8210 W Market St,27409,(336) 662-6200,Summit,800 Summit Ave,27405,(336) 378-2708,Summit,7701 Airport Center Dr,27409,(336) 665-1153,Truliant,2914 S Elm Eugene St,27406,(336) 659-1955,Truliant,6912 Downwind Rd,27409,(336) 659-1955″][/tboot_table]

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