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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

Credit UnionLocationZip CodePhone
AcclaimPO Box 2952727429(336) 332-5302
Acclaim1823 Banking St27408(336) 332-5302
American Partners7360 W Friendly Ave #12427410(336) 855-3553
Carolina Postal4817 W Market St27407(336) 292-8340
Greensboro Health Care1200 N Elm St27401(336) 832-8119
Greensboro Health CareGREENSBORO HEALTH CARE CREDIT UNION27401(336) 832-8119
Greensboro Municipal217 N Greene St27401(336) 373-2090
Greensboro Municipal2200 Soabar St27406(336) 373-2090
Greensboro Postal3701 W Wendover Ave27407(336) 855-0662
Greensboro Postal201 N Murrow Blvd27401(336) 275-0287
Greensboro Postal1120 Pleasant Ridge Rd27409(336) 662-0360
Internal Revenue Employees2306 W Meadowview Rd #10727407(336) 378-2070
Latino Community2410 Randleman Rd27406(336) 370-9512
Lincoln NationalPO Box 2100827420(336) 691-3721
Lincoln National100 N Greene St27401(336) 691-3721
Lorillard2917 S Elm Eugene St27406(336) 272-5244
Lorillard2525 E Market St27401(336) 335-6830
Members4160 Piedmont Pkwy27410(336) 852-1424
PremierPO BOX 2659027415(336) 370-1286
Premier1400 Yanceyville St27405(336) 370-1286
Self-Help3400 Battleground Ave27410(336) 545-9916
State Employees'720 Summit Ave27405(336) 273-7400
State Employees'1030 W Market St27401(336) 379-8602
State Employees'211 Pisgah Church Rd27455(336) 282-2301
State Employees'1201 New Garden Rd27410(336) 834-8080
State Employees'200 Muirs Chapel Rd27407(336) 547-9095
Summit8210 W Market St27409(336) 662-6200
Summit800 Summit Ave27405(336) 378-2708
Summit7701 Airport Center Dr27409(336) 665-1153
Truliant2914 S Elm Eugene St27406(336) 659-1955
Truliant6912 Downwind Rd27409(336) 659-1955