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For the majority of High Point shoppers, financing is an essential part of buying any new or used car, truck, or SUV. When you have terrific credit, this is a pretty simple process. If you have poor credit, however, it can be challenging. To improve approval, you can submit an application on the web for your auto loan. This is particularly useful for individuals who’ve got unfavorable credit ratings, as an array of dealers and lenders will consider your credit, many of which are experts in special finance scenarios.

Car Loan Rates in High Point

Please keep in mind that the rates below aren’t advertisements, but rather estimations at the time of publication. Variables that affect your exact rate of interest include, most importantly, your credit history, but also a host of other factors

FICO 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 Loans in High Point

New cars and trucks have the least expensive interest rates. However, used cars are a better value over the long haul, and they require cheaper down payments. Have a look at the chart below.

Age Price APR Months Payment Interest Total Cost
New $17,400 6.00% 60 $336.39 $2,783 $20,183
1 Year $13,920 7.50% 60 $278.93 $2,816 $16,736
2 Years $11,832 7.50% 60 $237.09 $2,393 $14,225
3 Years $10,057 7.50% 60 $201.53 $2,034 $12,092

In only 12 months on the road, the $17,400 new car is worth only $13,920, and only $10,057 after three years. Used car loans come with slightly higher rates, but in many instances, you only need 10% down, and the insurance costs are less expensive.

Bad Credit Auto Loans in High Point

Nowadays, below-average credit isn’t unusual. Higher credit ratings normally lead to more affordable interest rates, but it’s a lot more complicated than that. Fortunately, you can now find lenders who focus on non-prime financing scenarios.

It’s always best to avoid going to a no credit check car lot. These buy here pay here dealerships are known for consumer grievances. No credit checks come at a price: outrageous annual percentage rates, quite a few conditions and terms, and high-priced, well-used vehicles. Whenever feasible, you want to get your car loan through one of these loan companies:

  • Bank.
  • Credit union you can join.
  • Vehicle loan company.

A dealership or local finance specialist can help you obtain financing from one of these lenders. This is the way a lot of consumers get financed these days, and it’s significantly less expensive in the long term.

Go here to apply online.

No Down Payment Financing in High Point

Down payments are generally a requirement whenever you get a car loan.

The down payment makes up for the speedy devaluation that impacts any new car sale. If you don’t have great credit, it’s easier to start setting aside funds for a down payment, or you could wind up paying an excessive interest rate. However, when you apply online, there are many brokers and car dealers that will offer 100% financing, even for individuals who haven’t got the best credit.

High Point Resources

Credit Unions

Credit UnionLocationZipTelephone
Carolina Postal315 E Green Dr27260(336) 882-3926
Corporate America Family5870 Samet Dr27265(336) 812-9047
Corporate America Family Credit Union4196 Mendenhall Oaks Pkwy27265(336) 812-9044
First Carolina Corporate Credit Union11246 N Main St27263(336) 861-3940
Members1677 Westchester Dr27262(336) 886-4415
Members Credit Union1677 Westchester Dr #14427262(336) 886-4415
North State Telco Credit Union111 Hayden Pl27260(336) 841-2052
State Employees'3850 John Gordon Ln27265(336) 812-3600
State Employees'2305 Westchester Dr27262(336) 884-5622
Truliant4006 Mendenhall Oaks Pkwy27265(336) 659-1955