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Nearly all new cars and trucks are bought with an auto loan or leased. Unfortunately, getting an auto loan can be a considerable headache, particularly if you’ve got unfavorable credit ratings. Plenty of financial specialists encourage securing your auto loan before going to the dealership. Lending companies and dealerships will vie for your business in real time, putting you in control of the financing process.

Car Loan Rates in Raleigh

Please keep in mind that the rates below aren’t advertisements, but estimations at the time of publication. Factors that affect your actual rate of interest include, most significantly, your credit history, but also a number 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 Auto Loans in Raleigh

New cars are appealing, without a doubt. That said, a used auto loan has a great deal of benefits, for example:

  • Only 10% down required.
  • Reduced sticker price.
  • Less risk of negative equity.

Take a look at the table below, showing the various costs of car loans for brand new versus used vehicles.

Age Price Rate Months Payment Interest Total
New $33,000 6.00% 60 $637.98 $5,279 $38,279
1 Year $26,400 7.50% 60 $529.00 $5,340 $31,740
2 Years $22,440 7.50% 60 $449.65 $4,539 $26,979
3 Years $19,074 7.50% 60 $382.20 $3,858 $22,932

A second hand vehicle is an excellent option, whether you’re financing or paying cash. In most cases, you can finance a car that’s up to 10 years old. Mileage constraints may apply.

Poor Credit Car Loans in Raleigh

Are you looking to finance a car from a dealer in Raleigh with less-than-perfect credit? The better your credit score, the more options you will have. Back in the day, shoppers had to go from one dealer to the next, trying to find one willing to offer them financing. Fortunately, technological advances have eliminated a lot of this legwork.

Of course, you need to be wary of deceptive loan companies. Raleigh’s buy here pay here car dealerships are slightly infamous when it comes to this. No, your credit will not be a problem at such a place, but you will find yourself shelling out a considerable amount in interest for an outdated vehicle. It’s better to avoid these dealers when you can, and apply for an auto loan via the web. The down payments are less expensive, as are the rates, and the service is significantly better.

Contact an auto finance professional in your area today.

Decreasing Your Interest Rate

There are a number of methods to reduce your interest rate. A lot of consumers have mistakes on their credit reports. These types of mistakes could be harming your FICO score, and you won’t have any idea. You can pull your credit report at zero cost at AnnualCreditReport.com, a service offered by the three major credit bureaus.

Disputing mistakes is pretty easy. You can do it yourself, or engage one of Raleigh’s many credit improvement companies to assist you. Supplying a bigger down payment or adding a cosigner who’s got good credit can also trim your annual percentage rate.

Can a Car Loan Improve Your Credit?

Your payment history plays an important role in determining your credit score. Paying down an auto loan repairs that payment history, upping your credit score at the same time. If you deal with a buy here pay here dealer, you won’t have this ability. Most lenders offer automated payment options, which are essential to making your payments when they’re due each and every month.

Raleigh Resources

Credit Unions

Credit UnionAddressZipPhone
Carolinas Telco4509 Creedmoor Rd #107427612(704) 391-5600
City Of Raleigh Employees310 W Martin St27601(919) 996-6800
CoastalLenovo27609(919) 420-8000
Coastal1000 St Albans Dr27609(919) 420-8000
CoastalSt Albans Dr27609(919) 420-8000
CoastalWakefield St27603(919) 420-8000
CoastalIBM Bldg. 001 (RTP) #0427609(919) 420-8000
CoastalIBM Bldg. 500 (CPL) # 1527609(919) 420-8000
CoastalCreedmoor Rd27612(919) 744-2688
Electel CooperativePO Box 2730627611(800) 849-5600
Electel Cooperative3400 Sumner Blvd27616(800) 849-5600
Freedom3000 New Bern Ave27610(919) 231-8733
Freedom Federal Credit Union2809 E Millbrook Rd27616(919) 713-4895
General Electric Employees8325 Six Forks Rd27615(919) 870-2500
Latino Community4418 Fayetteville Rd27603(919) 773-9180
Latino Community1420 Hardimont Rd27609(919) 855-9696
Local Government323 W Jones St #60027603(919) 755-0534
Members2720 Lake Wheeler Rd27603(919) 821-0999
North Carolina Press AssociationPO Box 2774427690(919) 839-5128
NC State Credit Union Division205 W Millbrook Rd27609(919) 571-4888
R T P7560 Creedmoor Rd27615(919) 844-1730
R T P310 New Bern Ave27601(919) 834-7144
Shaw University118 E South St27601(919) 546-8440
State Employees Credit Union7601 Glenwood Ave27612(919) 781-2336
Summit Credit Union2500 Blue Ridge Rd #20327607(919) 571-0767
T C P Inc3801 Computer Dr27609(919) 785-2929
The News And Observer215 S McDowell St27601(919) 829-8975