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Buying a new car or truck without a loan or lease is quite uncommon nowadays. You can arrange a car loan through the dealership, but this isn’t always ideal. Instead of going from one company to another, trying to get a loan, you can apply right now online. There are professionals determined to help you finance the car you want with a rate you can afford.

Auto Finance Rates in Winston Salem

Wondering what rate of interest you’ll be asked to pay? In fact, your interest rate varies widely based on your credit score, among other factors. The rates displayed below are only for informational purposes. They aren’t advertisements, and your actual rate could be very different.

Credit Score 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%

Checking your credit score can prevent you from being overcharged. If you don’t know your score, you could overpay in interest. Visit here to check your score.

Used Auto Loans in Winston Salem

The loan rates are higher when financing pre-owned cars, since they present a somewhat higher risk of maintenance issues. However, used cars and trucks are cheaper in the long run, and they require smaller down payments. Here, we look at the costs of a loan for a car that’s brand new versus one, two, or three years old.

Age Price Rate Months Payment Interest Total
New $21,000 6.00% 60 $405.99 $3,359 $24,359
1 Year $16,800 7.50% 60 $336.64 $3,398 $20,198
2 Years $14,280 7.50% 60 $286.14 $2,889 $17,169
3 Years $12,138 7.50% 60 $243.22 $2,455 $14,593

The second it leaves the dealer lot, a new vehicle loses up to one quarter of its value, and it continues depreciating year after year. A car that cost $21,000 new won’t be worth but $12,138 after three years of ownership. Most of the time, you can get an auto loan for a car that’s up to ten years old. Mileage restrictions often apply.

Poor Credit Auto Loans in Winston Salem

Credit score is a huge factor when it comes to credit approval and annual percentage rate. In effect, your credit score is used to assess risk. Fortunately, there are many lenders who serve consumers with weak credit.

For consumers who have recent bankruptcies or repossessions, a buy here pay here car dealership is sometimes the only real solution. No credit checks come at a price: inflated rates of interest, a number of conditions and terms, and overpriced vehicles. It is best to stay away from these car lots when possible, securing a car loan online. This is how most people these days get financed, and it’s considerably more affordable over the long haul.

Contact an auto finance professional in your area today.

No Money Down Financing in Winston Salem

Need to finance a car, but you haven’t any cash to put down? When you’ve got extremely good credit, a down payment is typically optional. If you’ve got unfavorable credit, there’s only one main solution: get a hold of a car dealership that takes trades, and use your existing vehicle to cover the down payment on your new one.

Winston Salem Resources

Credit Unions

Credit UnionAddressZipTelephone
AllegacyPO Box 2604327114(336) 774-3400
Allegacy3605 Old Greensboro Rd27101(336) 794-8501
Allegacy1691 Westbrook Plaza Dr27103(336) 774-3400
Allegacy410 E 5th St27101(336) 794-8481
Allegacy1985 Peace Haven Rd N27106(336) 794-7077
Allegacy3701 Cherry St27105(336) 794-8465
Allegacy401 N Main St27101(336) 794-8486
Allegacy700 Highland Oaks Dr27103(336) 774-3410
Allegacy3333 Silas Creek Pkwy27103(336) 774-3404
Allegacy1375 Silas Creek Pkwy27127(336) 794-7081
Allegacy4680 N Patterson Ave27105(336) 794-7057
AllegacyMedical Center Blvd27103(336) 794-7089
C U Service Centers3193 Peters Creek Pkwy27127(336) 788-5007
Carolina Postal635 Coliseum Dr27106(336) 723-1024
City Of Winston-Salem Fire Dept CU725 N Cherry St27101(336) 723-0619
Hanesbrands5995 Museum Dr27105(336) 519-7528
Hanesbrands1000 E Hanes Mill Rd27105(336) 519-7528
Latino Community658 Waughtown St27107(336) 784-0261
MembersPO BOX 529727113(336) 748-4800
Members2098 Frontis Plaza Blvd27103(336) 748-4800
Members446 E Hanes Mill Rd27105(336) 377-2336
Piedmont Advantage Credit Union3810 N Liberty St27105(336) 776-1700
Piedmont Advantage Credit Union4997 Home Rd NW27106(336) 776-1495
Piedmont Advantage Credit Union676 Hanes Mall Blvd27103(336) 744-8700
Selfhelp500 W 4th St #20027101(336) 722-1537
State Employees'134 S Stratford Rd27104(336) 722-9292
State Employees'2250 Silas Creek Pkwy27103(336) 773-0016
State Employees'1497 New Walkertown Rd NE27101(336) 722-2543
State Employees'4985 University Pkwy27106(336) 767-4320
State Employees'1025 S Peace Haven Rd27103(336) 778-2506
Summit2283 Cloverdale Ave NW27103(336) 722-3065
Summit8 W 3rd St #10127101(336) 727-2968
Team And Wheel1405 Trademart Blvd27127(336) 785-0103
TruliantPO BOX 2600027114(336) 659-1955
Truliant3200 Truliant Way27103(336) 659-1955
Truliant7780 North Point Blvd27106(336) 659-1955
Truliant893 N Liberty St27101(336) 659-1955
Victory Masonic Mutual Credit Union3015 Waughtown St27107(336) 784-5702
Winston Salem City Emp711 E Salem Ave27101(336) 727-2663
Winston Salem Firemens1777 Link Rd27103(336) 723-0619