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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


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Address,Zip,Telephone” data=”Allegacy,PO Box 26043,27114,(336) 774-3400,Allegacy,3605 Old Greensboro Rd,27101,(336) 794-8501,Allegacy,1691 Westbrook Plaza Dr,27103,(336) 774-3400,Allegacy,410 E 5th St,27101,(336) 794-8481,Allegacy,1985 Peace Haven Rd N,27106,(336) 794-7077,Allegacy,3701 Cherry St,27105,(336) 794-8465,Allegacy,401 N Main St,27101,(336) 794-8486,Allegacy,700 Highland Oaks Dr,27103,(336) 774-3410,Allegacy,3333 Silas Creek Pkwy,27103,(336) 774-3404,Allegacy,1375 Silas Creek Pkwy,27127,(336) 794-7081,Allegacy,4680 N Patterson Ave,27105,(336) 794-7057,Allegacy,Medical Center Blvd,27103,(336) 794-7089,C U Service Centers,3193 Peters Creek Pkwy,27127,(336) 788-5007,Carolina Postal,635 Coliseum Dr,27106,(336) 723-1024,City Of Winston-Salem Fire Dept CU,725 N Cherry St,27101,(336) 723-0619,Hanesbrands,5995 Museum Dr,27105,(336) 519-7528,Hanesbrands,1000 E Hanes Mill Rd,27105,(336) 519-7528,Latino Community,658 Waughtown St,27107,(336) 784-0261,Members,PO BOX 5297,27113,(336) 748-4800,Members,2098 Frontis Plaza Blvd,27103,(336) 748-4800,Members,446 E Hanes Mill Rd,27105,(336) 377-2336,Piedmont Advantage Credit Union,3810 N Liberty St,27105,(336) 776-1700,Piedmont Advantage Credit Union,4997 Home Rd NW,27106,(336) 776-1495,Piedmont Advantage Credit Union,676 Hanes Mall Blvd,27103,(336) 744-8700,Selfhelp,500 W 4th St #200,27101,(336) 722-1537,State Employees’,134 S Stratford Rd,27104,(336) 722-9292,State Employees’,2250 Silas Creek Pkwy,27103,(336) 773-0016,State Employees’,1497 New Walkertown Rd NE,27101,(336) 722-2543,State Employees’,4985 University Pkwy,27106,(336) 767-4320,State Employees’,1025 S Peace Haven Rd,27103,(336) 778-2506,Summit,2283 Cloverdale Ave NW,27103,(336) 722-3065,Summit,8 W 3rd St #101,27101,(336) 727-2968,Team And Wheel,1405 Trademart Blvd,27127,(336) 785-0103,Truliant,PO BOX 26000,27114,(336) 659-1955,Truliant,3200 Truliant Way,27103,(336) 659-1955,Truliant,7780 North Point Blvd,27106,(336) 659-1955,Truliant,893 N Liberty St,27101,(336) 659-1955,Victory Masonic Mutual Credit Union,3015 Waughtown St,27107,(336) 784-5702,Winston Salem City Emp,711 E Salem Ave,27101,(336) 727-2663,Winston Salem Firemens,1777 Link Rd,27103,(336) 723-0619″][/tboot_table]