Auto financing for cars in North Carolina
Auto financing in North Carolina is a form of credit that allows a borrower to ask for a loan to purchase new or used cars. The loan is secured by the vehicle. But if the borrower doesn’t pay back the auto loan the bank or creditor can take back the car.
When you have bad credit buying a vehicle is most likely not going to be in your favor. That being said a low or no money down payment anywhere in North Carolina is going to be hard to find.
Car dealer offers for vehicles
Car dealers in North Carolina may be able to offer you zero-down financing if you have fair credit and want to buy a car. Fair credit is anything 590 and above. So if you have a 610 you may get a used car at a fair interest rate. Read the terms of the auto loan you are offered.
If you can’t get conventional financing looking at other options such as buy here pay here or a special finance dealership in your part of North Carolina might be advised. We have car dealerships that can help with both buy here pay here and have special finance departments in Durham, Charlotte, Chapel Hill, and High Point. Though we do suggest you work on your credit score to buy a car because a buy here pay here car dealer in North Carolina even though it’s your only option now might not be the best option for a vehicle.
Look out for high-interest rates in North Carolina
The interest rate at a buy here pay here car lot is going to be high and the bi-weekly car payment is going to be high with bad credit. Yes, we know that no money down car payment in North Carolina sounds good but some people rethink it.
So what you really want to do when you’re buying a vehicle new or used in North Carolina is have these options:
- Fair credit
- A decent car down payment of $500 or more would be best
- Income of $1,500
- A valid driver’s license
Those four things will get you started in the process of purchasing a used car in North Carolina. You currently will want to expand your search radius on used cars too it used to be about 10-15 miles outside of your neighborhood now it’s more like 25-30 miles outside of that to see what type of affordable used cars are out there. Another suggestion, we have for you is to shop for used cars at the end of the month that’s when car dealerships in North Carolina are most willing to negotiate.
Working with the right car dealership in North Carolina
As a result of working with us in North Carolina, we will be able to give you the best chance at a bad credit auto loan with a local car dealership that finances the vehicles you can afford and help your overall credit score.