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Auto Loans in Burlington (NC)

With years of experience in the industry, we understand the stumbling-blocks faced by consumers in need of financing, most notably if they have credit problems of some sort or other. We help you to find a lending company who will not only approve you for financing, but do it a fair rate. We’re proud to represent a vast network of dealers and lenders that can finance people who have all kinds of credit scores, even those who have faced issues such as:

  • Bad or no credit.
  • Reduced income.
  • Foreclosure.

An auto finance agent will be there to walk you through the approval process, step-by-step. Visit here to submit your loan application.

Car Loans Burlington NC

Burlington Car Dealerships for Bad Credit

Most traditional lenders like banks don’t do business with individuals who’ve got low credit scores. Thank goodness, there are dealers that will lend to sub-prime consumers. In any sub-prime lending scenario, certain things are to be expected higher rates of interest, more substantial down payments, and shorter lending terms. On the plus side, keep in mind that you’re getting not just a car, but also the opportunity to raise your credit score. There are many of these dealerships in our network, and they want to get you the car you need. Go here to submit your application.

Data Verification for Burlington Drivers

In order to prevent issues like fraud, banks and finance companies need to validate the information in your application. You’ll want to bring your driver’s license. It’s necessary for test-driving various models, and it is a way to verify your identity. If your credit isn’t the best, lenders are going to ask to view a few of your latest paycheck stubs or tax returns. Next is insurance. Collision and comprehensive (full) coverage will need to be purchased for any vehicle financed by a lender, though you can normally obtain this at the time of purchase. You can furnish proof of residence by submitting a couple of recent power bills. Lenders need to be able to locate the vehicle in case they have to repossess it.

When you contact a vehicle finance consultant, they will tell you which documents to bring.

Buy Here Pay Here Auto Loans in Burlington, North Carolina

In house financing, also referred to as buy here pay here financing, keeps growing, largely because so many people’s credit ratings were hit by the economic crisis. A lot of dealer financing isn’t direct to the consumer, in that dealerships work with a network of lenders to deliver the loans. On the other hand, BHPH dealers provide funding themselves. Problems with sort of financing include:

  • Exorbitant Rates of Interest
  • Overpriced Down Payments
  • Steeply-Priced Vehicles
  • Invasive Repossession Tactics

This is why these retailers have a lousy reputation. We can connect you with subprime finance specialist who will work with you, even if you’ve had to file bankruptcy.

What Car Should You Buy?

The car you should buy, price-wise, will depend largely on your income and credit. No more than 8% of your income each month should be devoted to your new payment. If you live in Burlington and earn $2,073 each month, this would be $166.

Great Credit Decent Credit Subprime Credit
Income Per Month $2,073 $2,073 $2,073
Payment $166 $166 $166
Loan Rate 3.50% 7.00% 11.00%
Money Down $2,279 $2,094 $1,907
Total Interest $834 $1,575 $2,323
Total Paid $12,229 $12,044 $11,857
Car Price $11,395 $10,469 $9,534

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