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Auto Loans in Cary (NC)

Poor credit can make it challenging to get behind the wheel of a new car, but we can help you get financed. A good credit record may give you more options, but we can help you get approved for the Cary bad credit car loan you need. In under one minute, we can put you in touch with a financing specialist who’ll work tirelessly to get you approved.

Bad Credit Car Dealers in Cary, NC

If you’ve got problematic credit, dealer financing is typically the only option you have, considering that most banks in your area will be hesitant to work with you. There are dealers, however, that want to get you approved for financing. More often than not, these types of dealers offer:

  • Interest rates that are affordable.
  • Down payments you can afford.
  • New vehicles, instead of only used ones.

The types of vehicles you can purchase will be decided by your income and credit history. If you want to avoid loan delinquency or repossession, go with a vehicle that won’t overly tax your finances, having a payment equal to 10% of your income–no more. For people earning $2,347 on a monthly basis, the average in Cary, this would be a payment of $235.

A vehicle lending professional will determine how much you can borrow, and at what rate. If you want to speak with one, be sure you apply online.

Should You Buy Your Vehicle New or Used?

It’s perhaps the most common question: should they buy a new or used car? Most of the time, a used vehicle is a better deal. The interest rates for new cars are low, but pre-owned cars will cost you a lot less.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Vehicle Price $23,470 $17,603 $14,082 $11,735
Down Payment $4,694 $1,760 $1,408 $1,174
Loan Rate 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Payment Amount $354.33 $383.05 $306.44 $255.37
Interest $2,484 $2,544 $2,035 $1,696
Total Outlay $25,954 $20,147 $16,117 $13,431

Cary Buy Here Pay Here Dealerships

Consumers in Cary and across North Carolina head for buy here pay here dealerships, sometimes called in house financing car lots, believing they can only get approved at a place like this. Not so. Sure, they don’t look at your credit, meaning bad credit shouldn’t be a hindrance to getting approved, but it’s likely that you’ll be charged excessively for this privilege. Downsides include:

  • Inflated Rates of Interest
  • Outrageous Down Payments
  • Overpriced Vehicles
  • GPS Tracking Units

And if that weren’t enough, these dealerships seldom work with the credit agencies, and that means you could make every single payment as agreed without improving your FICO score.

Financing Recommendations for Cary Car-Shoppers

Divide your monthly income, before taxes, by ten. Make sure you spend no more than this on your monthly payment. In order to avoid negative equity and excessively high finance fees, opt for a loan of 60 months or less. If you follow these tips, you will end up financing a vehicle costing around half of your yearly income. If you make $28,163 per year, the average in Cary, you would buy a car that costs $14,082. Basically, the less you’re able to spend while still getting a dependable vehicle, the better.

Used Cars for Sale in Cary, NC

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