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Auto Loans in Charlotte (NC)

Are you ready to secure a loan with bad credit? We believe that auto loans should not be so troublesome for people in Charlotte, regardless of whether they’ve got a low credit score. To get started, simply submit your application online, and we will connect you with a car dealer or lender ready to pre-approve you for an auto loan, bad credit no problem.

Charlotte Car Lots That Work with Bad Credit

Dealerships that have special finance managers tend to be referred to as bad credit dealerships. In any sub-prime lending arrangement, expect:

  • Greater rates of interest.
  • More money down required.
  • More modest loan amounts.

Having said that, they will line up your financing through lenders that submit information to the credit bureausallowing you to strengthen your credit score. There are many of these dealerships in our network, and when you submit your application, we pair you with one who wants to approve your credit.

Used or New Car?

The majority of people are eligible to finance a new or used car. More often than not, a used car is the better choice. The interest rates on new cars are lower, but pre-owned cars cost a lot less in the long run.

New Car Used Car
Age New 1 Year Old
Price $13,680 $10,260
Down Payment $2,736 $1,026
APR 5.00% 7.50%
Months 60 48
Monthly Payment $206.53 $223.27
Interest Paid $1,448 $1,483
Total Investment $15,128 $11,743

Buy Here Pay Here Dealerships in Charlotte, NC

The buy here pay here industry would like you to assume that they’re the only ones that will finance you, yet this typically isn’t the way it is. Nearly all dealer finance isn’t direct to the consumer, in that dealerships work with various lenders to provide the loans. In contrast, buy here pay here dealers are the actual loan originator.

Downsides include:

  • Excessive Finance Fees
  • Exorbitant Down Payments
  • Steeply-Priced Autos
  • Ignition Kill-Switches

If increasing your credit score is important to you, and why wouldn’t it be, you are better off applying through us, since buy here pay here dealerships won’t aid you in improving your credit.

Repairing Your Credit in Charlotte

The vast majority of auto lending companies report consumer debt payments to the three main credit bureaus–Transunion, Experian, and Equifax–which provides you the opportunity to improve your credit. If you make your payments punctually every month, you’ll begin to develop a healthy history of debt payment, which is over 30 percent of your credit score.

But bear in mind, you’ll wreck your credit by making late payments or just missing them completely. To help make sure you don’t miss a payment, consider an automatic calendar reminder or pre-arranged deductions from your bank account.

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