If your credit isn’t very good, getting the loan you need can be the greatest obstacle to buying a car, especially since the credit crunch. We help you to find a lender or dealer who doesn’t decline every applicant who has sub-standard credit–sad to say, this isn’t unusual among many lending companies. We’re proud to work with an extensive network of lenders and dealers who can serve a wide assortment of credit scores, not just the uppermost echelons. All you need to do is submit your credit application, and we will pair you with a lending specialist from a dealer or lender in Lumberton.
Bad Credit Car Dealerships in Lumberton, NC
Low credit scores have been on the rise since the economic crisis, and a lot more dealerships now have finance departments that specialize in financing people who have less-than-perfect credit. When compared with a buy here pay here car lot, such dealers provide much better loans, financed by actual banks and lending companies. The cars and trucks you can purchase will be decided by your monthly income and credit score. As a way to reduce the risk of late payments or repossession, go with a vehicle that won’t strain your finances, having a payment equivalent to 10% of your income–at maximum. If you earn $1,639 monthly, this comes to a payment of $164.
A vehicle finance consultant will determine how much you’re qualified to borrow, and at what APR. Go here to apply online.
New vs. Used Vehicles
It’s a big question: is a used car better than a new one? New vehicles have cheaper interest rates. Having said that, they are priced significantly higher than their late-model brethren, and you’ll be charged a more substantial down payment.
|New Car||Pre-owned Car|
|Length||60 months||48 months|
|Payment Per Month||$247.44||$178.33|
Tote The Note Dealerships in Lumberton, NC
Dealerships in Lumberton that offer in-house financing have certain things in common. They…
- Offer car loans in house.
- Rarely check your credit.
- Require weekly or biweekly payments, often at the lot.
A lot of consumers with very bad credit think that an in house financing car lot is the only real establishment that will be willing to approve their credit. But the truth is, North Carolina bad credit auto loans from banks and credit unions typically come with lower rates.
What Car to Buy?
Wouldn’t you like to know what kind of car you can afford? For best results, spend, at the most, approximately 8% of your monthly earnings on your car payment. To illustrate, residents of Lumberton make, on average, around $1,639 each month, and 8% of this is $131.
|Prime Credit||Fair Credit||Poor Credit|
|Income Per Month||$1,639||$1,639||$1,639|
|Price with Interest||$9,669||$9,523||$9,375|