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Auto Loans in Matthews (NC)

Has your credit been declined on account of problems like unpaid bills or collections? It’s a good idea to work with a bank or dealer who will not only fund your loan, but offer you an affordable rate. We’ve spent years building a wide-ranging network of dealers and lenders that are offering auto loans to borrowers with all sorts of credit histories, not just those with exceptional credit. Don’t delay: apply online, and we will find you a lender or dealer in Matthews able to approve you for financing.

Matthews Car Dealerships for Bad Credit

When you have problematic credit, dealer financing is typically the only option you have, considering that the vast majority of banks won’t be willing to approve you. Then again, there are dealers that want to win your business. In comparison with a buy here pay here dealer, such dealers provide:

  • Less owed at signing, in terms of money down.
  • Reduced rates of interest.
  • Chance to restore your credit.

Your credit and income will dictate which cars you’re eligible to finance. Here we have an example based on the average per-person income in Matthews, $3,636 per month:

Credit Score Multiplier Amount
Great Credit 10 $36,360
Fair Credit 9 $32,724
Subprime Credit 8 $29,088
Poor Credit 7 $25,452
Horrible Credit 6 $21,816

This is just an estimate. You could qualify to finance a larger or lesser amount.

A vehicle lending consultant will determine how much you’re qualified to borrow, and at what rate of interest. Just go here to apply online.

Picking a Vehicle: New versus Pre-owned

New car? Used car? It’s up to you. A new vehicle is worth only 75-80% of its retail value after the first year of ownership, and after 3 years, 50%, so you can often get more for your money by buying pre-owned.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Price tag $36,360 $27,270 $21,816 $18,180
Down Payment $7,272 $2,727 $2,182 $1,818
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Payment $548.93 $593.42 $474.74 $395.62
Interest $3,848 $3,941 $3,153 $2,628
Total Investment $40,208 $31,211 $24,969 $20,808

Buy Here Pay Here Dealerships in Matthews, NC

People today in Matthews head for buy here pay here dealers, convinced that they can only get approved at such a place. Rarely is this the case. These types of dealerships grant auto loans in-house, whereas a lot of dealerships contract this, and they regard your job as your credit. Typically, higher-mileage vehicles are the only thing you can buy, and these aren’t zero down car deals. Normally, the down payment matches the vehicle’s value at dealer auction. Rates that equal the state’s maximum legal limit are typical. There’s more: these dealers almost never work with the credit bureaus, which means you could make all of your payments punctually without reviving your FICO score.

Recommendations for Buying a Car in Matthews

Here’s a great guideline: a maximum 10% of what you make each month should be set aside for your car payment. In addition, finance your vehicle for no more than 5 years. If you follow these suggestions, you will end up buying a vehicle that costs about 50% of what you make on a yearly basis (pre-tax). If you make $43,626 per annum, the average for residents of Matthews, you would buy a $21,816 car or truck. New cars, unless they are classics, don’t make good investments, given how rapidly they depreciate, so you should spend the least amount you can to buy a car that won’t cost you a lot in undue maintenance.

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