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Auto Loans in Morganton (NC)

A low credit score can make it more difficult to buy a new car, but getting approved for a car loan isn’t impossible. The great thing is, we have car lots in our network in Morganton that accept bad credit. When you apply, we can connect you with a loan consultant in your part of North Carolina.

Morganton Car Dealers for Bad Credit

You should steer clear of buy here pay here car dealers, which have been denounced time and again for underhanded tactics of one type or another. There are more reputable dealerships that serve people who have lower credit scores, and in the process offer a far better lending experience. As compared with a buy here pay here car lot, such dealers can offer:

  • Reduced rates of interest and down payments.
  • Better lending terms.
  • Chance to improve your credit.

Your income and credit will determine how much car you can get financed. Here’s an example based on the average per-capita income in Morganton, $1,504 per month:

Credit Score Multiplier Amount
Excellent Credit 10 $15,040
Average Credit 9 $13,536
Subprime Credit 8 $12,032
Poor Credit 7 $10,528
Really Bad Credit 6 $9,024

These figures are only estimations. You could meet the requirements to borrow a larger or smaller amount.

An experienced finance professional will determine how much you’re eligible to borrow, and at what interest rate. If you want to speak to one, just submit your application.

Income Verification for Morganton Residents

In order to avoid hurdles, remember all the requested documentation when financing your car. There are seldom lenders that will approve an individual who doesn’t have a valid license. If your credit isn’t ideal, lenders may want to check your income through paystubs or income tax returns. Next is insurance. Full coverage is required on your financed vehicle, though you should be able to get this through your dealer’s finance and insurance office. You can furnish proof of residence by submitting one of your recent electric bills or a copy of your lease contract. Lenders need to be able to locate the vehicle just in case they’re forced to repossess it. Personal references may be used to verify any of the the information supplied in your application, and they can be used when there is a need to locate the vehicle. This may look like a big headache, but in fact it’s really easy–a finance expert can direct you through each step of the process.

Buy Here Pay Here Dealers in Morganton, North Carolina

In house financing, also referred to as buy here pay here financing, has grown in the years following the economic downturn, largely due to the fact that so many consumers’ credit scores were hit by the down economy. It’s true, they don’t perform credit assessments, which means your credit problems probably won’t be an impediment, but you really pay for this in the long term. Problems with sort of financing include:

  • Inflated APR Rates
  • Inflated Down Payments
  • Overpriced Cars and Trucks
  • Location Monitoring Units

That isn’t all: these car lots rarely report back to the credit agencies, so you could make every single payment on time without boosting your FICO score.

Securing the Right Loan

The dealership may be jam packed with vehicles that you are able to purchase, but which you probably shouldn’t. A maximum of 8% of your monthly earnings ought to be invested in your car payment. For a consumer making $1,504 per month, the Morganton average, this would be $120.

Good Credit Fair Credit Subprime Credit
Payment Amount $120 $120 $120
Rate 3.50% 7.00% 11.00%
Years 5 5 5
Down Payment $1,653 $1,519 $1,383
Total Interest $605 $1,143 $1,685
Total Investment $8,873 $8,738 $8,603
Car Price $8,267 $7,595 $6,917

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