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Auto Loans in Raleigh (NC)

Do you need to finance a car in Raleigh, North Carolina, with bad credit scores or no money down? We are aware of the difficulties that Raleigh residents encounter when they have bad credit.

All you need to do is submit your application online. We will match you to an auto loan provider or car dealer that can pre-approve you for financing with bad credit.

Raleigh Dealerships That Accept Bad Credit

Have you considered where you could buy your new car? For people with adverse credit, private party car loans are normally not an option. Rather, you’ll have to purchase from a local Raleigh dealership. Luckily, there are dealerships that cater to less-than-perfect credit. In any non-prime financing arrangement, there are certain things to be expected:

  • Interest rates that are more expensive.
  • Down payments that are more substantial.
  • Payment periods that are shorter.

With that being said, keep in mind you’re getting a car, yes, but also the chance to restore your credit. At Motive Auto Finance, we work with many of these dealerships, and you can get pre-approved by applying online.

Financing a Car in Raleigh with No Down Payment

It’s often necessary to make a down payment on the vehicle for which you’re getting a loan–this is especially the case if you’ve got below-average credit. Down payments for pre-owned cars are smaller than those for new ones. This may very well have an impact on whether you go new or used.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Depreciation 0% 25% 40% 50%
Cost $14,000 $10,500 $8,400 $7,000
Percentage Down 20% 10% 10% 10%
Down Payment $2,800 $1,050 $840 $700

The good news is, the trade allowance from your used vehicle can usually be used toward your down payment. In effect, this means you can, finance a car with zero down.

Tote The Note Car Dealers in Raleigh, NC

Raleigh In House Financing

Maybe you’ve thought of getting approved through a buy here pay here car dealer in Raleigh? These types of Raleigh bad credit dealers don’t depend on banks or credit unions for approval, so they can work with a diverse range of consumers.

Sometimes folks with really low credit feel like a buy here pay here car lot is the only real place that will finance them, even though there are several drawbacks:

  • High Financing Fees
  • High Down Payments
  • Lack of Ability to Improve Credit Score

Restoring Your Credit in Raleigh

There are three main credit agencies: Transunion, Experian, and Equifax. In all likelihood, your lender will report your payments to these firms, giving you the chance you need to improve your credit. By making payments on time, you show creditors that they’ll likely make a profit financing you, as there is little chance of you defaulting.

Your score won’t spike the day you pay back your loan. Rather, its rises gradually as you continue making payments in a timely manner. To ensure that you never miss any of your payments, consider automated solutions like auto-payment.

Used Cars for Sale in Raleigh, NC

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