Shopping for a new car, truck, or SUV in North Carolina? Have you been turned down for an auto loan before? Don’t worry — more than 1 in 4 North Carolinians suffer from a credit score of 619 or less. As you probably know, most banks, credit unions, and manufacturer finance companies rarely approve 600 credit score car loans, let alone anything lower.
Luckily, many dealers have responded to this problem by offering in-house financing. That means they grant auto loans to their customers out of pocket.
Buy Here ‘N Pay Here can help you get approved for financing from a buy here pay here car lot in North Carolina. It takes only minutes to apply. 1000’s of cars are waiting on NC dealer lots, and $1000’s of credit are waiting in the bank.
With your financing credit arranged beforehand, you’ve already taken care of the hardest part of the car buying process. You can now step foot on the car lot with increased negotiating leverage, confidence, and attention to what’s most important: getting a great deal and having fun.
Buy Here Pay Here Auto Sales
Pre-owned vehicles are at the core of most BHPH car lots in North Carolina. This is usually the smartest option if you’ve had credit problems. New cars lose 20-25% of their value the moment they leave the showroom floor. That’s because car buyers pay retail, but as soon as the car is sold, dealers will only pay wholesale to get it back.
A vehicle for which you agreed to pay $20,000 over a 60-month period may be worth only $15,000 before the first month is up. The result is what’s known as an “upside down car loan,” and nobody who’s been caught underneath one is likely to recommend it, especially if you ever want or need to sell the vehicle before it’s fully paid off. After all, you’ll have to come up with the extra cash to pay off the loan. A preowned vehicle, on the other hand, has already undergone this initial drop in value.
Budgeting for your New Car
Most financial experts recommend dedicating no more than 18-20% of your monthly income to transportation costs.
Monthly car payment is not the only factor. Fuel, car insurance coverage, maintenance, tag and title fees, as well as other expenses such as public transit or other cars all factor into this budgeting allocation.
Knowing Your Credit Score
Auto finance experts recommend that you should always know your credit score before signing any car financing deal. That’s because your APR rates are based largely on credit history. If you don’t know your score, you could end up overpaying significantly for your new vehicle. You should check your credit report for false bankruptcies, unpaid bills, auto loan delinquency, or other credit-damaging events that could devastate your score by whole credit tiers and inflate your financing rates to astronomical proportions.
When you apply for financing via our website, we’ll send you a short email detailing how to check your credit report and find out what range of car financing rates you deserve.
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