In North Carolina, car loans have been much more difficult to get. The economic climate is largely to blame, as traditional financial institutions have severely tightened their lending requirements. This minimizes their risk in a down economy. Fortunately, we can help you get in the driver’s seat in as little as 24 hours. What’s even better, it is free.
North Carolina Auto Lending Basics
- First off, you will need to submit your application online.
- We connect you, when possible, to the right lender in North Carolina, given your needs.
- Finalize your auto finance documents and choose your car or truck from an area dealer.
Follow this link to submit your application online.
NC Income and Credit Scores
- Average NC Income: $38,909 Annually
- Average NC Credit Score: 667
- Number of Vehicles Registered: 5,611,442
For the most part, North Carolina banks, credit unions, and finance companies require that you make a minimum of $1500 income monthly, and your total monthly debt, including your auto loan, should not exceed 50% of your wages. In the state of North Carolina, this comes out to $1,621, on average. Don’t meet these prerequisites? You may still be able to meet the criteria by going the extra mile in at least one of the following ways:
- Get a Co-buyer
- Furnish More Money Down
- Opt for Car Dealers That Finance Bad Credit
Advice For North Carolina Consumers
Offering a down payment may not be required, but it’s advised. The reality is, the majority of finance companies demand that you do so. How much will do? Divide how much the vehicle you want costs by five. This is the ideal down payment. Having said that, it might be possible to make do with only half that much, if not less. Actually, we may be able to connect you with zero down payment car dealerships in North Carolina.
The other thing to consider is your installment payment. Don’t invest in excess of 18-20% of your income for your North Carolina car loan. Here are numbers for the average North Carolina resident.
- Yearly Income: $38,909
- Monthly Income: $3,242
- Monthly Budget: $584-$648
Worried about your credit? Discover more details about getting approved when you have bad credit.