6 Best Car Financing Options in North Carolina

For a start, you need to identify a car that meets your needs and budget. Then you’ll need to know how much money you have available to borrow. That will determine the type of financing you can get. Once you’ve figured out how much cash you have available, you’ll need to start looking at the best car financing options in North Carolina.

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The best car financing options in North Carolina often offer different interest rates and loan terms depending on your credit score. Your credit score reflects your credit report and indicates how likely you are to pay back a loan.

Car financing is tricky, and many people find themselves in a difficult position. So before you sign, do your research. You may consider the following options:

Leasing: Leasing is a contract that lets you use a car for a set amount of time, usually with a set mileage limit.
Buying: Buying a car is more flexible, but it’s also more expensive. The buyer pays the lender the total purchase price, plus the cost of interest on the loan. In some cases, the buyer can negotiate to defer some of the interest.
Bad Credit Car Loans: If you have a bad credit rating, you might not have many options. But if you’re confident that your credit will improve in the next two or three years, you might be better off leasing. If you’re looking for a used car, buying from a private party might be a good idea.

Best Car Financing Options in North Carolina

Navy Federal Union
Navy Federal Union members can apply for an auto loan through the credit union’s new Auto Purchase Program at rates as low as 1.79% APR for new vehicles. They offer to finance on new and used cars. The union also refinance your car loan from other institutions or individuals.

LightStream is a division of SunTrust Bank and has a personalized online car loan service that provides customers with the best interest rates near them. Their site is easy to use and much better than going through a dealership.
The customer fills an online form on their website and indicates the type of vehicle they want to buy and how much they can afford per month.

Consumers Credit Union CCU
The Consumers Credit Union is best for new car financing because they offer some of the lowest rates on the market. To qualify for a loan, you must obtain their membership starting from $5.
Consumers credit union offers many different loan options, including Car loans from 48 to 96 months with fixed and variable interest rates. In addition, special promotional financing is available for up to 60 months.
CCU also offers to refinance loans, which give you the ability to lower your interest rate or pay off outstanding debt.

PenFed Credit Union
PenFed Credit Union offers car loans to members. The type of loan you choose determines the interest rate and down payment requirements. PenFed offers low rates if you use your membership to finance a car.
Although PenFed is not technically an auto dealership, it can work with one to reduce personal out-of-pocket expenses. PenFed is not an auto dealer themselves, but they work closely with many local North Carolina car dealers to offer you the best possible financing options.

Carvana is an online car selling company that is revolutionizing the traditional auto sales industry. The Carvana experience begins with a user-friendly website and extends to a simple 3 step process: choose your vehicle, secure financing, then buy a car online in as few as 10 minutes.
Carvana offers a hassle-free & transparent process with no dealerships, no negotiation, and no haggling. The company purchases all cars in volume so they can sell the vehicles at a significant discount – similar to what you’d see when using any other comparison shopping site.

LendingClub (LC)
LendingClub (LC) is a personal loan market, and North Carolina residents can find several banks and private enterprises that offer good deals. The only downside is that they may not be as competitive as those offered through LendingClub.
Other companies in North Carolina may offer loans, but they do not disclose them on the Internet. Therefore, the only way to find out is by calling banks and private lenders in the state.


Irrespective of whether you are buying a new car or a used car, getting the best car financing options in North Carolina is imperative. While picking up a used car, trade-ins can often help in lowering the cost of the vehicle.

Similarly, arranging for an auto loan will become your priority if you want to pick up a new car.

You have a ton of options for getting a car financed in North Carolina. Some lenders have strict criteria for approving loans, while others are lenient. However, lenders use credit scores to get a sense of how much risk you’re taking.
A higher credit score is healthy, and you have a high chance for approval.

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