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Vehicle Financing With Bad Credit And Repossessions In Morehead City NC

It’s our understanding a lot of people experienced vehicle repossessions and saw their economic situations change during and after 2020 which led to higher than normal bad credit situations which now make it nearly impossible to get a car, truck, or SUV loan at traditional banks and credit unions. This article will focus on Morehead City NC, but readers from other locations in NC are encouraged to share their experiences using the discussion form located at the bottom of this page.

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In addition to what was happening in 2020, other factors led to staggering changes within the auto industry which we’ll briefly list here:

  1. Supply chain issues led to parts shortages, which led to the inability for people to get foreign made cars, trucks, and SUVs fixed.
  2. People did not return to work in 2021 and 2022, leading to other problems within the industry and financial sector.
  3. The prices of automobiles and other vehicles skyrocketed.

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In looking at the local automobile dealerships in Morehead City, even as late as the end of 2022, you’ll see most dealerships with a much smaller inventory. Our investigation shows that other cities and towns across NC are experiencing the same.

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During the month of August 2022, we discovered that used pickup trucks as much as 10 years old with 120,000 miles are being sold for $22,000. And, cars and SUVs are on average just a few percentage points lower in price.

Undoubtedly, this triggered a lot of vehicle repossessions which resulted in degraded credit for many people who now have to use local financing at buy here, pay here dealerships.

Local New Bern NC and Craven County Buy Here Dealership Information

Local Discussions: Bad Credit & Financing After Repossessions In Morehead City NC

Have you used lot financing after being denied a loan? What was the process, down payment, and terms at the dealership? Did they report to the credit bureaus?

At these businesses, were past repossessions counted against you, and how did it impact you if you turned the car, truck, or SUV in before the loan was payed off?

What are some known Morehead City NC financial institutions which help people buy a vehicle? What are the interest rates on these automobiles?

What are some ways you’d like to see financing change to help more people buy a automobile?

Are you concerned that the current prices of vehicles is the new normal? How does this impact buyers with low income?

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Local Jacksonville NC and Onslow Buy Here Dealership Information

Please use the discussion thread below to have ongoing discussions on this topic, and be sure to let us know about local information on financing that you think readers will like to know?

Are you someone that had ample income and positive financials to buy in 2019 and earlier, but then during and after 2020 things became challenging? How did you react to that situation?

Also, we encourage you to use the blue button link at the top of this article to monitor our list of current inventory which updates nightly.

The following link goes to a external 3rd party website which is for information only. Whether buying or selling a vehicle, we encourage you to only use well-known reputable sources.

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