With a total population of 2,537,990 residents in the city and greater metro area, according to the 2014 U.S. census and this number expected to rise in the next several years the city of Charlotte is definitely growing. Statistics also show that its population density is 1105 percent higher than the rest of the state, and this is leading to a boom in the construction industry. The housing market is also seeing an upswing with more new residents looking for a place to live.

The average age of Charleston residents is 33.4, and this is helping to give the city an energetic feel that is helping to attract new businesses in. Men do outnumber women by a significant percent, and this can make for a lively and competitive dating scene. Over 50 percent of the city’s population is Caucasian, with 34 percent comprised of African Americans.

Over 50 percent of residents are also married, and most households have at least one adult that is gainfully employed.

and while this is not excellent it is also not considered poor. With plenty of employment options, decent credit scores and the stability that generally comes with being married it is hard to understand why so many residents are finding that they need financing from a Buy Here Pay Here lot.

The fact remains that many residents are still trying to recover from the recent recession, and even a credit score of 670 is not always enough to assure traditional lenders that you are a safe bet. For many residents the high interest auto loans offered at the Buy Here Pay Here lots are their only option when they need to purchase a new or used vehicle.

http://www.areavibes.com/charlotte-nc/demographics/

At first glance the average household income and cost of living in the city seems pretty even, but that is only until everything is factored in. The average annual income in Charlotte and the metro area is basically even with the rest of the country at $52,916. This statistic is based on a two income household, and it will be significantly lower if there is only one adult employed. This helps to explain the 16 percent poverty level, along with the fact that it can be expensive to live in Charlotte.

and rent typically runs from $1,100 up to $1,600 for a one bedroom apartment. Utilities average $152 per month, and this will increase with the number of residents in the house. This does not include the cost of food and clothing which will change depending on the size of the household.

With expenses adding up and annual salaries remaining the same many of the city’s residents are finding that they cannot make ends meet. Bankruptcy and even repossession can occur, and when this does it can be difficult to get approval for any type of low or high interest loan.

https://www.expatistan.com/cost-of-living/charlotte-united-states

One of the reasons that residents of this city are still seeking bad credit auto loans is due to its high bankruptcy rate. While the rate has fallen to 3 percent, according to Experian, residents that did have to file for Chapter 7 or Chapter 13 protection during the recession are now dealing with a black mark on their credit report.

Even though filing for bankruptcy can provide some relief from mounting debt, and in some cases residents can retain a large portion of their assets the fact remains that it can have a devastating effect on their personal credit scores. This can make loan approval difficult, especially from a credit union or bank and when residents are ready to purchases another vehicle many find that the only one willing to provide them with the financing they need is a Buy Here Pay Here dealership.

If you are wondering why there are still an estimated 167 bankruptcy claims filed in the city and state it is generally due to job loss, divorce and mounting medical expenses. When the housing market collapse and subsequent recession are factored in, it is not hard to see why many residents found it impossible to make ends meet.

which is 27 percent higher than the national average, it is easy to see why many residents are finding it tough to make all of their bill payments on time. Even though jobs are coming into the area new residents are as well, and they are often more qualified than the people who have spent their lives in the city. Many of these businesses are also bringing in their own people, and this cuts down on the jobs available to Charlotte residents.

The city also has a relatively high cost of living and when this is combined with a lack of income it is not difficult to see why so many vehicle repossessions and home foreclosures. The rapid expansion of the city is making it even harder for residents to get around, especially if they are one of the thousands who have had their vehicle repossessed. When these residents are lucky enough to be employed many are finding that they only way they can get the auto financing they need with their bad credit is through a Buy Here Pay Here dealership.

When the housing bubble burst in 2007 this caused the country to go into a recession and the city of Charlotte was hit particularly hard. Rising prices and citywide job losses all made it difficult for residents to make ends meet, and many found themselves choosing which bills to pay each month. Over time the missed and late payments added up, and repossessions and foreclosure rates skyrocketed.

While the economic future of the city is looking better, and new residents and business are moving into the area

According to Experian one out of every 76 vehicles purchased in the city is in danger of being repossessed each year. This gives the city and state the 4^th worst rate in the country at 1.68.

Even though having a vehicle repossessed may be unavoidable it will still cause your FICO score to plummet. According to Experian a repossession can stay on your credit report for up to seven years, and it also makes it difficult for you to be approved for a loan when you are ready to purchase another vehicle. In this case a Buy Here Pay Here auto lot may be the only one willing to take a chance and approve your bad credit loan application.

There have been several events that helped shaped the city that included the Revolutionary and Civil War, but more recently Charlotte has experienced a severe economic recession that had a devastating effect on the city.

Like the majority of other large cities Charlotte was rapidly expanding before the housing market collapsed in 2007. Once this happened construction on new neighborhoods was halted, and many residents in these unfinished communities found that their mortgages were higher than the actual value of their homes.

It was not just the housing and construction industries that suffered, but all others as well. During the recession prices rose on everything from housing and utilities to food and gas, and even residents that were fortunate enough to keep their jobs soon found that it was almost impossible to make ends meet. Foreclosures and repossession rates rose to almost record levels, along with the city’s poverty rate.

As of 2014 the city’s future is looking better, especially since new businesses and residents are moving into the area. With the cost of living falling, along with the unemployment rate analysts are hopeful that in the next few years residents won’t have to depend on the Buy Here Pay Here lots when they need to purchase an automobile.

With 199 established neighborhoods and the downtown area Charlotte has several business districts, and each one has its own “personality”. The downtown area is home to the CBD, along with the state government offices. Wells Fargo and Bank of America have headquarters here, along with several other financial institutions.

North of the Uptown area one can find NoDA which has become a center for arts and entertainment. A few film companies are located here, along with galleries, theaters and even a few nightclubs. The SouthPark business district is home to restaurants and shops, and the Sedgefield neighborhood is also becoming popular with young entrepreneurs. Students and researchers are common sights in University City, along with several medical complexes and lab facilities.

According to Redfin, it is a city dependent on cars. There is public transportation in the downtown and Uptown areas, and buses provide service to the airport and train station. This works well for residents in these neighborhoods, but for those that live in the greater metro area there is little to no public transportation.

Plans are in the works to expand the city’s bus line and a car sharing program has recently arrived. This allows licensed drivers to rent a vehicle, but once again without public transportation many residents are not able to take advantage of this service. There are also taxis and Uber cabs, but with costs running on average $22 and up this is an expensive option that many residents simply can’t afford.

Until the city’s current transportation system catches up with its rapid growth, residents will quickly find that if they want to run errands or get to work on time they will need a reliable vehicle.

Charlotte is a beautiful city with many historic homes, especially around the downtown area. This and the Uptown areas are designed to be easily accessible for walkers, but in general this is a city where residents need a car.

With a walkability score of 26 and a bike score of only 36 it is not only difficult to get around without a car, it can also be dangerous. Summers are hot and humid, and walking is typically not encouraged since it can be dangerous to residents’ health regardless of their age. The lack of bike lanes means that you are sharing a lane with motorized vehicles, and this often results in tragic accidents.

Even though the city is designed for vehicles there are a few places where residents can safely and easily walk around. The First, Second and Fourth Wards boast several nature trails, along with sidewalk cafes and shops. The city also has a newly designed River Walk where residents and visitors can safely stretch their legs and get some exercise.

There are currently 180 primary and secondary schools in Charlotte, with 8 other districts located in the metro area. These numbers are expected to change as the population continues to grow and new neighborhoods are developed. Overall the Charlotte-Mecklenburg School District has a rating of 6 out of 10, with an average of 15 students per teacher. Current statistics also show that there are an estimated 139,972 students enrolled in the district.

The ratings for the individual schools can and do vary, with those located closest to the city center typically receiving the lowest scores. The nearby York 04 School District is rated 9 out of 10, and much of its success with students is due to the fact that it receives more funding from residents each year.

The reason for the discrepancy in funding for the individual districts is due to the fact that each neighborhood is responsible for its schools. Money from property taxes will vary with lower income neighborhoods contributing less to its schools. Bonds also help with school funding and it is up to each community to decide if it passes or fails. When the necessary bonds are passed many school districts do not receive the funding they need to ensure students receive a quality education.

When students do not learn the skills they need to be successful as adults, they often find that they cannot make ends meet, and when it is time to purchase a car they are usually forced to accept the higher interest loans offered at the city’s Buy Here Pay Here lots.

http://www.zillow.com/charlotte-nc/schools/

Local and state officials understand that Charlotte residents occasionally need help, which is why there are several assistance programs in place in the city for residents to take advantage of. Residents can receive help making rent and mortgage payments, along with food and clothing. Temporary housing is also available for residents in need.

You can even take advantage of debt and credit counseling programs that will teach you how to better manage your finances, and improve your FICO score. Once you have learned how to keep debt at a minimum and received the assistance that you need, you will find that it is easier to raise your credit score and then you will be able to be approved for a low interest car loan.

Some of the numbers for these assistance programs include,

Child Care Financial Assistance: 1-800-859-0829

TANF Program: (919) 334-1223

Home Assistance/Repairs: (919) 877- 5700

http://www.needhelppayingbills.com/html/north_carolina_assistance_prog.html

One of the biggest reasons residents find themselves in debt and with poor credit scores is due to illness and mounting medical bills. Over time missed and late bill payments will show up on your credit report, and this will make it difficult to get approved for a car or any other type of loan. Thankfully there are programs in place that can help with medical expenses, and some will even cover prescription costs and at home care.

If you are interested in these and other programs here are some numbers to help you get started.

NCHC: 1-800-662-7030

Charlotte Community Health Clinic: (704) 316-6574

Prescription Help: (704) 536-1790

There really is something for everyone in Charlotte. The city is home to several professional sports teams, and two NASCAR Sprint races are held here. Carowinds amusement park is a great place for adventure seekers to visit, while nature lovers will enjoy spending the day at Daniel Stowe Botanical Gardens. There are also reenactments of historic Civil War battles held outside the city, along of tours of some of the city’s stately manor homes.

Individual neighborhoods often hold their own festivals, especially in the Plaza-Middlewood where several cultures can be found. Greek and Italian festivals are held annually, and the city’s Hispanic community always holds a celebration on May 5^th.

Charlotte is a thriving city. Its population and metro area is expanding, and more employment opportunities are opening up around town. There are also plenty of attractions, along with shops, restaurants and entertainment. It is still difficult for many of the city’s residents to make ends meet, and vehicle repossessions are still a common problem. While there is hope with the growing economy, many residents are still struggling financially. This makes it important to stop and think before applying for a car loan, even one from a Buy Here Pay Here lot.