Today, 75 percent of new autos are not paid for with cash. If you aren’t one of these few consumers with the cash to buy your new car right off the dealer lot, you’ll need a car loan.
But getting approved for the auto loan you need isn’t a cake walk, not in the marketplace today. Not in this financial crisis.
But we can help. If you apply online, our Approval Maximization Engine pings our network of South Carolina loan companies to locate the one that most closely fits variables like your income, location, and credit score.
Can this damage your credit scores? Not a whole lot about five points for a few months, but loan applications will appear on your credit history. The good news is that the fico rating models now take into account comparison shopping. If you limit a few different applications to only 30 to 45 days, then multiple credit inquiries will only count as just one individual check on your credit history.
Follow this link to Apply Online.
Purchasing a Car When You Have A Low Credit Score in Columbia, SC
Have you noticed how many people in your town have a bad credit score? We’ve published a few estimated statistics below. Keep in mind, adverse credit is characterized by fico scores of 620 or lower.
Credit Score of…
- 300 – 499: 5,849 Residents
- 500 – 549: 14,624 Residents
- 550 – 599: 23,398 Residents
- 620 or less: 87,741 Residents
No doubt, individuals burdened by poor credit are in need of automobile financing just like everyone else. We’re able to help you get car loan approval, in spite of a low credit score.
There are not one but two main obstacles that someone who wants to get a car or truck with a bad credit score must surmount. To start with, you have to be approved. Secondly, you’ll want to obtain an acceptable rate of interest. We enable you to do both. If you submit your application, we don’t just work to match you with a car loan company willing to approve your application, but we also allow you to establish what annual percentage rate your credit merits. This is vital, as shoppers who what APRs they deserve can be misled into overpaying.
The process is fast, easy, and free.
Car Loan Approval For Columbia Borrowers
Below are some tips to help you get an auto loan that won’t break your budget.
- Select a Manageable Model: In SC, the cost of gas is up from what it was a few years back ($2.76 per gallon in ’08). Right now, it’s more critical than ever to choose a car or truck with good fuel economy and reliability.
- No Down Payment is Not Best: Providing a down payment of at least $500 to $1000 can prevent upside down equity.
- Get a Cosigner: Asking a friend or relative who has good credit to cosign your Columbia, SC automobile financing package can lessen your annual percentage rate considerably.
Simply click here to APPLY ONLINE.
Smart Budgeting For Columbia Vehicle Purchasers
A lot of people want to know: how much car can I afford? Directly below we’ve provided a financial analysis based on the average income and monthly payments of Columbia, SC consumers. Bear in mind, these are just average figures. You’ll really need to calculate your own payments.
- Income: $12,055
- Monthly Debt Payment: $789
- Budget for Vehicles: $284 (36% of Debt)
- Monthly Insurance Costs: $85
- Remaining Funds For Auto Payments, Gas, Upkeep: $199
The size of the Columbia, SC loan to which this equates will depend on a range of factors:
- Annual Percentage Rate
- Term Length
- Fico Scores
- And More…
Click this link to apply online.
Purchasing a Car with Zero Down
You can get yourself an auto loan with zero down payment in Columbia, SC. But this is the question for you: not can you get a car with no payment, but is it the best idea?
Far too many people in the US owe more on their autos than they are worth. Upfront cash is a straightforward method for preventing the dreaded negative equity auto loan.
If you want an auto loan with bad credit in Columbia, SC, you might have no option but to provide some cash upfront.
Buy Here Pay Here Dealerships in Columbia, SC: Caution?
Buy here pay here car lots are springing up in Columbia and across South Carolina. These types of car lots accommodate men and women in Columbia, SC, who need:
- Auto Loans with Bankruptcy
- Auto Loans with Repossession
- Auto Loans with Foreclosure
Being approved for a loan from the bank would be extremely difficult for people with credit issues along these lines. Buy here pay here car lots, meanwhile, will provide them a car loan, often with no credit check. The interest levels are exorbitant, and the danger of negative equity is pretty substantial.
We urge you to apply online with us before you agree to a no credit check loan.
Follow the link to Apply Online!