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Auto Loans in Anderson (SC)

Around South Carolina, acceptance rates for auto financing have gone down, on account of the country’s economy. Because so many auto loan companies have been declining people with unfavorable credit scores, it could take quite a while to find a lender willing to accept you for financing. The good thing is, we have an advanced system for auto loan acceptance.

To get going, simply send us your application, and we will place your application with a car lender or auto dealer specialist who’ll make every effort to find you an appropriate auto loan.

Anderson Car Dealerships That Approve Bad Credit

These days, there are dealerships with finance departments specializing in subprime auto lending. By and large, these larger dealerships offer:

  • Lower APR rates.
  • More reasonable down payments.
  • New and used vehicles.

Your income and credit will dictate the cars you’re eligible to finance. Here is an example based on the average per-person income in Anderson, $1,903 per month:

Credit Score Income Factor Loan
700 10 $19,030
625 9 $17,127
575 8 $15,224
525 7 $13,321
300 6 $11,418

These sums are by no means absolute. You may not be qualified to borrow this much, depending on your down payment and credit history.

A lending expert can help you determine how much you’re eligible to borrow, and at what APR. Just go here to submit your application.

Lowering Your Anderson Interest Rate

Getting the best interest rate you possibly can is vitally important. To illustrate, a 60 month auto loan of $17,127 would cost you $1,567 in interest at 3.50% APR, $3,221 at 7.00% APR, and $5,216 at 11.00% APR.

Thankfully, there are some effective ways you can cut down on your rate of interest.

  • Credit Score: Pull your credit report and dispute any inaccuracies you discover.
  • Down Payment: More substantial down payments normally contribute to more affordable interest rates, given that a smaller proportion of the vehicle is being financed.
  • Debt to Income (DTI): Have a lot of credit card debt? Reducing your balances will reduce your DTI, which will translate to a less expensive APR.
  • 36-60 Month Loan: Financing for 60 months or less could result in a lower rate of interest.
  • Newer Vehicle: Used vehicles are more expensive to finance, just because they’re more likely to have maintenance issues, etc.

Buy Here Pay Here (BHPH) Dealerships in Anderson, SC

Car dealers in Anderson that offer on-the-lot financing have certain things in common. They…

  1. Furnish car loans direct to the consumer.
  2. Do not check your credit.
  3. Want weekly or biweekly payments, often at the lot.

Sometimes men and women with really low credit think that an in house financing car lot is the only establishment that will take their credit. However, the cost of your vehicle will be inflated due to ridiculous loan rates, plus it is likely that your credit score will not show improvements since these dealers have no relationship with the credit agencies.

Which Cars Are Right For Anderson Residents

Be sure not to finance more car than you really need. Have a look at the following estimates, which indicate how much the Anderson consumer ought to spend based on a monthly income of $1,903, a car payment equal to 8% of this income ($152), and a repayment period of 60 months–the most extended term that’s advisable.

Excellent Credit Decent Credit Subprime Credit
Payment Amount $152 $152 $152
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $2,092 $1,922 $1,750
Borrowed Funds $8,369 $7,688 $7,002
Total Interest $766 $1,446 $2,132
Price with Interest $11,227 $11,057 $10,885
Car Price $10,461 $9,611 $8,752


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