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Auto Loans in Beaufort (SC)

Are you shopping for a new or used vehicle, but you need to work out financing? We can help. We’ve spent years cultivating a network of dealers and lenders across the United States, and that means we can help applicants of all credit tiers and income brackets. We connect you to a lending expert to direct you each step of the way.

Bad Credit Car Dealerships in Beaufort, SC

If you’ve got poor credit, dealer financing is usually your best and only option, considering that the majority of banks won’t be willing to do business with you. Having said that, there are dealers that want to win your business. In most cases, these dealerships offer:

  • Manageable rates of interest.
  • Lower down payments.
  • Both used and new vehicles.

You may not meet the criteria to finance all the cars on the lot. Below is an example based on the average per-capita income in Beaufort, $965 per month:

Credit Score Multiplier Loan
700 10 $9,650
625 9 $8,685
575 8 $7,720
525 7 $6,755
300 6 $5,790

Remember, these are only approximations. You may not be qualified to borrow this much, based on such factors as your credit card debt, mortgage or rent payment, and the type of income you have. Apply online to have a finance professional confirm your options.

Trimming Your Rates of Interest

Getting a less expensive rate of interest may result in big savings.

Truly, a lesser rate of interest could save you hundreds, as you can tell from the table below.

Good Credit Mid-Range Credit Sub-prime Credit
Amount Borrowed $8,685 $8,685 $8,685
Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $158 $172 $189
Interest Paid $795 $1,633 $2,645

Improve your credit, and you will enjoy lower interest rates. At this site, you can check your report once per year, for free, and dispute any inaccuracies you find, possibly increasing your credit score. Also, by paying off any existing debt you will reduce your debt-to-income ratio, allowing you to obtain a cheaper interest rate. Don’t resort to a 72-84 month loan just to keep your payments low. Finance for 60 months or less, and you’ll be given a cheaper rate of interest. The amount borrowed, in relation to the vehicle’s value, is another big factor. A greater down payment makes for a significantly better ratio, effective in decreasing the interest rate you’re charged.

Buy Here Pay Here Dealerships in Beaufort, SC

Considering a buy here pay here dealer because of bad credit? Normally, there are more attractive alternatives. Nearly all dealer finance isn’t direct to the consumer, as dealers go through a network of lenders to supply the loans. On the other hand, BHPH dealers engage in direct lending. They function as both lender and dealer. Unfortunately, you will be faced with excessive annual percentage rates, big down payments, and cars and trucks that cost too much given how much mileage and wear they have been through. There’s more: these car lots seldom work with the credit bureaus, which means you could make all of your payments in a timely manner without any boost to your credit score.

Will This Restore Your Credit?

The majority of lending companies work with the three main credit bureaus, which provides you the ability to restore your credit. If you pay your lender as scheduled month after month, you’ll quickly find yourself building a favorable payment history, which accounts for over 30 percent of your FICO score. On the other hand, you’ll wreck your credit by allowing your payments to go unpaid. It’s easy to dismiss the advantages of a better FICO score. It can help you save thousands of dollars in the years to come, and you need to simply pay your lender each month.

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