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Auto Loans in Columbia (SC)

If you are looking to buy a new car, there is a high probability you need a car loan. As opposed to waiting until you’re in a high-pressure situation at the dealership, we allow you to line up financing ahead of time. You’ll be walked one step at a time through the process by a lending specialist based where you live.

Car Loans Columbia SC

Bad Credit Car Dealers in Columbia, South Carolina

Have you thought about where to buy your next car or truck? If you’ve got below-average credit, you typically need to get your car from a dealer, instead of a private seller, since most lenders do not fund these types of loans for people with sub-prime credit. Luckily, there are dealers that work with poor credit. In contrast to buy here pay here dealers, these larger dealers offer:

  • Fairer interest rates.
  • More reasonable down payments.
  • Lower mileage vehicles.

You may not qualify to finance the higher-priced cars on the lot. Here’s an example based on an income of $1,005 per month, the average in Columbia:

Credit Score Multiplier Loan Amount
700 10 $10,050
625 9 $9,045
575 8 $8,040
525 7 $7,035
300 6 $6,030

These are simply approximations. You might be eligible to borrow more or less. Apply online to talk to an auto lending professional about how much you can borrow.

Cheaper Auto Finance Rates for Columbia Consumers

When it comes to getting financed, rate of interest is as essential as price is, especially if you want to save some money in the long run. For instance, On a $9,045 loan financed at 3.50% APR for Five years, you’d pay $828 in total interest. At a rate of 7.00% APR, you’d pay $1,701, and at 11.00%, $2,755. Furthermore, your payment would rise from $165 to $197.

Needless to say, your interest rate is paramount, and you’ll be glad to know that it can be reduced in a range of ways.

  • Credit Profile: Be sure there are no errors being reported on your credit. If you discover one, you’ll want to contest it.
  • Down Payment: A strong down payment will reduce your loan-to-value ratio–the amount of your loan as compared with the price of the vehicle being financed–thereby lessening the interest rate at which you’ll be approved.
  • Debt to Income Ratio (DTI): Carrying less debt can result in a more affordable rate. Pay down as much as you can.
  • Loan Length: Longer loans are regarded as higher risk investments, so opting for a shorter loan could be to your benefit.
  • New Vehicle: Used vehicles are more expensive to finance, as they are more likely to have maintenance issues.

Columbia Buy Here Pay Here Dealers

In house financing, better referred to as buy here pay here financing, has expanded in the years following the downturn, largely because so many people’s credit scores were hit by the economy. These dealers will approve nearly anyone, regardless of their credit, but there are issues.

You will notice that preowned vehicles are the only models offered, and these are not no money down car deals. In most cases, the down payment is the same as the vehicle’s wholesale value. Rates in the neighborhood of 20% APR aren’t uncommon. There’s more: these dealers don’t report back to the credit bureaus, and that means you could make each and every payment punctually without increasing your FICO score.

Recommendations for Financing

It’s good to devote not more than 10% of your monthly income for the payment on the car you’re buying. On top of this, opt for a 5-year loan at most. This will buy you a car or truck costing roughly 50% of your yearly income. with an income of $12,055 per year, the average in Columbia, you would buy a $6,030 car. Cars don’t appreciate like most homes do, so you’ll want to shell out no more than you absolutely have to, in order to get a solid car.

Used Cars from Columbia Dealers

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