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Auto Loans in Conway (SC)

Are you interested in financing a car in Conway, but your credit isn’t perfect? We can help. We do business with a vast network of dealers and lenders, and we are experts in connecting you with the lender who is most likely to fit your needs. You’ll be guided one step at a time through the process by a lending professional based where you live.

Bad Credit Car Dealers in Conway, SC

Those car dealers in Conway that approve financing themselves are classified as in house financing car dealers, buy here pay here car lots, or tote the note dealerships. You’ll be happier finding a car dealer that approves bad credit auto loans in Conway, South Carolina through an off-site lender. Yes, they’ll check your credit, but they also work with the credit agencies – a practice that’s rare among Conway buy here pay here car lots. As with all subprime loans, expect higher interest rates, larger down payments, and shorter length loans. On the plus side, they will get you approved through lenders that report to the credit reporting agenciesallowing you to rebuild your credit. Here at Motive Auto Finance, we work with many such dealerships, and they want to get you approved for the car you want. Just go here to submit your application.

Documentation That’s Needed

The documentation needed to finance a car varies from one lender to the next, but there are some things that will be expected wherever you go. You must bring your driving license. You can’t test drive a car if you don’t, and lenders need it to verify your identity. If your credit isn’t immaculate, lenders are going to ask to verify your income through paystubs or tax statements. Keep in mind that most lenders give preference to applicants who have been on the job for two years at least. Lenders will never finance a vehicle that’s not insured, so obviously, insurance verification is an additional requirement. You can supply proof of residence through a few recent electric bills or a copy of your lease. Lenders want to know where to find the vehicle if they have to repossess it. We may have left something out, so be sure to verify the requirements with your finance professional.

Conway Buy Here Pay Here Car Lots

If you have substantial credit problems on account of bankruptcy or repossession, a buy here pay here dealer might possibly sound like a good plan. Most dealer financing is outsourced, in that car dealers go through banks or credit unions to supply the loans, but buy here pay here dealers engage in direct lending. They are the actual loan originator.

Problems include excessive rates of interest, money down, and vehicle prices, and chances are you’ll get a car or truck that has recently been repossessed at least once There’s a good reason that these car dealers don’t have a very good track record. Let us match you with dealer finance professional who can get you financed, even if your credit is horrible.

How Much to Pay for a Car

The local dealer may be packed with cars and trucks that you are able to buy, but which wouldn’t be advisable. Take a look at these scenarios, revealing how much the Conway consumer ought to spend based on an income of $1,877 a month, a car payment equivalent to 8% of this income, and a finance term of 60 months–the maximum length recommended.

Prime Credit Okay Credit Subprime Credit
Income $1,877 $1,877 $1,877
Payment $150 $150 $150
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,064 $1,896 $1,727
Loan Amount $8,254 $7,583 $6,906
Interest Paid $755 $1,426 $2,103
Total Investment $11,073 $10,905 $10,736
Sticker Price $10,318 $9,479 $8,633


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