Bad credit scores are discouraging. Because of how many banks and lenders in Easley are still unable to finance people because of a bad credit score, it could take some time to find a finance company without any help. Luckily, we’re happy to help. Here’s how it works:
- Step 1: You apply online, which requires few fields, and you can complete it in less than two minutes.
- Step 2: We harness hundreds of subprime lenders and dealerships.
- Step 3: Most consumers get approved in under 24 hours.
Bad Credit Car Dealers in Easley, SC
Dealers able to assist consumers with sub-prime financing are frequently known as bad credit car dealerships. In contrast to buy here pay here dealers, these larger dealerships offer:
- Interest rates that are reasonable.
- Down payments based on the vehicle’s price.
- Vehicles that have less mileage.
The actual cars and trucks you can purchase will be decided by your monthly income and credit score. As a way to reduce the risk of loan delinquency or repossession, purchase a low cost, fuel-efficient vehicle with payments of just 10% of your income–at the most. If you get paid $2,369 per month, this comes to a payment of $237. Submit an application to have a finance expert confirm how much you can borrow.
Easley APR Rates: Reducing Them
If you’ve financed a car, then you know interest rate is just as significant as price is, if you’re hoping to get the best deal possible. For instance, you’d pay $1,951 in total interest a $21,321 loan financed for 60 months at 3.50% APR. At 7.00% APR, you’d pay $4,010, and at 11.00%, $6,493. This added interest would be added back into your monthly payment, which would increase from $388 to $464.
Obviously, your rate of interest is nothing short of paramount, and what’s great is that it can be lowered in a variety of ways.
- Credit Profile: Inspect your credit report and correct any mistakes you find.
- Down Payment: Put 20% down on your purchase. This will reduce lending risk, resulting in a more affordable rate.
- Debt to Income (DTI): Do you have a great deal of credit card debt? Reducing your balances will lessen your DTI and elevate your credit score, which both ought to give you a reduced interest rate.
- Repayment Period: Longer loans come with lower monthly payments, but shorter ones offer cheaper rates.
- Age of Vehicle: It is significantly cheaper to finance a new vehicle as opposed to a previously owned one–as long as the purchase price is the same.
Easley Buy Here Pay Here Financing
Thinking about financing a car through a BHPH dealer because of bad credit? Typically, there are better options. Dealers like these will finance nearly anybody, no matter their credit, but you will find disadvantages.
Unfortunately, you should expect high rates of interest, massive down payments, and somewhat battered vehicles that are overpriced. Worse, these car lots don’t work with the credit bureaus, so you could make all of your payments when they’re due without making improvements to your FICO score.
Recommendations for Financing
When it comes to the monthly payment on your car, it shouldn’t exceed 10% of what you earn on a monthly basis. Furthermore, plan to pay off this vehicle in no more than 60 months. This will buy you a car which costs approximately half of what you get paid on an annual basis. For instance, if you make $28,423 a year, the average in Easley, you would buy a car that costs $14,214. Unlike other assets, an automobile will not appreciate with time, which means you should fork out no more than you have to, in order to obtain a car that won’t leave you on the side of the road.