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Auto Loans in Florence (SC)

Cars are expensive these days, so it’s important to lock down the most competitive annual percentage rate possible. We have a diverse network of dealers and lenders, and we are dedicated to getting you approved by the lender that suits you best. We match you with a finance professional who can help you arrange the car loan you need for the vehicle you prefer.

Car Loans Florence SC

Bad Credit Car Dealers in Florence, SC

If you’re trying to find a car dealer that welcomes consumers with low credit scores, we can help. Any time you have poor credit, expect higher rates of interest and larger down payments, as well as shorter length loans. However, it’s better than being unable to buy a car, and if you make your payments on time and in full, you can strengthen your credit score in the process of repaying your loan. We work with many such dealerships, and you can get pre-approved by submitting your application.

Minimizing Your APR Rates

In order to save on your next car or truck, make a plan to secure the most affordable rate of interest you possibly can. This could save you quite a bit.

Check out what you’ll end up owing in interest with an interest rate of 11.00% in contrast to 3.50%.

Good Credit Mid-Range Credit Subprime Credit
Amount Borrowed $13,788 $13,788 $13,788
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Payment $251 $273 $300
Total Interest $1,262 $2,593 $4,199

Raise your credit score, and you’ll able to secure lower interest rates. At Annual Credit Report, you can check your report once each year, at zero cost, and request the correction of any errors you find, potentially increasing your credit score. Second of all, by paying off any existing debt you will secure a lower rate of interest. Don’t tie yourself to a long-term loan to purchase a higher priced vehicle. Finance for 5 years or less, and you’ll be rewarded with a more affordable rate of interest. The amount financed, as a percentage of vehicle value, is another big factor. A larger down payment makes for a lower loan-to-value ratio, thereby minimizing your interest rate.

Buy Here Pay Here Auto Loans in Florence, SC

Buy here pay here car dealers usually do business with people who have truly serious credit problems like bankruptcy and repossession. These car lots approve funding on site, whereas most dealers farm this out to third-party lenders, and they regard your income as a form of credit.

The fact is, you can expect inflated rates of interest, high down payments, and older vehicles that are steeply-priced. This is why these dealers have a lousy track record. We can connect you with dealer finance specialist who will work with you, not matter your credit.

Will This Restore Your Credit?

If you’ve got damaged credit, you’re probably interested in ways to improve it. Believe it or not, an auto loan is among the more effective ways to boost your credit. An auto loan:

  • Gives you the ability to build up your payment history (35% of your score).
  • Maximizes the array of credit types you’ve utilized (10% of your score).

Of course, you could potentially damage your credit by allowing your payments to become overdue. The majority of banks and finance companies let you establish a scheduled monthly payment, so the funds are deducted right from your payment account.

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