A car, truck, or SUV is one of the most expensive investments in life, but if you are savvy in how you take care of the financial process, you will save a lot of money in the end. Our market expertise is unrivaled, and we specialize in getting you approved by the dealer who wants your business most. You will be walked one step at a time through the lending process by a lending professional near you.
Greenwood Car Lots for Bad Credit
Have you thought about where you could buy your new car? With bad credit, you’ll probably have to get your car from a dealership, as opposed to a private individual, since most lenders do not fund these types of loans for people who’ve low credit scores. Thank goodness there are dealerships that specialize in poor credit. Any time you have bad credit, you can expect:
- Steeper APR rates.
- More money owed upfront.
- Smaller loans.
However, the rates and terms are far better than you would be offered at one of Greenwood’s buy here pay here dealers. Here at Motive Auto Finance, we work with many such dealerships, and they want to get you the car you need. Just go here to submit your application.
Decreased Auto Loan Rates for Greenwood Drivers
APR rate is criticalin determining your monthly payment, and also the amount you will end up spending on your vehicle.
If you don’t think interest rate is utterly critical, take a look at these figures.
|Good Credit||Mid-Range Credit||Bad Credit|
|Rate of Interest||3.50% APR||7.00% APR||11.00% APR|
|Payment Per Month||$237||$258||$284|
Up to 80% of Americans are estimated to have inaccuracies on their credit report. You’d be a good idea to check yours. Getting your report all squared away could result in a less expensive interest rate. Also, paying off any existing debt can decrease your DTI (debt-to-income ratio), thereby reducing your rate of interest. Remember to opt for a loan that isn’t overly long. Your monthly payments will be greater, but you’ll pay less over time. As a final point, how much can you put down on your vehicle? A down payment will bring down the loan-to-value ratio on your purchase. The bigger the down payment you can offer, the better.
Your Job is Your Credit Dealerships in Greenwood, SC
Car dealers in Greenwood that approve car loans in-house have several things in common:
- They furnish auto loans on-site.
- They don’t require credit checks.
- They want you to make payments 2-4 times per month, often in person.
Countless folks with really low credit believe that a buy here pay here car lot is the only real place that will be willing to finance them, despite the fact that South Carolina bad credit auto loans from credit unions and banks typically involve less expensive rates.
Improving Your Credit in Greenwood
Not only will a car loan give you the money required to purchase your car, it can actually help you get your credit back on track. Be that as it may, the results aren’t instant. You have to pay off the loan as contracted, making every month’s payment on time.
Missed payments, on the other hand, can damage your credit score, and in a hurry! The majority of banks and lenders let you set up an automated payment each month, so the payment is subtracted right from your payment account.