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Auto Loans in North Augusta (SC)

Has a car dealership in North Augusta turned you away on account of a bad credit score? In order to aid you, the buyer, we work with a huge selection of bad credit car dealerships in North Augusta and across South Carolina. Here’s how it works:

  • Step 1: Our 60-second application is incredibly simple to submit.
  • Step 2: We harness a network of scores of loan providers.
  • Step 3: Getting approved generally takes less than 2 days.

Bad Credit Car Dealerships North Augusta South Carolina

North Augusta Dealerships That Finance Bad Credit

Many dealerships that offer in house financing, referred to as buy here pay here dealers, won’t check your credit. However, odds are they don’t report to the credit agencies, so they won’t help you improve your credit score. Your best bet is to find a dealer that can get you financed through an established lender. Whenever you have less-than-perfect credit, you can expect higher rates of interest, larger down payments, and more stringent lending conditions. On the other hand, the rates and terms are much better than you would get at one of North Augusta’s buy here pay here dealers. There are many such dealers in our network, and they want to get you approved for the car you want. Go here to apply online.

Affordable Auto Loan Rates for North Augusta Consumers

Have you ever financed a car before? If so, you know rate of interest is just as critical as price, if you’re hoping to get the best deal you can.

Take a look at what you’ll owe in interest at an APR of 3.50% versus 7.00% or 11.00% APR.

Good Credit Average Credit Bad Credit
Loan Amount $23,859 $23,859 $23,859
Rate of Interest 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $434 $472 $519
Interest Paid $2,183 $4,487 $7,266

As you can see, your interest rate is of utmost importance, and believe it or not it isn’t that hard to make sure it’s affordable.

  • Credit Profile: Check your credit report at Annual Credit Report, then take action to deal with any inaccuracies you come across.
  • Down Payment: Heftier down payments will typically lead to lower loan rates, given that the loan to value ratio isn’t as high.
  • Debt-to-Income Ratio (DTI): Lending companies prefer that you have minimal existing debt, so paying off as much as you can is just common sense.
  • Repayment Period: Financing for 60 months or less could result in a lower rate of interest.
  • Vehicle Mileage: More expensive rates are charged for used vehicles, since they are more likely to have maintenance issues, etcetera.

North Augusta Buy Here Pay Here Dealers

Folks resort to buy here pay here car lots, also referred to as your job is your credit dealers, under the impression that they can only get approved with no credit check. Rarely is this the case. It’s true, they rarely check your credit, meaning bad credit shouldn’t be a hindrance to getting approved, but you will wind up paying a lot for this. Alas, you should be prepared for high annual percentage rates, big down payments, and somewhat battered vehicles that are overpriced. If that weren’t enough, these car lots rarely work with the credit agencies, so you could make each and every payment on time without a lift in your credit score.

Choosing a New Car

The lot may be jam packed with vehicles that you can buy, but probably shouldn’t. You really want to spend just 8% of your monthly income on your loan payment. For the North Augusta consumer getting paid $2,651 a month, the city average, this would be $212.

Great Credit Okay Credit Poor Credit
Income $2,651 $2,651 $2,651
Payment $212 $212 $212
Rate 3.50% 7.00% 11.00%
Money Down $2,915 $2,678 $2,439
Total Interest $1,067 $2,014 $2,971
Total Paid $15,639 $15,402 $15,163
Vehicle Price $14,573 $13,388 $12,193

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