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Auto Loans in Rock Hill (SC)

Your credit scores are vital when it comes to financing a car in Rock Hill, and rates of approval are not very high. But don’t fret. Despite the fact that lots of loan companies have been neglecting applicants with unfavorable credit, we have partnered with car dealers and loan companies who offer car loans for bad credit in Rock Hill each and every day. To get started, all you’ve got to do is submit your application online, and we will place you with a dealer or lending company who can pre-approve you for auto financing, bad credit no problem.

Rock Hill Car Dealerships for Bad Credit

Have you given thought to where you could buy your next car? When you’ve got below-average credit, private party car loans are usually not available. Rather, you’ll need to purchase from a local Rock Hill dealer. Thank heavens there are dealers that finance bad credit. Whenever you have less-than-perfect credit, there are certain things to be expected:

  • Higher rates of interest.
  • Much bigger down payments.
  • Smaller sized loans.

With that being said, it’s much better than not having a new car at all, and these dealers can help you re-establish your credit and secure more affordable interest rates in the years to come. We work with many such dealerships, and they want to get you in the car you need. Go here to apply online.

Picking a Vehicle: New vs Pre-owned

Both used and new vehicles can be purchased through us. A new vehicle loses 20% of its value during the first 12 months of ownership, and 50% after three years. This is why you can often get a better deal when you buy used.

New Car Pre-owned Car
Age New 3 Years Old
Price $14,420 $7,210
Down Payment $2,884 $721
Loan Rate 5.00% 7.50%
Term 60 months 48 months
Payment Amount $217.70 $156.90
Finance Charge $1,526 $1,042
Total Amount Paid $15,946 $8,252

Buy Here Pay Here Dealers in Rock Hill, SC

Maybe you’ve wondered about getting approved through a buy here pay here car lot in Rock Hill? Such dealerships provide auto loans on-site, typically without checking the consumer’s credit. Considering they don’t depend on a bank or investment company for financing, they can assist a wider selection of customers. Sometimes consumers with really bad credit believe that a BHPH car lot is the only place that will be willing to finance them. However, the cost of your car or truck will be higher on account of ridiculous interest rates, and it is less likely that your credit score will go up as you pay back what you owe. That is because these car lots have no relationship with Equifax, Experian, and Transunion.

What’s more, these dealers often require that each vehicle be outfitted with a tracking device and/or ignition kill-switch. If you miss your payments, these can be used by the recovery team to repossess the vehicle. Combine this with the high interest rates and high-mileage vehicles, and this is rarely the best purchasing experience. Sure, they do not check your credit, but the price you pay for this convenience is just too high. You are typically better off working with a credit union or lender who works with lower credit scores. We can put you in touch with a finance specialist willing to help you find the right loan when you apply through us.

Budgeting Recommendations for Rock Hill Residents

It is wise to commit no greater than 10% of your monthly income for the payment on the car you’re financing. Be mindful, though, that you don’t undermine your money-smart budgeting with overly protracted financing, which will result in more interest and negative equity. Rather, try and have your vehicle paid off within 60 months. This translates into a vehicle which costs roughly 50% of what you get paid on an annual basis, before taxes. In Rock Hill, where the average income is $17,306 per year, this would be $8,652 to invest in a new car or truck. Please remember, this is the upper limit of what you should spend. Scores of authorities recommend paying just 10-30% of your income for a car.

New And Used Cars in Rock Hill, SC

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