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Auto Loans in Spartanburg (SC)

We understand the issues associated with buying a car, especially if your credit score is low. It’s advisable to work with a bank or dealer who is open to applicants whose credit isn’t pristine. We’re very pleased to be your avenue to an unrivaled network of dealers and finance companies that are dedicated to financing your purchase, no matter credit rating. Simply apply online, and we will do our best to connect you with a lender or dealer in Spartanburg willing to approve you for financing.

Spartanburg Car Dealerships for Bad Credit

It is important to try to avoid buy here pay here car dealers, choosing instead to buy from big franchise dealerships that arrange loans through banks, credit unions, and finance companies–all of which are more heavily regulated by state and federal agencies. As with all subprime loans, expect steeper interest rates and larger down payments, combined with more stringent repayment terms. Having said that, the rates and terms are much better than you would be given at a used lot that does in-house financing with no credit checks. There are many such dealerships in our network, and when you apply online, we can pair you with one who wants to accept you for financing.

Will You Need a Down Payment?

It’s often necessary to offer money down on the vehicle you want to finance, especially if you’ve got bad credit. Banks and finance companies like you to offer a down payment, since doing so will reduce risk built into the loan, giving you a lower rate of interest. Folks in Spartanburg do purchase cars without down payments, but more often they trade in their old car or truck to satisfy the lender’s down payment requirement.

Buy Here Pay Here Car Dealers in Spartanburg, SC

Have you considered getting a car loan through a buy here pay here car dealer in Spartanburg? These kinds of Spartanburg bad credit car dealers offer financing directly, quite often without checking the applicant’s credit. Given that they don’t rely on a traditional bank or investment company for approval, they’re able to support an extensive range of clientele. A lot of men and women with really bad credit feel like an in house financing car lot is the only real establishment that will be willing to take their credit. But keep in mind, the cost of your car or truck will be inflated as a result of ridiculous rates of interest, plus it is unlikely that your FICO score will show improvements as you pay down what you owe. That’s because these car lots rarely work with Equifax, Experian, and Transunion.

Repairing Your Credit in Spartanburg

If restoring your credit score is a concern of yours, keep your distance from BHPH dealers. The lenders and dealers in our network can help you improve your credit. If you send in your payment as scheduled each month, you’ll be creating a good history of debt payment, which accocunts for greater than one-third of your FICO score. The benefits are gradual, developing over time. Of course, the potential benefits to an improved score are tremendous, including more affordable APRs and insurance costs, not to mention decreased down payments and improved terms.

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