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Auto Loans in Sumter (SC)

Bad credit does make it more challenging to get a new car, but getting approved is possible. We think that auto financing ought not to be so challenging for Sumter residents, no matter what their credit scores may be. Here’s how the process works:

Our Approval Process
  1. You submit an application.
  2. Our advanced approval software finds you a car loan company.
  3. Your car lending company calls you about completing the details of your Sumter bad credit automobile finance package.

Sumter Dealerships That Work with Bad Credit

There are dealerships in Sumter that focus on your income as opposed to your credit. They often market themselves as no credit check dealers, because they do not require credit checks. However, most likely they don’t report to the credit agencies, which means they will not help you increase your credit score. You’ll be happier finding a dealership that can finance your bad credit through an off-site lender. Since you’re a higher-risk applicant, you can expect:

  • More expensive rates of interest.
  • Larger down payment requirements.
  • More stringent repayment terms.

On the other hand, the experience is far superior to that of a buy here pay here car lot, and your vehicle will likely cost you less in both upfront costs and interest. At Motive Auto Finance, we work with many such dealerships, and you can get matched with one by submitting your application.

Is it Advisable to Finance a New Vehicle?

Used and new cars each have their own merits. It’s possible to finance new cars at more affordable rates of interest, but you end up spending far more overall.

New Car Pre-owned Car
Age New 3 Years Old
Price $21,280 $10,640
Down Payment $4,256 $1,064
Interest Rate 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $321.26 $231.54
Interest Paid $2,252 $1,538
Total Investment $23,532 $12,178

Buy Here Pay Here Dealers in Sumter, SC

Buy Here Pay Here Car Dealerships Sumter SC
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Dealerships in Sumter that approve buyer credit on-site differ from traditional dealerships in some significant ways:

  • These dealerships finance car loans on site.
  • They rarely require credit checks.
  • They want you to make payments 2-4 times per month, often at the lot.

A lot of men and women with really bad credit believe that a buy here pay here car lot is the only establishment that will finance them, despite the fact that the cost of your vehicle will be higher due to outrageous annual percentage rates, plus it’s unlikely that your credit score will go up since these dealers don’t report back to Equifax, Experian, and Transunion.

Securing the Ideal Loan

Don’t finance a car or truck that’s too expensive. This table reveals how much the Sumter consumer ought to spend based on a monthly income of $2,128, a car payment that amounts to 8% of this income ($170), and a repayment term of 60 months.

Good Credit Okay Credit Bad Credit
Car Payment $170 $170 $170
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,340 $2,149 $1,957
Total Interest $856 $1,617 $2,385
Total Paid $12,554 $12,364 $12,172
Sticker Price $11,698 $10,747 $9,787

Cars from Sumter Dealerships


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