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Nine out of ten new vehicles are bought with loans or leased. Whether you are approved for a loan, and what interest rate you’ll have to pay, depends principally on your credit score. Additional factors:

  • Where you live (Anderson)
  • Loan to income ratio
  • Cash or trade
  • Employment record

Many finance professionals recommend arranging your financing before stepping foot on the dealer lot.

You will find professionals determined to help you get financed at a rate you can afford.

Auto Loan Rates in Anderson

Below we’ve got rates of interest estimated at various credit scores. These aren’t to be viewed as advertisements. The rate you’re offered may vary appreciably from what’s seen here.

FICO Rating New Car Used Car
Excellent 3.0% 3.3%
Good 4.2% 4.5%
Average 6.3% 7.1%
Subprime 9.4% 10.7%
Bad 14.7% 15.5%
Very Bad 15.8% 16.4%

Used Car Loans in Anderson

New vehicles are enticing, needless to say. Clever consumers, however, always go for pre-owned cars. The numbers speak for themselves.

Years Old Price Rate Months Payment Interest Total
New $16,500 6.00% 60 $318.99 $2,639 $19,139
1 Year $13,200 7.50% 60 $264.50 $2,670 $15,870
2 Years $11,220 7.50% 60 $224.83 $2,270 $13,490
3 Years $9,537 7.50% 60 $191.10 $1,929 $11,466

It’s possible to get a lot of car for the money if you aren’t afraid of a used car. Below are the common restrictions on used car loans:

  • Car not more than 7-10 years old.
  • Mileage no greater than 100,000 miles.
  • Bought from dealer, not private party.

Poor Credit Auto Loans in Anderson

A bad credit score will make it challenging to finance a car, but it isn’t inconceivable. In effect, banks and lenders use your credit score to determine if you’re likely to repay your loan as agreed. Although poor credit always leads to an increased annual percentage rate, you can now request quotes from several different loan creditors online.

It is best to avoid turning to a no credit check car lot. These buy here pay here dealers are infamous for aggressive sales tactics. While you will have no problems getting financed, you’ll be charged a lot for the opportunity.

You will be happier getting financed by a bank or credit union–an option through any traditional dealership. The rates are typically cheaper, the terms significantly better, and you have the opportunity to repair your credit along the way.

Best of all, you can submit your application online.

No Money Down Cars in Anderson

The down payment required to finance a new car or truck could be as much if not more than the price of a pre-owned vehicle. If you’ve got great credit, a down payment is typically optional. For people with unfavorable credit, there is just one main solution: locate a dealer that accepts trade-ins, and see if they’ll accept your old car in lieu of a down payment.

Anderson Resources

Credit Unions

Credit UnionLocationZipPhone
AndersonP O BOX 242729622(864) 225-1254
Anderson County Educators Federal Credit Union1504 N Main St29621(864) 225-7731
Anderson Federal Credit UnionPo Box 242729622(864) 225-1254
Anderson Sc City Employees401 S Main St29624(864) 231-2216
Anderson Sc City Employees601 S Main St29624(864) 231-2216
Anmed HealthPO Box 280529622(864) 512-1147
Anmed Health706 E Greenville St29621(864) 512-1147
Clark-Schwebel Inc - Credit Union2200 S Murray Ave29624(864) 260-3298
Credit Central821 N Main St29621(864) 226-0844
S. C. State2116 S Carolina 8129621(864) 622-1003
S. C. State306 Pearman Dairy Rd29625(864) 255-7731
State Credit Union691 Hwy 28 By Pass29624(864) 622-1003
Upstate207 E Highland Ave29621(864) 328-0300
Upstate101 Masters Blvd29626(864) 328-0270
Upstate1303 N Murray Ave29625(864) 224-5654