Anderson (SC) Auto Loans

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

• South Carolina DMV: http://www.scdmvonline.com/DMVNew/
• SC Office of the Commissioner of Banking: http://www.banking.sc.gov/Pages/default.aspx

Credit Unions