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In Charleston, the majority of folks buy their vehicles with the help of a lender, as not many of us have the capital in the bank for an outright purchase. For those who have perfect credit, this is a pretty simple process. For people with a low credit score, however, it can be a big pain. If you’d like to obtain the most affordable interest rate possible, we can help. This is especially beneficial for consumers with less-than-perfect credit, as a range of dealers will consider your application, many of which specialize in subprime lending.

Auto Finance Rates in Charleston

What will your APR be? The reality is, your annual percentage rate can vary widely based on your FICO score, as well as a range of other factors. The rates shown below are only for informational purposes. They are not advertisements, and your exact rate could be very different.

Credit Score New Car Pre-owned 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 Financing in Charleston

New cars and trucks have the least expensive rates. However, used cars are cheaper in the long run, and they depreciate less. The figures speak for themselves.

Age Price Rate Months Payment Interest Total Cost
New $22,000 6.00% 60 $425.32 $3,519 $25,519
1 Year $17,600 7.50% 60 $352.67 $3,560 $21,160
2 Years $14,960 7.50% 60 $299.77 $3,026 $17,986
3 Years $12,716 7.50% 60 $254.80 $2,572 $15,288

After only one full year of driving, the $22,000 new car is worth only $17,600, and only $12,716 after 36 months. Let’s consider the most common restrictions on used vehicle financing:

  • Vehicle no older than 7-10 years.
  • Mileage no higher than 100,000.
  • Bought via dealer, not private party.

Poor Credit Auto Loans in Charleston

FICO scores of 680 or less are usually considered subprime, and those below 620 are simply considered bad. Many people neglect to check their credit score, because they just don’t want to know. However, it’s really best to know your score. Although poor credit always results in a higher interest rate, you can now request quotes from a range of loan providers online.

Many consumers end up resorting to buy here pay here dealers that don’t do credit assessments. There’s a price for that lack of credit check: extortionate annual percentage rates, rigid terms and conditions, and a limited selection of vehicles.

It’s better to avoid these dealerships when you can, and secure a car loan via the web. The advantages are significant: more affordable rates of interest, better service, and if you make your payments on time, a boost to your credit score.

Go here to apply online.

Can a Car Loan Improve Your Credit?

When you need to increase your credit score, a car loan may help–assuming that you pay each installment as scheduled. But keep in mind that this is a gradual process. Though the actual increase in your credit score isn’t easy to calculate, the improvement is significant.

Charleston Resources

Credit Unions

Credit UnionLocationZip CodePhone
C O117 Spring St29403(843) 722-7656
Carolinas Telco385 Meeting St29403(704) 391-5600
Charleston Area1845 Sam Rittenberg Blvd29407(843) 556-4809
Charleston Area109 Bee St29401(843) 556-4809
Charleston County TeachersP O BOX 3074629407(843) 556-8698
Charleston County Teachers4 Carriage Ln29407(843) 556-8698
Charleston Postal CooperativePO Box 4018529423(843) 760-0071
Charleston Postal Cooperative7075 Cross County Rd29418(843) 760-0071
Charleston Postal Cooperative Credit Union7075 Crossing County Road29418(843) 760-0071
Cooperative Network2433 Stono Watch Dr29455(843) 559-3001
Cpm1066 E Montague Ave29405(843) 747-6376
Cpm5600 Virginia Ave29406(843) 747-6376
Cpm1078 E Montague Ave29405(843) 747-6376
Heritage TrustPO Box 11800029423(843) 832-2600
Heritage Trust766 Daniel Ellis Dr29412(843) 832-2600
Heritage Trust2030 Sam Rittenberg Blvd29407(843) 832-2600
Port Trust Federal Credit Union2000 Sam Rittenberg Blvd29407(843) 571-6899
Roper Hospital - Credit Union316 Calhoun St29403(843) 720-1234
South Carolina1945 Sam Rittenberg Blvd29407(843) 797-8300
South Carolina1317 Folly Rd29412(843) 797-8300
South Carolina140 Bee St29401(843) 797-8300
South Carolina Federal Credit Union9999 Dorchester Rd29401(843) 797-8300