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In today’s times, it’s become very challenging to get a new car or truck with no vehicle loan or lease. Generally, the lender holds a lien on the vehicle while the loan is being repaid. You will be expected to carry full coverage insurance until the lien has been released, to make sure that you’ll have the funds to repay the loan in case of any sort of accident. To hasten the process, you can apply on the web for an auto loan.

Let a finance consultant in Myrtle Beach help you get approved for financing, answering your questions along the way.

Auto Finance Rates in Myrtle Beach

Here we’ve got interest rates you can expect at different credit scores. These are not to be perceived as advertisements. Factors that affect your exact annual percentage rate include:

  • Credit Score
  • Place of Residence
  • Car Loan and/or Lease History
  • Income and Career Status
  • New Vehicle or Used
  • Loan Duration: 24-84 Months
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%

Do you know your FICO score? You ought to. You will find all kinds of places to check your credit. Here’s one of the best: link.

Used Car Financing in Myrtle Beach

Some consumers steer clear of pre-owned vehicles because the rates are higher. On the other hand, financing a used car is a better value, considering that the total cost will be a lot less. Here, we compare the cost of financing a vehicle that’s new versus one, two, or three years old.

Years Old Price APR Months Payment Interest Total
New $26,400 6.00% 60 $510.39 $4,223 $30,623
1 Year $21,120 7.50% 60 $423.20 $4,272 $25,392
2 Years $17,952 7.50% 60 $359.72 $3,631 $21,583
3 Years $15,259 7.50% 60 $305.76 $3,087 $18,346

You can buy a great car for the money if you don’t mind a second hand car. Here are the common limitations on used vehicle financing:

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

Poor Credit Car Loans in Myrtle Beach

Most of the time, deals like 0% financing are out of the question if you have poor credit. When setting your rate of interest, loan providers pay particular attention to your history with prior car loans and leases. Before the internet, you might be turned down at various banks or dealers before you secured a loan.

It might seem that a buy here pay here car dealership is the obvious choice. These types of dealerships don’t check your credit, and they offer cheap higher-mileage cars and trucks. The rates of interest are very steep, and the vehicles are sometimes priced higher than they would be at other dealerships. Preferably, you’ll want to obtain your loan through one of the following lenders:

  • Bank.
  • Credit union for which you’re eligible.
  • Vehicle loan company.

A dealership or finance specialist can help you obtain financing from one of these loan providers. The advantages are significant: more affordable rates of interest, superior service. Plus, if you make your payments when they’re due, an improved FICO score.

Contact an auto finance professional in your area today.

Myrtle Beach Credit Score Improvement

Interest can represent a considerable portion of your payment each month, especially if your FICO score isn’t top notch. Fixing any credit report errors can increase your credit score considerably. Fortunately, you can check your credit annually, for free, at www.AnnualCreditReport.com.

Correcting any discrepancies–a not too difficult process–could bring about major advances in your credit score. Other things that might minimize your interest rate:

  • Getting a parent, spouse, or sibling to cosign the loan.
  • Providing a bigger down payment.
  • Consenting to shorter loan repayment terms.

No Money Down Auto Loans in Myrtle Beach

Really need to get a car financed, but you don’t have any cash as a down payment?

The down payment diminishes lender risk in the vehicle, and it makes up for the immediate drop in value you face with any new car sale. No down payment raises your interest rate. If you have outstanding credit, this is a smaller concern, as your rate is affordable as is. If you have less-than-perfect credit, such a high interest loan isn’t a good idea. You are better off saving money for a down payment or trading your existing vehicle for equity.

Myrtle Beach Resources

Credit Unions

Credit UnionLocationZip CodeTelephone
AVX-MB Federal Credit Union610 19th Ave N29577(843) 448-7515
Carolina Trust1010 21st Ave N29577(843) 448-2133
Carolina Trust4254 Holmestown Rd29588(843) 448-2133
Santee Cooper Credit Union507 21st Ave N29577(843) 839-2225