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If you’re shopping for a vehicle, new or used, it’s likely you’ll need a loan. It would be ideal if this was a convenient process, but it’s really not. Lending companies require a lot of information before deciding to approve you for financing. We can help you secure your auto loan faster, at a reasonable rate, even if your credit isn’t great. Let a vehicle finance specialist in Spartanburg help you obtain financing, answering your questions in the process.

Auto Loan Rates in Spartanburg

These interest rates are not anything but estimates to give you a feeling for what interest rate to expect given your location and your FICO score. Your exact rate will be determined by quite a few variables, like loan provider, down payment, average income, type of vehicle, etc.

FICO Score 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 Auto Loans in Spartanburg

You’ll find that it costs slightly more to finance a pre-owned car, at least when it comes to rate of interest. If wealth-building is important to you, however, you might want to finance a used car. Have a look at the numbers below.

Age Price APR Months Payment Interest Total Cost
New $17,800 6.00% 60 $344.12 $2,847 $20,647
1 Year $14,240 7.50% 60 $285.34 $2,880 $17,120
2 Years $12,104 7.50% 60 $242.54 $2,448 $14,552
3 Years $10,288 7.50% 60 $206.16 $2,081 $12,370

A used car makes a great option, regardless of whether you’re getting a loan or paying cash. Loan providers charge higher rates of interest for used vehicles, but in many cases, you only need 10% down, and the insurance costs are less costly.

Bad Credit Auto Loans in Spartanburg

Are you trying to finance a car from a dealership in Spartanburg with below-average credit? Higher FICO ratings normally lead to more affordable rates of interest, but it’s a lot more complex than that. Fortunately, the internet has made it a lot easier for the consumer with bad credit.

It might seem that a buy here pay here dealership is the easiest option. These dealers don’t even consider your credit, and they offer low-cost, used vehicles. Clearly, your credit won’t be an issue at such a place, but you will find yourself having to pay a ton in interest for a high mileage car or truck. You should stay away from these dealers whenever possible, obtaining a car loan online. The down payments are cheaper, as are the loan rates, and the service is considerably superior.

Go here to apply online.

Spartanburg Credit Repair

If you’d like to limit your interest rate, you’ve got a few options. Is your credit report marred by any errors? These can hurt your credit score to a large degree. A lot of consumers don’t realize that, once a year, you can check your credit report at no cost via www.AnnualCreditReport.com. Generally, it takes 1-2 months to get such issues rectified, after which time you may see an improvement in your credit score. Often, including a cosigner with your auto loan could also trim your annual percentage rate.

No Money Down Financing in Spartanburg

Saving enough cash you need to get a car can be challenging, especially if you have a bad credit score, in which case you might have to offer a considerable down payment. Truth be told, getting a zero down auto loan is sometimes extremely hard. By applying online, you can improve your chances of securing this sort of an offer. Finance companies and dealers can view your preferred down payment in advance. Just leave 0 where it asks down payment, and the lending professional will understand.

Spartanburg Resources

Credit Unions

Credit UnionAddressZipTelephone
Carolina Collegiate800 University Way29303(864) 503-5336
Carolina FoothillsPO Box 141129304(864) 585-6838
Carolina Foothills1540 John B White Sr Blvd29301(864) 327-1667
Carolina Foothills520 N Church St29303(864) 585-6838
Cpm240 E Blackstock Rd29301(864) 595-4276
Founders550 S Church St29306(864) 573-9140
Founders875 E Main St29302(864) 577-9771
Founders1307 Boiling Springs Rd29303(864) 577-9771
Mtc1785 New Cut Rd29303(334) 983-2215
S C Telco Federal Credit Union175 N Town Dr29303(864) 585-5664
S. C. State165 Camelot Dr29301(864) 596-7282
S. C. Telco130 N Town Dr29303(864) 585-8999
Sharonview1550 Dewberry Rd29330(864) 579-5084
SpartanPO Box 282729304(864) 503-9998
Spartan930 Charisma Dr29303(864) 503-9998
Spartanburg City EmployeesPO Box 174929304(864) 596-3732
Spartanburg City Employees145 W Broad St29306(864) 596-3732
Spartanburg Regional1000 Asheville Hwy29303(864) 948-8200
Spartanburg Regional Federal Credit Union856 N Church St29303(864) 560-6172
State Credit Union2099 S Pine St29302(864) 596-7282