Getting auto financing in South Carolina has gotten easier and easier recently as most banks and credit unions have lessened their requirements. Unfortunately, if you have a bankruptcy on your history you may need to seek an alternative like South Carolina subprime auto lenders for bankruptcy.
What is a Subprime Lender?
Subprime lending companies are the best auto financing companies for bankruptcy clients. They have years of experience working with individuals suffering from poor credit resulting from personal bankruptcy. South Carolina has subprime lenders all over the state; you just need to know where to find them, which is where we come in.
How do Subprime Auto Loans Work?
Basically a subprime auto loan works in the same way as a traditional auto loan, but with different terms. Because these are reserved for individuals with less than perfect credit most people are required to have a large down payment anywhere form 10%-20% of the cost of the car. This is to ensure that you have made some sort of investment on the vehicle which means you are less likely to default on the loan.
The next major difference between getting an auto loan in bankruptcy or after is the annual percentage rate (APR). Subprime loans tend to have higher APR rates because they come with higher risk for the lender. Luckily, if you use a South Carolina subprime lender, they will be more capable to work with you and get you an APR within your budget.
How to Secure Subprime Lending in South Carolina
Financing a car after bankruptcy is one of the best ways to rebuild your credit back to good standing. So if you are ready to take the next step and apply for a subprime auto loan, then fill out and submit our online application. We will match you with a lender in South Carolina near you that can get you the most bang for buck
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.