Car Financing: Can I Get an Auto Loan with 450 Credit Score?
More than the car’s price, credit scores haunt US customers. Before visiting dealerships, people visit banks to figure out their financing options. So, if you are in the subprime or bad region of FICO credit scores, the question is natural – can you, at all, get an auto loan for your car?The answer is no in banks and other conventional financial institutions. But it is a big yes in no credit bad credit dealerships.
Getting a loan with 450 credit score is possible
Banks typically entertain loan applications from customers who show a credit score of 700 to 750+. Below that, you can go to credit unions or other private institutions. Anything lower than 600 is considered as risky territories and these firms do not extend loans without the presence of a co-signer. You can bypass all these hassles and get bad credit auto loans in Greenville in buy here pay here dealerships. Your credit score maybe 450 or 400 or you may have no score to show, these dealerships do not differentiate and help with the financing anyway.
Why do they take on bad credit customers when banks refuse?
A country’s banks have a lot of responsibilities to fulfill. Plus, some regulations restrict their freedoms. But buy here pay here dealerships are car dealers only and they give out loans for car purchase on the condition that you pick a vehicle from their lot. Basically, by providing easy auto loans in Greenville, SC, they are making a sale. By facilitating you, they are running their business. Hence, BHPH dealerships do not make a fuss about a 450 credit score. If you a job that can pay the monthly amount, you are approved.
However, there is a difference
You might not see the same fine print as you would have seen in a bank. Your low credit score is still a risk to any lender and they are ultimately the players of the market. Hence, depending on your score, the interest rate you pay will be high and that is the only difference with the bank’s policies. In the best bad credit car dealerships in Greenville, SC, you can apply for a 3-year loan for a quicker payoff or pay a 20% down to induce the same effect. This way, the interest rate will not create a massive APR and you will not stand to lose much.
Look into the possibilities of bad credit auto loans in Greenville. Think long term and drive a car while your credit score improves. The 450-range is nothing nowadays as BHPH dealerships bring the best deals for their damaged score customers.
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