What Credit Score Do You Need to Get a Used Car Loan in Greenville?
Worrying about your credit score just before buying a car is a genuine emotion. Not only does it decide whether you will get approved or not, butcredit scores also matter on grounds of lenders, insurers, and more. You probably already know that auto loans in Greenville are hard to come by if you have a poor credit score. And lenders flock to you, almost pleading you to take a loan if you have a great credit score. But where is that line that separates a good credit score from the bad? How much do you need to get an approved auto loan in Greenville? Let’s answer these here.
The score you need (as per the market)
Experience reports recently suggested that the average credit score for people who got approved used car loans was 657. While this may dishearten you as the 650s are quite high a score to maintain, especially if you are already paying your student and mortgage loans with a moderately paying job but things get interesting here. That same report also showed that 600 or below credit score holders got almost 30% of the net market’s loans. And this is the silver lining you should look at.
The score you need (as per reality)
You can get approved bad credit financing in Greenville, SC. No matter what your credit score, you can apply for an auto loan with an appropriate lender and still get approved. This is the 30% that Experience talked about as top buy here pay here dealerships are extending subprime loans to customers who can show a steady paycheck. Even a score of 450 or no score does not matter with these dealerships. As long as you can cover the premiums, you are approved to buy a used car. The answer then to what credit score in Greenville do you need is actually none. Your willingness is enough.
But what’s the catch here?
Again, the answer is none. Buy here pay here is a legitimate business model that is designed to help subprime credit score holders get an auto loan.In return, the lender charges a comparatively higher interest rate than the conventional lenders who refuse your application citing the risk. Beyond that, you get to buy used cars or used trucks in Greenville like any standard dealership and can even improve your credit score should you pick the right BHPH dealer. The modern auto loan market is more accommodating to customers. So, stop worrying about credit scores and buy your used car.
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