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Follow on Google News | New Resource for SC Vehicle Financing with Poor CreditWith an average credit score of 665, South Carolina residents suffer from the fifth-worst credit in the union. That can make financing a car a tough proposition. Buy Here Pay Here Financing is one solution.
The best alternative for those who have been previously rejected may be a car dealer who advertises his services with such slogans as "Buy Here and Pay Here" or "We Finance." These dealers cater to applicants in need of second chance vehicle loans. Instead of relying on off-site, third-party lenders to approve financing, they extend credit out of pocket to their customers. This is called Buy Here Pay Here financing. Getting Approved at a Buy Here Pay Here Car Lot in SC Despite the fact that local SC buy here pay here car lots will often approve even the very worst credit, there are actions you can take to increase the odds you get approved. These include offering a down payment of, ideally, $2000 or more, as well as finding a co-signer and making sure your income exceeds $1500-$1800 per month. A note about credit checks: whenever a lender performs a credit check, it is reflected on your credit report as a hard inquiry and can ding your score by 5 points for a duration of 6 months. The good things it that an auto loan will gradually increase your score as long as it is paid off month in and out. SC Buy Here Pay Here Disadvantages High interest rates, frequent payment requirements, and more risk of negative equity are all potential drawbacks to this type of financing. On the other hand, BHPH might be the only way to get into the driver's seat with very bad credit. Dealer scams and vehicle quality are 2 other aspects to watch closely. To avoid such predatory lending tactics, it's recommended that car buyers adhere to the general rule-of-thumb that anything which sounds too good to be true probably is. Do you think buy here pay here is right for you? If you have have damaged credit, or none at all, then you should check out BHPH dealerships in your part of South Carolina (http://www.buyherenpayhere.com/ # # # Buy Here Pay Here financing for people who need a car with bad credit. Research your options. Get approved online (http://www.buyherenpayhere.com/ End
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