Dealers Who Grant Auto Loans “In-House”
In-house financing auto dealers are abundant in South Carolina. That’s because SC has one of the lowest average credit scores in the union: 665. Only Arizona, Louisiana, Nevada, New Mexico, and Texas have lower average credit. This makes South Carolina a prime state to offer auto financing solutions for people who cannot finance a car in the traditional manner: through a bank, credit union, or automaker finance company like GMAC.
In-house auto loans are granted by the dealership itself rather than these outside sources. They cater to people who have bad credit checks or other financial problems, though it’s necessary for the applicant to have stable, sufficient income. Some allow 0 down car loans, though others may require as much as 50% down to drive away in a new vehicle sans credit check.
If you opt to buy a car with no down payment, there are certain documents you will need to furnish for the dealer. Usually these include paystubs for proof of income, utility bills for proof of residency, a driver’s license, and possibly proof of insurance. You will probably not be receiving any kind of manufacturer’s warranty with the vehicle, unless it is new enough that the warranty transfers to the second owner (some automakers allow for this). Some car dealers offer their own form of warranty, though it is usually less extensive than what you would receive from the factory. For this reason, have someone who is mechanically-inclined, if not an actual mechanic, check out the car for any problems before you sign the dotted line.
