Car loans in South Carolina are available from banks, credit unions, online financial institutions and auto dealerships. Each option has pros and cons, so the decision on where to request a loan should be based on your company's financial status and car buying needs. Banks and credit unions provide business loans with low rates, but they are non-negotiable.

Financial institutions have higher rates, but are able to work with companies that have minimal credit lines and profits. Car dealerships frequently work with companies that have bad or no credit. They tend to have higher rates than other sources of automotive financing in South Carolina, but they offer the advantage of conducting the entire vehicle purchasing process in one location.

Your businesses' credit rating, profit margin and down payment are all factors when deciding where to request a South Carolina car loan. Before you seek out financing, it is important to:

1. Determine how much you can pay per month for auto financing in SC.

2. Decide if your South Carolina auto financing will be used for a new or used vehicle.

3. Choose the essential features for the vehicle.

Action Steps
The best contacts and resources to help you get it done

Acquire South Carolina car loans from banks or credit unions

Businesses with a positive credit rating will benefit from acquiring their car financing in South Carolina at a bank or credit union. Borrowers will receive a lower rate if they are able to prove they can afford a set monthly payment, but the amount is usually not negotiable. By obtaining a car loan in South Carolina from a credit union or bank, you will reduce the amount of time you must spend at auto dealership when purchasing a company vehicle. You will already have funding for the cars you require and will therefore not need to negotiate with the financial department at the car lot.

I recommend: Get financing from Carolina Trust Federal Credit Union or The Bank of South Carolina. Find the funds you need for a single vehicle or a fleet of cars from South Carolina Bank and Trust.

Receive car loans in SC from automobile dealerships

Businesses that get auto financing in South Carolina at a car dealership are able to complete the entire vehicle purchasing process at one location. Most auto dealers will work with a company that has a bad credit history or is just starting up. In return, car buyers will usually receive a high interest rate that costs a little extra over time.

I recommend: Mullins Motors, Myrtle Beach Chrysler Jeep and Sparks Toyota all provide South Carolina vehicle financing.

Work with an online financial institution to procure South Carolina automotive financing

Online finance companies usually have higher rates than banks or car dealerships, but they are able to work with newer businesses that have little or no established credit and a small profit margin. This allows first-time buyers to receive financing even if they have been turned down elsewhere. Online lenders also offer the benefit of allowing clients to complete the entire credit process without leaving their offices.

I recommend: Deal with online financial institutions like Wescom Credit Union or Autoloan. CFF offers fleet leasing services for businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find out the value of the automobile you are interested in and negotiate with the sales person for the best price.
• •  Be sure the South Carolina auto financing plan you are looking into has an affordable monthly rate.
• •  Get the details for any South Carolina car financing plan in writing before signing any documents.
• •  Make the largest down payment possible to lower your monthly invoice.
• •  Pay more than the minimum amount on your monthly invoice to reduce your overall interest charges.