Legacy Chevrolet is proud to be your trusted local Chevrolet dealership, specializing in helping customers with a range of credit backgrounds. If you're dealing with bad credit, no credit, or a past financial setback, our team is here to help you find the right car loan in Greenwood, SC.
Our dedicated finance team works with trusted lenders who specialize in bad credit auto financing, offering flexible terms that fit your budget and needs. If you're looking to get back on your feet or simply need a reliable ride, we make it easy to move forward.
Read on to learn more about bad credit auto loans from our experts! And when you're ready to take the next step, start your finance application online or visit Legacy Chevrolet today to explore your options.
Bad Credit Car Financing: What Customers Ask Most
To make financing easier, we've put together answers to some of our most frequently asked questions:
Q: Can I get approved for a car loan with a low credit score?
A: Yes, even with bad credit, you can still qualify for approval. While lenders consider low scores (below 580) as subprime, Legacy Chevrolet works with specialized lenders to find financing solutions regardless of your credit history.
Q: Do I need a co‑signer to get approved?
A: A co‑signer can be helpful, especially if your score is very low, but it isn't required. Having someone with better credit share the responsibility may improve your approval chances and help secure a better interest rate.
Q: How much down payment is required for bad credit financing?
A: Down payment requirements vary based on your credit profile and the lender, but the amount doesn't always have to be large. A low down payment may improve your approval odds and reduce monthly payments, but we can often find options tailored to your budget.
Q: Will applying for a car loan hurt my credit score?
A: When you apply for pre-approval at Legacy Chevrolet, we use a soft credit check, which doesn't affect your score. If you decide to move forward with a full loan application, a lender will do a hard inquiry, which may lower your score slightly. This is normal and necessary to get your final loan terms.
Q: How long does approval take?
A: Every case is different, but our finance team aims to secure decisions quickly. Once your documents are in order and your pre‑qualification is complete, you can receive responses within hours.
Q: Will my interest rate be much higher with bad credit?
A: Interest rates for subprime loans are generally higher than prime rates, since lenders consider these loans to be a greater risk. However, when you work with our network, we'll help you find the most competitive rates available for your credit tier. A co‑signer or larger down payment may also help lower the rate.
Q: Should I buy a new or used car with bad credit?
A: It depends on your budget and long-term goals. A used car is often priced lower, which can make it easier to get approved and keep monthly payments affordable. On the other hand, a new car may offer better interest rates, longer warranties, and newer technology.
How Can a Car Loan Help Rebuild Credit?
Financing a vehicle can be a smart step toward rebuilding your credit, especially if you make your payments on time each month. We work with trusted lenders who report to major credit bureaus, so your positive payment history gets the recognition it deserves.
Over time, showing that you can manage a loan responsibly helps improve your credit profile. Even if your score is low now, a well-managed car loan through Legacy Chevrolet can put you on the right track.
You can even get pre-approved online, giving you a head start on finding financing that works for your budget and helps you rebuild your credit.
Documents You Will Need To Finance A Car
For a smooth financing experience, we recommend gathering these documents before you visit the dealership:
- Proof of identity, such as a valid driver's license, passport, or other government-issued photo ID.
- Proof of income & employment, such as recent pay stubs, W‑2s, bank statements, or tax returns if you're self-employed.
- Proof of residence, like a recent utility bill, lease agreement, or other official mail displaying your name and current address.
- Personal information, including your Social Security number, date of birth, phone number, and email address.
- Proof of insurance, including your valid auto insurance declarations page (usually required at the time of financing).
- Vehicle information, with details like VIN, make, model, and year, once you've selected a car.
- Trade-in documentation, if applicable, including your vehicle title and registration for your current car.
Having these documents ready allows our team to understand your financial situation better and match you with the right loan terms.
Finance Your New or Used Car with Legacy Chevrolet
One of the most important parts of buying a new or used vehicle is finding a financing plan that fits your lifestyle and budget. At our Greenwood car dealership, we're here to help drivers explore flexible financing options, no matter their credit history.
Our experienced finance team is here to guide you every step of the way and connect you with lenders who understand your situation! When you're ready to get started, contact us or visit our dealership!