When looking for a car loan in South Carolina, a credit score of 660 or above will help you get a low interest rate and an ideal loan term no longer than 60 months.

Getting a car loan is a relatively easy process on paper, but you’ll need to be prepared to negotiate. Car insurance and loan super app Jerry is here to guide you through the nuances of the car loan process in South Carolina.

Keep reading to learn the steps, the expectations, and the options that could be available to you for your next car loan in the Palmetto State.

How to get a car loan in South Carolina

In South Carolina you can take out a traditional car loan from a bank, a credit union, or the dealership to help tackle the price tag on a new vehicle. That way you can pay off the vehicle over a few years instead of paying a much larger sum all at once.

Taking out a car loan in South Carolina will look something like this:

You’ll put forward a down payment (about 10% or more of the vehicle’s total price)
You’ll work with your lender to set a loan term (i.e. the length of time you’ll have to pay off the loan) and interest rate
You’ll make monthly payments on the loan principal (i.e. the total amount of the original loan) over your loan term
You’ll make monthly payments on interest based on your annual percentage rate (APR) Your credit score, loan term, and the desired car model are determining factors in the specific details of your unique car loan. Find the average APR and monthly payment you could get on a South Carolina car loan by using the table below.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
ACURA	8.23	$361
ALFA ROMEO	8.29	$362
ASTON MARTIN	8.29	$362
AUDI	8.41	$363
BENTLEY	8.29	$362
BMW	8.83	$367
BUICK	8.32	$362
CADILLAC	8.58	$364
CHEVROLET	8.32	$362
CHRYSLER	8.61	$365
DODGE	8.44	$363
FERRARI	8.29	$362
FIAT	8.35	$362
FORD	8.32	$362
GENESIS	8.29	$362
GMC	8.26	$362
HONDA	8.11	$360
HYUNDAI	8.32	$362
INFINITI	8.44	$363
JEEP	8.11	$360
Jaguar	8.29	$362
KIA	8.52	$364
LAMBORGHINI	8.29	$362
LEXUS	8.26	$362
LINCOLN	8.41	$363
LOTUS	8.29	$362
Land Rover	8.29	$362
MERCEDES-BENZ	8.29	$362
MINI	8.29	$362
MITSUBISHI	8.43	$363
Maserati	8.29	$362
Mazda	8.29	$362
NISSAN	8.38	$363
POLESTAR	8.29	$362
PORSCHE	8.42	$363
RAM	8.32	$362
ROLLS-ROYCE	8.29	$362
Subaru	8.29	$362
TESLA	8.72	$366
TOYOTA	8.11	$360
VOLKSWAGEN	8.32	$362
VOLVO	8.14	$361

Keep reading for your next steps once you’re ready to look for a car loan in South Carolina.

Check your credit

Step 1: Check your credit score to gauge your loan options. If your credit score is *660 or better you’ll be able to get a loan with a good interest rate more easily. The national average is around 5%, but if your score is 700 or above, you may be able to find an interest rate of 3% or lower.

Check your credit rating against the table below to find the average interest rate and monthly payment you could be facing for your loan.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	10.68	$694
36	8.57	$471
48	8.06	$364
60	8.01	$302
72	8.29	$263

MORE: South Carolina Electric Vehicle Incentives

Compare lenders

Step 2: Compare loan options from at least three lenders so you can make an informed decision. Taking the first loan you’re offered may sound appealing for the sake of convenience—but you could get stuck with a loan that works against your best interest in the long run.

Consider that you are entering a long-term contractual relationship with your lender. While you look for who can give you the best interest rate, take time to also research the quality of your lender. Get to know their approval odds, reviews, customer service ratings, and so on.

Choose your loan term

Step 3: Negotiate a short loan term—ideally no more than 60 months—over which you’ll pay off the value of your loan. Keep in mind that loan terms in South Carolina average between 60 to 72 months.

Even though you’ll have lower monthly payments for a longer loan term, you’ll end up paying more interest making the longer loan term more expensive. Negotiate the cheapest doable loan by calculating a realistic limit for your monthly payment and aiming for the shortest loan term that meets this limit.

Use the table below to estimate your APR and monthly payment based on your loan term in South Carolina.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	15.73	$414
Good	8.6	$362
Very Good	5.14	$341
Excellent	3.9	$333

MORE: Should you get a 72-month car loan?

Get preapproved

Get preapproved for a car loan before going to the dealership. Getting preapproval on a loan when possible prepares you to enter the car sale–or any transaction–with confidence. Knowing your approved loan amount and expected monthly payment empowers you to negotiate the best deal on your car.

Key Takeaway Check your credit rating, available loan terms, lenders, and the preapproval process to make sure you sign off on the best loan for you.

Can you get a car loan in South Carolina for a used car?

Yes, you can follow the same steps to get a car loan for a used car purchase in South Carolina. However, you may face the following setbacks:

Interest rates are usually higher on used car loans (around 8% on average)
Lenders will often only finance used cars below a set age limit
Banks usually have set minimums for loans so you may have to get a loan from a credit union if the used car is cheaper than the bank minimum.

Get an idea of how the age of your car can affect the APR and monthly payment on a used car loan in South Carolina.

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.59	$306
2020	7.93	$309
2019	8.14	$309
2018	7.97	$308
2017	8.15	$309
2016	8.28	$310
2015	8.44	$312
2014	8.41	$380
2013	8.48	$381
2012	9.22	$511
2011	9.22	$511
2010	9.22	$511

MORE: Title transfer in South Carolina

South Carolina car loan calculator

Now that you know how the process works, see how all the details come together with Jerry’s car loan calculator! Use this tool to see the average interest rate and monthly payments you’ll likely be looking at based on your credit rating, loan preferences, and your desired car make.

Your actual numbers will vary once you sit down with your lender to finalize the car loan, and you may have to pay additional fees and penalties. However, the state averages provided by this tool are a great way to add merit to your loan negotiations!

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.34	$362

How to find affordable car insurance in South Carolina

The final step—use the Jerry app to find affordable car insurance that meets South Carolina’s minimum legal requirements! Jerry is here to make insurance shopping in South Carolina quick, cheap, and easy.

Start by downloading the app and in less than a minute, Jerry will generate competitive quotes from top providers across the nation. Jerry gathers your information from your past insurer, so you’re not responsible for any long forms or phone calls—they’ll even cancel old policies for you! You get all of the savings and coverage with none of the hassle.

“When using Jerry, I just put in a bit of information, and they found lots of different quotes for me. I was paying $305 a month for 2 brand-new cars, but now I’m paying $150 a month for both with full coverage!” —Robin U.

FAQs

What credit score is needed to buy a car in South Carolina?

You’ll want a credit score of 660 or above to be able to easily get a car loan in South Carolina. You could still get a loan with a below-average credit score, but it’s going to take a bit more work to negotiate.

Will a bank give me a loan for a used car?

A bank will give you a loan for a used car if the total value meets the bank’s minimum loan amount. However, if the used car does not meet this minimum, you’ll likely have to look elsewhere.