Myrtle Beach, South Carolina is a tourist hotspot in the US, which also makes it a great area for employees of the many industries that thrive there. If you earn tips at your job in Myrtle Beach – or anywhere around the country for that matter – and have to finance a car, it may be difficult to get approved for a loan if you have bad credit. But we have some suggestions and used vehicle options that can help.

Top Used Vehicles for Car Buyers in Myrtle Beach

Auto Credit Express helps car buyers in Myrtle Beach and around the country find auto financing. We work with a network of car dealerships that spans the US, including those that know how to handle unique credit situations.

We want to make the car buying process faster and easier for you. We combed through our database to identify some of the most available and affordable used vehicles at our affiliate dealerships in Myrtle Beach. These used cars would make great choices for those in the area:

  • 2011 Toyota Camry2011 Toyota Camry
    • Class: Mid-size sedan
    • Known For: Quality, reliability, resale value
    • NHTSA Safety Rating: 4 out of 5 stars
    • The Car Connection Overall Expert Rating: 6.8 out of 10
  • 2014 Hyundai Veloster2013 Hyundai Veloster (2014 model pictured)
    • Class: Sport compact
    • Known For: Aggressive styling, unique three-door setup, great fuel economy
    • NHTSA Safety Rating: 2013 model not rated, 2014 model earned 5 out of 5 stars
    • The Car Connection Overall Expert Rating: 8.2 out of 10
  • 2013 Volkswagen Passat2013 Volkswagen Passat
    • Class: Mid-size sedan
    • Known For: Upscale and spacious interior, comfortable ride, safety scores
    • NHTSA Safety Rating: 5 out of 5 stars, also an IIHS Top Safety Pick Plus
    • The Car Connection Overall Expert Rating: 7.8 out of 10
  • 2014 Nissan Versa2014 Nissan Versa
    • Class: Subcompact sedan
    • Known For: Low price, great fuel economy, ride comfort for the class
    • NHTSA Safety Rating: 4 out of 5 stars
    • The Car Connection Overall Expert Rating: 6.6 out of 10
  • 2014 Toyota Corolla2014 Toyota Corolla
    • Class: Compact sedan
    • Known For: Inexpensive cost of ownership, great fuel economy, reliability
    • NHTSA Safety Rating: 5 out of 5 stars, IIHS Top Safety Pick
    • The Car Connection Overall Expert Rating: 7.6 out of 10
  • 2015 Ford Focus2015 Ford Focus
    • Class: Compact sedan
    • Known For: Well-equipped interior, athletic handling, good fuel economy
    • NHTSA Safety Rating: 5 out of 5 stars, IIHS Top Safety Pick
    • The Car Connection Overall Expert Rating: 8.6 out of 10

Financing a Car with Tip Income in Myrtle Beach

Myrtle Beach is a major center of tourism thanks to a warm climate, lots of sunshine, and beautiful beaches. Millions of visitors make their way to Horry County every year to enjoy the beaches along the Grand Strand, golf courses, amusement and water parks, festivals, and other attractions.

It's no surprise that the city's economy is also dominated by the tourism industry. Employees of this popular vacation destination's hotels, restaurants, resorts, tourist shops, and more make up most of the working class.

As it happens, many of these types of employment rely on cash tips. We're here to tell you that financing a car with tip income can be more challenging if you have less than perfect credit. The reason for this is because subprime lenders require proof of income.

Proof of Income for Waitresses, Waiters, Servers, and Others with Cash Tips

Need a bad credit auto loan? Subprime lenders finance car buyers with less than perfect credit, but you need to prepare for their typical requirements. Unfortunately, these can present problems for hospitality workers that make tip income.

Subprime lenders usually require applicants to make a minimum of $1,500 to $2,000 a month of W-2 income from a single source. In the event you're working multiple jobs, you can only use your highest-earning one to meet the minimum income requirement – which may be a problem for employees in tourist towns like Myrtle Beach.

Additionally, tip income can become an issue if you're not reporting all of it. Subprime lenders also require your debt to income (DTI) ratio – found by dividing the amount of your monthly bills by your reported pre-tax monthly income – to be less than 50 percent. If you aren't reporting all you make in tips, you may fail to meet the DTI requirement, which can prevent you from getting financed.

These lenders also require proof of income. Typically, they want to see a computer-generated paycheck stub from the past 30 days that shows year-to-date earnings. It also needs to prove that you meet the minimum income and DTI ratio requirements. Bank statements are never an acceptable proof of income source, so your wage statements have to show enough income for you to qualify.

If you have poor credit and make cash tips and need a car loan, you have to show enough income to get approved with a subprime lender. Underreporting your income to hide away some of what you make in tips could lead to you not qualifying.

The Bottom Line

If you need a car loan in Myrtle Beach, our list of vehicles above gives you a look at some of the most available cars at our dealerships in the area. While getting paid in cash tips when you have bad credit can create complications, Auto Credit Express is here to help.

We'll work to match you with a local dealership that understands and knows how to work through unique credit problems. Our service is free and doesn't put you under any obligation to buy. Get started with confidence by submitting our auto loan request form today.