Did you know the average credit score in the state of Mississippi is 622? That’s the lowest in the nation, and it can make it difficult to finance a car. As a result, buy here pay here dealerships are becoming a popular option for people in Mississippi, because they will finance virtually anyone, even if they have serious credit problems. If you have sufficient income to make the payments, you can typically get approved. The dealer functions as both the dealer and the lender. However, these dealers can be difficult to find. Often, the only way to identify them is through signs that say things such as: we tote the note, we finance, your job is your credit, or rent to own.
Drop the idea of trying to find a buy here pay here dealership near to where you live. That’s where we come in. We have relationships with dealerships who want your business, despite credit problems like bankruptcy and default, and they’re willing to approve you for financing – online! The approval process is fast, safe, and secure. Don’t delay. You could be showing off your new vehicle before you know it! What’s even better, most of our dealers do indeed submit consumer data to the credit bureaus–a prerequisite for boosting your credit score.
Credit Scores and Down Payments
Our dealers will work with applicants with scores in the 500’s, so credit is rarely a problem. However, many dealerships do have a minimum monthly income limit: $1500. Keep in mind, this is your income before taxes and other fees are taken out. Many people who don’t satisfy the income qualification still apply, getting someone to cosign for the loan. Generally speaking, these dealers care more about your income than your credit. That’s why they commonly use the phrase: “your job is your credit.”
Most dealers that offer in-house financing require their customers to provide a down payment. The actual amount varies. It may be a set amount, such as $500, or it could be a percentage of the vehicle’s asking price, such as 10%, 20%, or more. Many buyers go with the lowest down payment possible. A down payment should minimize negative equity, but it’s also money you can set aside in an emergency fund.
Types of Vehicles Offered
“BHPH” dealers, as they are often called, do not sell new vehicles. They only sell used cars and trucks, typically higher-mileage vehicles that they buy at auction, on the private market, or accept in trade. Typically these cars do not come with warranties unless you pay a premium for an aftermarket policy, and you will be at a higher risk for maintenance problems. For this reason, you are better off working with a network such as ours, in which most of the dealers offer both new and pre-owned vehicles, while still financing bad credit.