Bad Credit Auto Loans in Bay Saint Louis (MS)

Buying a car is a major commitment, so it is crucial to arrange your financing through a lender who suits your credit. We have a vast network of dealers and lenders, which means we can help applicants of every kind, from good credit to bad. Normally, we can position borrowers with an appropriate dealer or lender even if their credit has been damaged by bankruptcy or repossession.

New and Used Car Loans in Bay Saint Louis

Have you considered if you’re looking for a new car or a used one? Have a look at this comparison of what it would cost you to finance a $13,790 car as it ages from new to 36 months old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of Original Price 100% 75% 60% 50%
Price $13,790 $10,343 $8,274 $6,895
Down Payment $2,758 $1,034 $827 $690
APR 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Installment $208.19 $225.06 $180.05 $150.04
Interest $1,459 $1,495 $1,196 $997
Total Cost $15,249 $11,837 $9,470 $7,892

Regardless of whether you decide to buy new or pre-owned, we would love to help. Go here to submit your application.

Financing a Car with Bad Credit in Bay Saint Louis

Credit scores are a fundamental variable when financing a car. Has yours suffered in recent years? Seeking out a loan lender in Bay Saint Louis who is focused on bad credit is extremely important. After all, you don’t want to get turned down or be charged an unnecessarily high rate of interest.

When you apply for financing through us, we work to match you with a dealer or lender within driving distance who is ready to fund your loan.

Bad Credit Dealerships in Bay Saint Louis

Looking for a car that you can finance at a decent rate is top priority, especially if your credit isn’t the best. You may not be capable of financing quite a few of the cars and trucks in the showroom.

To get the lowest rate available, be sure you ask the dealer the buy rate, or the rate offered by the lender before the dealership adds extra points for lining up the loan. Ideally, your car payment should be equal to just 5-8% of your gross monthly income. As an example, a typical Bay Saint Louis consumer who makes $1,379 on a monthly basis, the average, should plan to commit just $69 to $110, no more.

Bay Saint Louis Buy Here Pay Here Dealers

People in Bay Saint Louis and throughout Mississippi resort to buy here pay here car lots, often called your job is your credit dealers, believing that they will only be able to get financed at such a place. Not the case. Dealers like these will finance nearly anybody, no matter their credit, but there are problems with sort of financing. Customarily, preowned vehicles are the only thing on the lot, and you may need to make payments weekly, in cash. Repossession frequently occurs, and the interest rates are simply astronomical. There is a reason that these car dealers don’t have a very good reputation. We want to put you in touch with subprime finance specialist who can get you the funds you need, even if your credit is terrible.

Purchasing a Car in Bay Saint Louis: What Amount Can You Finance?

Hoping to find out how much you can finance given factors such as your credit and income? Check out these numbers based off of an income of $1,379 per month, the average in Bay Saint Louis.

Credit Multiplier Loan Amount
Great Credit 10 $13,790
Fair Credit 9 $12,411
Slow Credit 8 $11,032
Bad Credit 7 $9,653
Terrible Credit 6 $8,274

The amount you can borrow, and the amount is a good idea, are two different things. Check out this table showing what car can be afforded with a payment amount of $110, 20% down payment, and 60 month term.

Excellent Credit Fair Credit Poor Credit
Monthly Payment $110 $110 $110
APR 3.50% 7.00% 11.00%
Purchase Price $7,580 $6,964 $6,342
Down Payment $1,516 $1,393 $1,268
Total Interest $555 $1,048 $1,545
Price with Interest $8,135 $8,012 $7,888