Bad Credit Auto Loans in Biloxi (MS)

Live in or around Biloxi? In the market for a new or used vehicle? That means you’re in the market for an auto loan as well. We help you get approved online by submitting your application via our secure platform. You will be matched to an area dealer or lender based on your profile. It really is hard to envision a more convenient way to purchase your next car. If you’re stationed at Keesler Air Force Base, be sure to ask your lending specialist about special deals for military personnel.

New Vehicle Financing in Biloxi

Do you have new car fever? The moment you pay for it, a new car loses a considerable portion of its value, which means you may wind up owing more on the car than it is worth. In order to keep your loan amount in line with the value of your vehicle, lending companies ordinarily require nearly twice the money down for a new car or truck as opposed to a pre-owned one. Having said that, new car loans come with less expensive rates, and for people with a favorable credit record, zero down auto loans may be an option. All things considered, it’s a good idea to speak with an auto financing specialist to ascertain whether a new our preowned vehicle is best for you.

Auto Loans for Used Cars in Biloxi

Nowadays, a vehicle that has some mileage on it is a better investment than a brand new one. Some people disregard preowned autos for having more costly annual percentage rates, but bear in mind that they are less expensive up front and over the long haul. As expected, lenders won’t approve an auto loan for that don’t meet specific criteria: Vehicle must have no greater than 100,000 miles and not be over 7 years old. To help you determine whether a new or used car is the right choice, review the following chart. These estimates are based on the following assumptions:

  • Three year old used vehicle.
  • Credit score of 690 to 720.
  • Fixed APR.
New Car Used Car
Price $12,200 $6,100
Down Payment $2,440 $610
Interest Rate 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $184.18 $132.74
Interest $1,291 $882
Total Paid $13,491 $6,982

Biloxi Car Loans with Bad Credit

Do you have bad credit as a result of such issues as delinquent debts, unemployment, repossession, or bankruptcy? Locating a loan company in Biloxi who approves people with bad credit is crucial, or you could be declined or deal with an excessive APR rate. More often than not, we can place your application with a dealer or lender in our network who is willing to get you behind the wheel. Auto loans can definitely result in an increased credit rating. Just be sure you make every one of the payments when they are due. Indeed, many people end up refinancing at a more affordable interest rate after a year or more of making payments in time.

Biloxi Buy Here Pay Here Dealerships

Folks in Biloxi head for buy here pay here car lots, otherwise known as your job is your credit car dealers, thinking that they will only be able to get financed at one of these places. Not so. Such dealers offer funding on location, while conventional dealerships contract this, and they regard your income as a form of credit. Disadvantages include:

  • Extortionate APR Rates
  • Overpriced Down Payments
  • Steeply-Priced Cars and Trucks
  • GPS Tracking Devices

If raising your credit score is important to you, and it should be, you are better off applying through us, as BHPH dealerships won’t aid you in restoring your credit.

Biloxi Income and Finances

  • Annual Income: $14,637
  • Monthly Income: $1,220
  • Recommended Monthly Payment: $98 (8% of monthly income)

Set aside 8% of your monthly income, at most, for your car loan. If you are like the average Biloxi resident and earn $1,220 per month, this would be $98. Check out this chart, which shows you what price car you can finance based upon your FICO score, provided an income of $1,220 each month, 5 year repayment, and a down payment of 20%.

Exceptional Credit Decent Credit Subprime Credit
Monthly Payment $98 $98 $98
APR 3.50% 7.00% 11.00%
Sticker Price $6,706 $6,161 $5,611
Down Payment $1,341 $1,232 $1,122
Interest Paid $491 $927 $1,367
Total Investment $7,197 $7,088 $6,978