Bad Credit Auto Loans in Brandon (MS)

If you’re shopping for a new car, chances are you need a car loan. As opposed to waiting until you are in a high-pressure situation at the dealership, we enable you to line up a car loan ahead of time. Experience the convenience of having a devoted financing consultant who can answer the questions you have and arrange your loan.

Cars Both Used and New in Brandon

If you want the best value for your money, then a pre-owned car is the way to go. Regardless of steeper loan rates, used cars cost less, as is clear in the table below.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Sticker Price $30,280 $22,710 $18,168 $15,140
Money Down $6,056 $2,271 $1,817 $1,514
Interest Rate 5.00% 7.50% 7.50% 7.50%
Duration 5 years 4 years 4 years 4 years
Payment $457.14 $494.19 $395.35 $329.46
Total Interest $3,204 $3,282 $2,626 $2,188
Total Paid $33,484 $25,992 $20,794 $17,328

You don’t need to decide now, but if you submit your application, you can chat with a vehicle finance professional about your options.

Financing a Car with Bad Credit in Brandon

If you’ve got first-rate credit, you will probably benefit from low annual percentage rates and advantageous terms, but a lot of us don’t have this privilege. Naturally, you don’t want to waste a lot of time searching for a bank or dealer in Brandon that will work with the lower end of the credit spectrum. It’s likely that we can match you with a lender or dealer in your area who is ready to approve your credit. Keep in mind that financing a car can increase your credit score substantially. On the flip side, missing just one single payment can drop your score substantially. Set aside 8% of your monthly income, that’s it, for your car payment. If you are like the average Brandon resident and earn $36,331 per year, this would be $242.

Buy Here Pay Here Dealerships in Brandon, MS

The BHPH industry wants you to think that nobody but them will approve you, yet this is very rarely the case. Sure, they don’t check your credit, which means your credit problems probably won’t be an obstacle to approval, but odds are you will pay too much for this privilege. Alas, you will be faced with inflated interest rates, high down payments, and well-used vehicles that are overpriced. Even worse, these dealers almost never report to the credit reporting agencies, and that means you could make each and every payment in a timely manner without any lift in your FICO score.

Loan Pre-approvals for Brandon Consumers

Curious as to how much you can finance based on factors such as your income and credit? We’ve included a table depicting potential pre-approvals for Brandon residents with an income of $3,028 per month, the average in Brandon, Mississippi.

Credit Score Income Factor Loan
Excellent Credit 10 $30,280
Fair Credit 9 $27,252
Subprime Credit 8 $24,224
Bad Credit 7 $21,196
Horrible Credit 6 $18,168

You don’t want to get a loan than you really need, simply because it’s possible. Check out this table demonstrating what car can be afforded with a monthly payment of $242, 20% down payment, and 5-year term.

Excellent Credit Okay Credit Poor Credit
Monthly Installment $242 $242 $242
Loan Rate 3.50% 7.00% 11.00%
Months 60 60 60
Vehicle Price $16,645 $15,292 $13,927
Money Down $3,329 $3,058 $2,785
Loan Amount $13,316 $12,234 $11,141
Total Interest $1,218 $2,301 $3,393
Total with Interest $17,863 $17,593 $17,320

Dealers in Brandon, MS

Dealer Address Zip Code
Gray-Daniels Ford Lincoln 201 Octavia Dr 39042
Heritage Auto Group Llc 1520 W Government St 39042
Rogers-Dabbs Chevrolet 1501 West Government St 39042