Bad Credit Auto Loans in Clinton (MS)

Have you considered getting pre-approved for financing? You really should, because it often translates to a cheaper rate of interest and considerably better terms. We do business with a wide network of lenders and dealers, and we specialize in connecting you with the dealer who wants your business most. We assign you a lending professional who will guide you each step of the way.

What Interest Rate Should You Expect in Clinton?

First off, you need to know your credit score. This is the most significant factor. The effect of a higher interest rate is pretty incredible. For a $10,640 auto loan, you would pay $974 in interest at a rate of 3.50%, and $3,240 at a rate of 11.00%. If you want an accurate rate quote, you should consult a finance professional.

Used Car Loans in Clinton

Used cars are less expensive, of course, so they come with they are less expensive to finance and insure. Preowned vehicles come with higher rates of interest, but down payments are not but 50% of what they are for new vehicles of around the same price. Lenders will have limits as far as mileage and year of production, however. Vehicle must have less than 100,000 miles and be not more than 7 years old. If you’d like to combine the affordability of a used vehicle with the reliability of a new one, consider getting a used vehicle that has been checked and certified by the manufacturer itself.

Bad Credit Car Loans in Clinton

If you’ve got below-average credit, a bank-financed loan normally isn’t possible. Even though problematic credit can make it tougher to purchase a car, you’ve got a number of options. When you apply online through us, our team works to find you a dealer or lender in your zip code who is ready to accept you as a client.

Car Dealerships for Bad Credit in Clinton

Since credit is your central hurdle, your sales rep will have a conversation with you about financing right off the bat. If you apply through us, you can line up your finance contract beforehand, then choose a time for you to choose your vehicle and finalize any remaining paperwork. No matter what your credit score is, there has to be a vehicle you can get financed. It’s best if the payments are between 5 to 10% of what you get paid per month before taxes. If you make $1,330 per month, you would ideally have a payment of $67 (5%) to $133 (10%).

Buy Here Pay Here Financing in Clinton, MS

Folks go to buy here pay here car lots, assuming they will only be able to finance a car at a place like this. Not the case. Dealers like these will approve pretty much anybody, regardless of their credit, but there are issues.

Regrettably, you can look forward to high annual percentage rates, high down payments, and vehicles that cost too much given the kind of shape they’re in. If that weren’t a problem, these dealers don’t report to the credit reporting agencies, and that means you could make every single payment month after month without a boost to your credit score.

Clinton Consumer Profile

  • Income Per Year: $15,958
  • Income Per Month: $1,330
  • Average Car Payment: $146
  • Recommended Monthly Payment: $106 (8% of monthly income)

Clinton Car Loans Based on FICO Score

Wondering how much car is within your budget? Check the table below, but remember that the annual percentage rates have been approximated, and the figures are based on an income of $15,958 a year, the average in Clinton. Repayment term is 60 months.

Excellent Credit Decent Credit Poor Credit
Payment $106 $106 $106
Interest Rate 3.50% 7.00% 11.00%
Years 5 5 5
Car Price $7,311 $6,717 $6,117
Down Payment $1,462 $1,343 $1,223
Interest Paid $535 $1,011 $1,490
Total Paid $7,846 $7,727 $7,607

Contact a Finance Professional in Clinton

If you’ve got damaged credit, don’t worry. A finance manager will walk you through the lending process, helping you borrow your funds at an acceptable rate.