Lining up your financing ahead of time is an intelligent approach, as the benefits are significant:
- A shorter time spent in the finance office.
- Possibility of a less expensive interest rate.
- Superior negotiating power.
We give you the ability to submit your application via our secure platform. We place your application with a financing professional whose primary objective it is to get you approved for the car you want.
New and Used Vehicle Loans in Columbus
You can get approved for a new or used car in Columbus, but which is best? What follows is an overview of the cost to finance a vehicle that is new as compared to 1, 2, or 3 years old.
|New Car||1 Year Old Car||2 Year Old Car||3 Year Old Car|
|Duration||5 years||4 years||4 years||4 years|
In the end, though, it may be easier to get approved for a new car with bad credit.
Columbus Bad Credit Car Loans
Credit score is critical when trying to finance a car not just in Columbus, but everywhere. Has yours suffered in recent years? Although subprime credit might make it harder to buy a new or used car, it is by no means out of the question. We can help. At Mississippi Auto Finance, we specialize in serving people who have credit problems of all kinds, getting them the loans they need.
Auto loans can indeed help your credit ratings. But obviously, you will need to make each payment by the due date.
Make sure not to miss a payment, as it can bring down your score dramatically. Determining the ideal payment amount is crucial. As one example, let’s pretend you have an income of $1,936 per month, the average for Columbus residents.
- Low Payment: $97 (5%)
- Intermediate Payment: $155 (8%)
- Maximum Payment: $194 (10%)
Columbus Buy Here Pay Here Car Lots
Considering heading to a buy here pay here dealer to get approved? Normally, there are more attractive options. These types of dealerships grant financing on site, in contrast to traditional dealers which farm this out to separate lenders, and they regard your income as a form of credit. Sadly, you can expect exorbitant loan rates, high down payments, and older vehicles that are steeply-priced. If elevating your credit score is important to you, and why wouldn’t it be, you are better off applying through us, as buy here pay here dealerships can’t help you strengthen your credit.
Loan Amounts for Columbus Residents
Have a look at just how much you’ll be qualified to finance given various credit scores. Have a look at these amounts for the average Columbus resident who has a monthly income of $1,936.
|Very Bad Credit||6||$11,616|
Truth be told, though, it’s advisable to finance a smaller loan than you really can. In the end, the recommended auto loan incorporates a down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 60 months or less. Provided an income of $1,936 a month, let’s look at how much car you could buy based on your credit.
|Excellent Credit||Okay Credit||Poor Credit|