Bad Credit Auto Loans in Corinth (MS)

As one of the leading providers of automotive finance services, we’re proud to help people in Corinth get the car loans they need, even if they’re struggling with significant challenges:

  • Damaged Credit
  • No Credit History
  • Self-Employment Income

For years, we’ve been cultivating a network of dealers and lenders across Mississippi, and we have some of the highest rates of approval you’re apt to find. We assign you a finance specialist to assist you step by step through the process.

Financing a New Vehicle in Corinth

When you’re wanting to buy a new car, you should do so on condition that:

  • You don’t plan to trade in the car before it is paid off.
  • You can offer a significant down payment.
  • You’re at ease with being upside down on your loan .

We can help you get a new car loan in Corinth even if you don’t do all this, but it’s probably best to consider a used vehicle.

Auto Loans for Preowned Cars in Corinth

Used vehicles offer some important merits:

  • They are less expensive to buy.
  • They are less costly to keep insured.
  • They don’t depreciate as fast.

As they have gone through that initial depreciation, preowned cars call for less expensive down payments, usually 10% of the vehicle’s purchase price. Many banks and finance companies, however, will only finance cars from actual dealerships, not from private parties. Below, we have assembled some data that may help you figure out if you ought to purchase a vehicle that’s new or used. These estimates are based on the following assumptions:

  • Three year old used vehicle.
  • Good credit score.
  • Fixed APR.
New Car Used Car
Price $11,870 $5,935
Down Payment $2,374 $594
Loan Rate 5.00% 7.50%
Months 60 48
Monthly Payment $179.20 $129.15
Finance Charge $1,256 $858
Total Paid $13,126 $6,793

Corinth Auto Loans for People with Bad Credit

If you have first-rate credit, you will likely enjoy very low interest rates and great terms. Unfortunately, a lot of us have struggled with credit problems thanks to the financial climate. Obviously, you don’t want to waste a lot of time trying to find a lender or dealer in Corinth that works with your credit. Luckily, we are dedicated to serving customers at every point on the credit spectrum, helping them secure the loans they need.

Auto loans can actually lead to an increased credit score. But, not surprisingly, you need to make each payment on time. On the flip side, one single missed payment can hurt your score significantly. You don’t want to stress your finances with a high car payment. Typically 5-8% of your monthly income is healthy, or $59 to $95 if you make $1,187, the average in Corinth.

Corinth Buy Here Pay Here Dealerships

Most people resort to buy here pay here auto lots, thinking they can only get approved at a place like this. Not so. Nearly all dealer financing isn’t direct to the consumer, in that car dealers go through a network of lenders to provide the loans, but BHPH dealers don’t. They are the actual source of the loans.

Unfortunately, you can look forward to high loan rates, massive down payments, and high mileage vehicles that are steeply-priced. There’s more: these dealerships very rarely report to the credit reporting agencies, so you could make each and every payment in a timely manner without a boost to your credit score.

Securing Funds for a Vehicle in Corinth: Loan Amounts

The stronger your credit, the more you can borrow. The same goes for your income. Check out these numbers based off of an income of $1,187 a month, which is the average in Corinth.

Credit Income Factor Loan Amount
Great Credit 10 $11,870
Decent Credit 9 $10,683
Temporary Bad Credit 8 $9,496
Bad Credit 7 $8,309
Very Bad Credit 6 $7,122

Keep in mind, it’s a mistake to get a loan than you need, simply because it’s possible for you to.

Financing a Car at $95 per Month

Have you wondered how much car you can afford? Take a look at the chart below, but bear in mind the rates have been estimated, and the amounts are based on an income of $14,245 a year, the Corinth average. Loan length is 60 months.

Exceptional Credit Decent Credit Bad Credit
Monthly Income $1,187 $1,187 $1,187
Payment Amount $95 $95 $95
Loan Rate 3.50% 7.00% 11.00%
Vehicle Price $6,525 $5,995 $5,459
Money Down $1,305 $1,199 $1,092
Note Size $5,220 $4,796 $4,367
Total Interest $478 $902 $1,330
Total Paid $7,003 $6,897 $6,789