Bad Credit Auto Loans in Greenville (MS)

Are you looking to buy a new or used vehicle, but you need to line up your financing? We’d be happy to help. We do business with an extensive network of dealers and lenders, and we are experts in connecting you with the lender that can get you in the car you want. You’ll be guided step by step through the lending process by a financing specialist in your area.

Cars Both New and Used in Greenville

At Mississippi Auto Finance, we support consumers in buying both used and new cars and trucks. Even with more expensive interest rates, pre-owned cars save you money, as you can see from the figures here.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of Original Price 100% 75% 60% 50%
Price $8,800 $6,600 $5,280 $4,400
Money Down $1,760 $660 $528 $440
Loan Rate 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Monthly Payment $132.85 $143.62 $114.90 $95.75
Interest Paid $931 $954 $763 $636
Total Paid $9,731 $7,554 $6,043 $5,036

Ready to find a lender and get your loan? To get started, submit your application.

Bad Credit Greenville Auto Loans

For those who have below-average credit, a bank-financed loan generally isn’t an option. This is the good news: there are loan providers and dealerships in Greenville that accomodate credit-challenged consumers.

When you apply online through Mississippi Auto Finance, our team works to find you a dealer or lender within driving distance who wants to get you behind the wheel.

Should Your Credit Score Be Higher?

For the lowest rate of interest, don’t neglect to examine your credit report for mistakes that could be decreasing your score.

One time each year, you can check your credit at no charge at Annual Credit Report, in accordance with the FACT (Fair and Accurate Credit Transactions) Act. It is advisable to do this in order to make certain you are offered the APR rate that’s in line with your credit.

Buy Here Pay Here Car Lots in Greenville, MS

Buy here pay here dealerships would love you to assume that they are your only option, yet this is hardly ever the way it is. Such dealerships provide funding on site, while traditional dealerships contract this, and they typically don’t even check your credit. Problems include exorbitant interest charges and down payments, as well as older vehicles and in-person payments Worse, these car lots very rarely report back to the credit reporting agencies, so you could make every single payment in a timely manner with no boost to your credit score.

Greenville Consumer Profile

  • Income Per Annum: $10,564
  • Income Per Month: $880
  • Recommended Car Payment: $70 (8% of monthly income)

To sum up, the ideal car loan is as follows: down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 5 years or less. Given an income of $880 per month, let’s consider what price car you could buy based on your credit.

Exceptional Credit Decent Credit Poor Credit
Car Payment $70 $70 $70
Loan Rate 3.50% 7.00% 11.00%
Purchase Price $4,837 $4,444 $4,047
Money Down $967 $889 $809
Total Interest $354 $669 $986
Total Investment $5,191 $5,113 $5,033

Ready to Get Financed?

We have lenders and dealers who are waiting to approve your loan. We will match you with a dealer or lender in your area.