Before the internet, you had to lender after lender, hoping to find one who will approve your application. At Mississippi Auto Finance, we have made this process simpler, quicker, and more convenient. We give you the ability to submit your application in real-time. Enjoy the convenience of having a devoted finance consultant who can address your questions and arrange your loan.
Grenada Car Loan Rates
Securing the least expensive interest rate possible should be your main goal, since it will dictate how much you pay for your vehicle in the long run. As one example of the impact of your credit score on your auto loan, check out this comparison.
Below, we compare the very same auto loan at 3.50% and 11.00% APR:
|Prime Credit||Bad Credit|
To obtain a definitive estimate of your interest rate, you will have to contact an auto finance specialist.
Used Car Auto Loans in Grenada
In reality, a vehicle that’s a couple of years old is a significantly better deal than a brand new one. The rates of interest for preowned cars are moderately more expensive, but this cost is counterbalanced by lower sticker prices and rates of depreciation. A great many lenders, however, will only finance cars from actual dealerships, not from individual parties. Below, we have put together the following data that may help you decide whether it’s best to get a vehicle that’s new or used. These numbers are based on these assumptions:
- Three year old used vehicle.
- Credit score of 690 to 720.
- 20% down payment for new car, 10% for used.
- Fixed APR.
|New Car||Used Car|
|Term||5 years||4 years|
Auto Loans in Grenada with Bad Credit
Bad credit is not without drawbacks, which typically include:
- Lofty loan rates.
- Substantial down payments.
- Shorter finance terms.
There’s good news, however: there are loan providers and dealers in Grenada that can assist people who have bad credit.
Chances are we can place your application with a lender or dealer in Grenada who wants to work with your credit.
A significant portion of your credit score is calculated from your payment history. That means an auto loan, being a large installment loan, can help you repair your credit. In fact, many people end up refinancing at a better rate after a year or two of timely payments. Settling on the right payment amount is a must. To give an example, suppose you make $1,145 per month, the average for Grenada residents.
- Low Payment: $57 (5%)
- Intermediate Payment: $92 (8%)
- Maximum Payment: $115 (10%)
Grenada Buy Here Pay Here Car Lots
People in the BHPH industry wants you to believe that you can’t get approved anyplace but with them. However, this generally isn’t the way it is. These dealers will finance just about anyone, regardless of their credit, but there are drawbacks.
You will notice that preowned vehicles are the only ones for sale, and these aren’t zero down car deals. Normally, the down payment is nearly as much as you would pay for the vehicle from a private seller, and you could end up paying in excess of 20% APR. There is a reason why these retailers have a lousy reputation. We can connect you with a reputable dealer who will work with you, even if you’ve been through bankruptcy.
Getting a Loan for a Car in Grenada: What Amount You Can Borrow
The size loan you will be eligible borrow will be determined by your income bracket and credit tier. We’ve included a chart depicting potential pre-approvals for Grenada residents with an income of $1,145 per month, the average in Grenada.
|Temporary Bad Credit||8||$9,160|
|Really Bad Credit||6||$6,870|
It would be a bad idea to borrow more than you need, just because it’s possible for you to. Check out this chart showing what car you can afford with a monthly installment of $92, 20% down payment, and 60 month term.
|Exceptional Credit||Fair Credit||Bad Credit|
|Term Length||5 Years||5 Years||5 Years|