Bad Credit Auto Loans in Hattiesburg (MS)

Hattiesburg-MSIf you live in Hattiesburg or another city in the Pine Belt, it makes sense to secure your funding before you ever hit the dealerships. Our team helps clients in Hattiesburg and all over the state of Mississippi, helping them get approved for financing. You will be guided one step at a time through the process by a financing specialist in Hattiesburg. We accept clients of all credit tiers, as well as students of Southern Miss and personnel from nearby Camp Shelby.

Hattiesburg Auto Finance Rates

Your interest rate varies according to, among other things, your credit score, your location, and the type of vehicle (new or used). The impact of a higher interest rate is staggering. For a loan of $7,112, you would pay $651 in interest at a rate of 3.50% for 60 months, and $2,166 at a rate of 11.00%. It’s very difficult to forecast your interest rate without more details. Take the opportunity to submit your application and discover what rates a nearby dealer can secure for you.

Financing a Preowned Car in Hattiesburg

To lessen negative equity, opt for a used car. The rates of interest for used cars are slightly more expensive, but this cost is counterbalanced by lower sticker prices and rates of depreciation. Lenders will have limitations as far as miles and model year, however. Vehicle must have not more than 100,000 miles and be a maximum of 7 years old. Quite often, a used car is the better financial choice.

Bad Credit Hattiesburg Auto Loans

When you’ve got poor credit, bank financing often isn’t an option. While problematic credit might make it challenging to buy the car you’d like, you’re not without options. More often than not, we can match you with a lender or dealer in Hattiesburg who is willing to approve your loan.

Searching for Inaccuracies on Your Credit Report

In order to secure the best interest rate, you must review your credit report for inaccuracies. Fortunately, it doesn’t take too long to resolve any kind of irregularities, and it could help you secure:

  • Reduced rates
  • Lesser down payments
  • Bigger loan principal

Buy Here Pay Here Dealerships in Hattiesburg, MS

When you have overwhelming credit problems stemming from bankruptcy or debt settlement, a buy here pay here dealer could very well sound like a smart move. These dealers approve credit lines directly, whereas conventional dealers utilize one of their affiliated lenders, and they are more concerned with your job than your credit. You will notice that used autos are the only thing you can buy, and these aren’t zero down car loans. In most cases, the down payment is less, but not much, than you would pay for the vehicle on the private market. Rates that equal the Mississippi’s maximum legal limit are common. Worse, these car lots seldom work with the credit reporting agencies, which means you could make each and every payment punctually without making improvements to your credit score.

Getting a Loan for a Vehicle in Hattiesburg: Loan Amounts

The majority of lending companies consider your income and credit score to calculate the maximum amount they are going to let you borrow. We’ve included a chart that depicts the maximum loans for someone with an income of $889 per month, the average in Hattiesburg, Mississippi.

Credit Multiplier Amount
Great Credit 10 $8,890
Decent Credit 9 $8,001
Temporary Bad Credit 8 $7,112
Poor Credit 7 $6,223
Horrible Credit 6 $5,334

How much you can borrow, and how much is smart, are two different things.

How Much Car You Can Afford

The exact amount you should devote to your new car is based on a wide variety of variables. The estimates in the chart below are based on payments of $71, which is 8% of the average consumer’s monthly income in Hattiesburg, coupled with a 20% down payment and 5-year repayment terms. Rates of interest are approximated.

Good Credit Okay Credit Subprime Credit
Payment Amount $71 $71 $71
Rate 3.50% 7.00% 11.00%
Years 5 5 5
Car Price $4,887 $4,490 $4,089
Down Payment $977 $898 $818
Total Interest $358 $675 $996
Price with Interest $5,245 $5,165 $5,085

Dealerships in Hattiesburg, MS

Dealer Address Zip Code
Toyota Of Hattiesburg 1620 W Pine St 39401
Petro Automotive Group 6248 U S Highway 98 39402