Bad Credit Auto Loans in Jackson (MS)

A car is a major purchase, but if you handle the auto lending process the right way, you can save a lot of time, money, and worry. Our team helps buyers in Jackson on a regular basis who need to secure financing for a new or used vehicle. You’ll be walked step by step through the lending process by a finance specialist based where you live.

Financing New and Used Cars in Jackson

Jackson MSAre you planning to get an auto loan for a new car? Used vehicles can be a little inconvenient, because you have to make sure not to get a car that hasn’t been treated well, while new cars are likely to provide you countless miles of headache-free cruising. However, you should be willing to furnish a down payment equal to one fifth of the vehicle’s purchase price, and you should be willing to drive the car until it’s been paid off. If you’re unsure, speaking with a vehicle finance specialist will help you establish if a new vehicle would fit you best.

Even if you’re getting a pre-owned car, you can still find yourself a well-performing, fuel efficient vehicle. Some people dismiss preowned cars for having more expensive rates, but keep in mind that they will cost less up front and over time. Bear in mind, however, that there are vehicle limitations which vary from lender to lender, but typical conditions are listed here: Vehicle must have a maximum of 100,000 miles and not be over 7 years old. Directly below, we’ve compared new and used auto loans in Jackson, Mississippi. These numbers are based on the following assumptions:

  • 50% depreciation in first 36 months of ownership.
  • Prime credit score.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $9,350 $4,675
Down Payment $1,870 $468
APR 5.00% 7.50%
Years 5 4
Monthly Payment $141.16 $101.73
Finance Fees $989 $676
Total Paid $10,339 $5,351

Jackson Car Loans for Bad Credit

Banks typically only finance individuals with prime or super prime credit scores. That is, scores of 700 or higher. No one likes to deal with being turned down for a loan, so it’s important to look for a lender or dealer in Jackson that finances bad credit. Through us, you can contact an auto finance expert from a lender or dealer within driving distance who is ready to finance your credit.

A significant percentage of your credit score is based on your history of making–or missing–payments, and making payments on your new vehicle can help you rebuild your credit. As part of an effort to eliminate missed payments, many finance companies make it easy to automate your payments. Don’t stress your finances with a large car payment. Typically 5-8% of your monthly income is appropriate, or $47 to $75 if you make $935, the average in Jackson.

Buy Here Pay Here Financing in Jackson, MS

People today in Jackson and throughout Mississippi go to buy here pay here dealers, otherwise known as in house financing car dealers, thinking that they can only get financed at a place like this. Not so. Dealers like these will finance almost anybody, regardless of their credit, but there are issues. You will find that preowned autos are the only ones available, and these aren’t no money down car loans. Quite often, the down payment is what the dealer paid for the vehicle. Lending rates equal to the Mississippi’s maximum legal limit can be expected. If boosting your credit score is important to you, and it ought to be, you should apply online through us, since buy here pay here dealers won’t help you in boosting your credit.

Jackson Income and Finances

Situated on the Yazoo River, Jackson, also known as “The Crossroads of the South,” boasts a higher per-capita income than most of the rest of the state.

  • Income Per Annum: $11,218
  • Income Per Month: $935
  • Suggested Monthly Payment: $47 to $94 (5-10% of monthly income)

Auto Loans in Jackson Based on Credit Tier

Have you considered how much car could suit your budget? Check the estimates below. The lending rates are only approximate, and the amounts presuppose an income of $11,218 a year, the average in Jackson. Repayment term is 60 months.

Great Credit Fair Credit Bad Credit
Monthly Income $935 $935 $935
Monthly Payment $75 $75 $75
Interest Rate 3.50% 7.00% 11.00%
Purchase Price $5,140 $4,722 $4,300
Down Payment $1,028 $944 $860
Borrowed Funds $4,112 $3,778 $3,440
Total Interest $376 $710 $1,048
Total Paid $5,516 $5,432 $5,348

Ready to Get Moving?

There are dealers and lenders who are ready to fund your loan. Submit your application, and we’ll get you approved. It’s quick, simple, and there’s nothing to lose.