Bad Credit Auto Loans in Lucedale (MS)

Each day, we help people in Lucedale get approved for financing, even with issues such as poor credit, zero credit, and no money to put down. We’ve spent years securing relationships with dealers and lenders across the country, and we are experts in getting you approved by the lender that can get you in the car you want. Most of the time, we can match consumers with the right lender or dealer even if their credit has been affected by bankruptcy or repossession.

What Interest Rate Will You Be Given in Lucedale?

Securing the least expensive interest rate you possibly can should be your goal, since it will determine how much your vehicle ends up costing in the long run. Here we’ve provided a few APR estimates for Lucedale.

Credit Low APR High APR
Excellent Credit 3.7% 5.6%
Fair Credit 5.1% 7.7%
Temporary Bad Credit 7.2% 11.5%
Poor Credit 12% 20.2%
Very Bad Credit 19.1% 21.5%

These figures are merely meant to give you a general sense of prospective rates. To get an accurate estimate of your interest rate, you really need to contact a vehicle finance professional.

Auto Loans for Preowned Cars in Lucedale

Used cars are cheaper, as everyone knows, which means they are less expensive to finance and insure. The interest rates for preowned vehicles are marginally more expensive, but other advantages, such as a lower sticker price and shallower rate of depreciation, more than make up for these inflated rates. Even if you’re faced with negative equity on a preowned car or truck, it will typically be for a shorter amount of time. Below, you will find some numbers that may help you decide whether it’s best to finance a new or used vehicle. This assumes a two year old vehicle that has lost one half of its value, and a borrower with a credit score of 690 to 720.

New Car Used Car
Price $28,940 $14,470
Down Payment $5,788 $1,447
Loan Rate 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $436.91 $314.88
Interest Paid $3,062 $2,091
Total Paid $32,002 $16,561

Bad Credit Lucedale Auto Loans

There are several downsides to car loans with bad credit:

  • You have to pay more in interest.
  • You have to put more money down.
  • You have to finance for shorter terms.

While a low credit score could make it tricky to purchase a car, it isn’t out of the question. We have the solution. At Mississippi Auto Finance, we are dedicated to serving customers who have credit problems of all kinds, helping them secure the loans they need.

Auto loans can actually help you repair your credit scores. Just be sure to make each and every payment on time.

In contrast, a single missed payment can decrease your score considerably.

Set aside 8% of your monthly income, and no more, for your car payment. If you are like the average Lucedale resident and earn $34,724 per year, this would be $232.

Lucedale Buy Here Pay Here Financing

People in the buy here pay here industry hopes you believe that they’re your only option, but this is rarely the way it is. These types of car lots approve funding on site, whereas a lot of dealers farm this out to separate lenders, and they are more focused on your job than your credit.

Sadly, you should be prepared for excessive loan rates, big down payments, and cars and trucks that cost too much given the kind of shape they’re in. Even worse, these dealerships rarely work with the credit agencies, which means you could make every single payment on time with no lift in your FICO score.

Lucedale Consumer Profile

  • Income Per Year: $34,724
  • Monthly Income: $2,894
  • Recommended Monthly Payment: $145 to $289 (5-10% of monthly income)

The total amount you should pay for a new car or truck depends on a wide variety of factors. These numbers are based upon a monthly payment of $232, which is 8% of the average consumer’s monthly income in Lucedale, combined with a 20% down payment and 5-year repayment terms. Loan rates are simply estimates.

Exceptional Credit Decent Credit Bad Credit
Monthly Income $2,894 $2,894 $2,894
Car Payment $232 $232 $232
Loan Rate 3.50% 7.00% 11.00%
Car Price $15,908 $14,615 $13,310
Down Payment $3,182 $2,923 $2,662
Interest Paid $1,165 $2,199 $3,243
Total with Interest $17,073 $16,814 $16,553