Bad Credit Auto Loans in Moss Point (MS)

Are you interested in a new or used vehicle, but you need to arrange your financing? We’d be happy to help. As opposed to waiting until you’re in the dealer’s financing office, we enable you to arrange financing ahead of time. We place your application with a financing expert who will work tirelessly to get you financed.

New Car Loans in Moss Point

Brand new vehicles cost a great deal, and they lose value at a shocking rate. Because of this, you should consider one only if you are a certain type of borrower. You have favorable income and credit, and you don’t plan on swapping out this vehicle before the finance term comes to an end. If you plan on purchasing a new car or truck every few years, you should look into leasing instead of financing.

Financing a Used Car in Moss Point

To limit negative equity, it’s best to purchase a preowned car. The interest rates for preowned cars are somewhat more expensive, but other advantages, such as a lower purchase price and shallower rate of depreciation, more than compensate for these heightened rates. Worried about service issues? This can be lessened by selecting a vehicle that is still under warranty or obtaining a new warranty. If you want to combine the good value of a preowned car or truck with the reliability of a brand new one, consider getting a used vehicle that has been checked and certified by the car maker itself.

Moss Point Bad Credit Car Loans

There are all sorts of things which can result in a low credit score: medical bills, repossession, going bankrupt, and much more. Finding a loan provider in Moss Point who finances people with bad credit is vital. After all, you don’t want to get declined or deal with an inflated rate of interest.

When you apply for financing through Mississippi Auto Finance, we work to match you with a dealer or lender in your area who wants to approve your loan.

If you want to minimize your rate of interest, make sure you check your credit report for inaccuracies that could be lowering your score.

Be sure to review your credit report at least one time yearly. Neglecting to do so could contribute to higher rates, smaller sized loans, and less chance for approval.

Moss Point Buy Here Pay Here Financing

The BHPH industry wants you to believe that they’re the only ones that will finance you, yet this is rarely the way it is. For the most part, dealer financing is sourced elsewhere, as car dealers go through off-site banks and lenders to provide the loans. On the other hand, BHPH dealers engage in direct lending. They become both lender and dealer.. Sadly, you can look forward to excessive interest rates, high down payments, and older vehicles that are overpriced. For this reason, these car dealers don’t have a very good track record. Let us put you in touch with a reputable dealer who can get your loan funded, even if you have bad credit.

Securing Funds for a Car in Moss Point: The Amount You Can Finance

Have a look at just how much you’ll be eligible to finance given a few different credit tiers. Have a look at these figures based on an income of $2,887 per month, which is the average in Moss Point.

Credit Multiplier Sum
Great Credit 10 $28,870
Average Credit 9 $25,983
Subprime Credit 8 $23,096
Poor Credit 7 $20,209
Horrible Credit 6 $17,322

Don’t be tempted to borrow more than you need, only because you are able to.

Auto Loans with $231 Monthly Payment

All in all, the recommended finance package involves the following: down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 5 years or less. Given an income of $2,887 each month, let’s see how much you could spend based upon your credit.

Good Credit Decent Credit Subprime Credit
Payment $231 $231 $231
APR 3.50% 7.00% 11.00%
Term 60 Months 60 Months 60 Months
Sticker Price $15,870 $14,580 $13,278
Money Down $3,174 $2,916 $2,656
Loan Amount $12,696 $11,664 $10,623
Total Interest $1,162 $2,194 $3,235
Total with Interest $17,032 $16,774 $16,513