Bad Credit Auto Loans in Natchez (MS)

If you need an auto loan in Natchez, you need a loan company you can depend on. We help clients in Natchez on a daily basis, helping them get in touch with a lender or dealer who can offer them reasonable rates for financing. You can expect to be guided step-by-step through the auto financing process by a financing specialist near you.

Cars Both New and Used in Natchez

If you want the best bang for your buck, then a pre-owned car is the way to go. Below is a comparison of the cost to finance a car that costs $6,990 new, as it ages from new to 36 months old.

New Car 1 Year Old 2 Years Old 3 Years Old
Percent of Original Price 100% 75% 60% 50%
Retail Price $6,990 $5,243 $4,194 $3,495
Owed Upfront $1,398 $524 $419 $350
Loan Rate 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Payment $105.53 $114.08 $91.27 $76.05
Total Interest $740 $758 $606 $505
Total Paid $7,730 $6,000 $4,800 $4,000

One other thing to consider: it may be easier to get approved for a new car if you have a history of bad credit, as acceptance standards for new cars are somewhat looser.

Bad Credit Natchez Auto Loans

There are a few disadvantages to financing a car with bad credit:

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

Far too many consumers are convinced they have to finance through one of the buy here pay here dealerships in Natchez, because of low credit scores, but most likely you can get approved at a lower rate from a subprime auto lending company.

When you apply online through us, our team works to match you with a lender or dealer in your area who wants to finance your credit.

In order to secure the lowest APR rate, make the time to look over your credit report for discrepancies that could be bringing down your score.

Luckily, it doesn’t take all that long to dispute any such irregularities, and the process could help you secure:

  • Reduced finance rates
  • Lower down payments
  • Longer term financing

Buy Here Pay Here Car Lots in Natchez, MS

People in Natchez and across Mississippi resort to buy here pay here dealerships, sometimes known as your job is your credit car dealers, thinking that they will only be able to get approved at one of these places. Rarely is this the case. In most cases, dealer finance is outsourced, in that car dealers go through banks or credit unions to provide the loans. On the other hand, BHPH dealers determine who gets financed on location, usually without any credit check. Alas, you can look forward to exorbitant interest rates, massive down payments, and vehicles that are too expensive for how much mileage and wear they have been through. If bettering your credit score is important to you, and why wouldn’t it be, you should contact a finance professional through us, since BHPH car lots will not help you restore your credit.

Buying a Vehicle in Natchez: How Much You Can Finance

Need to know what size auto loan you can secure given factors like your income and credit? These numbers use an income of $699 on a monthly basis, the average in Natchez.

Credit Score Multiplier Amount Borrowed
Great Credit 10 $6,990
Average Credit 9 $6,291
Slow Credit 8 $5,592
Bad Credit 7 $4,893
Very Bad Credit 6 $4,194

The amount you can borrow, and the amount you ought to, should not be confused.

Auto Loans with $56 Monthly Payment

In general, the ideal car loan features a down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 60 months or less. Given an income of $699 monthly, let’s find out how much you could spend given your credit.

Good Credit Decent Credit Poor Credit
Car Payment $56 $56 $56
Interest Rate 3.50% 7.00% 11.00%
Years 5 5 5
Vehicle Price $3,842 $3,530 $3,215
Money Down $768 $706 $643
Note Size $3,074 $2,824 $2,572
Interest Paid $281 $531 $783
Total with Interest $4,124 $4,061 $3,998