Bad Credit Auto Loans in Ocean Springs (MS)

If you’d like a car loan in Ocean Springs, you have found the right place. We have a vast network of dealers and lenders, and we specialize in getting you approved by the dealer who can get you in the car you want. It’s tough to imagine a better way to purchase your next car.

New Vehicle Financing in Ocean Springs

Brand new vehicles are pricey, and they depreciate at an astounding rate. Because of this, they are best avoided unless you are a certain kind of borrower. You are able to offer a down payment of 20%, and you aren’t considering getting rid of your car before the finance term comes to an end. If you plan on purchasing a new vehicle after each couple of years, you should consider leasing, not financing.

Used Car Auto Loans in Ocean Springs

Today, cars and trucks are so well made that a used vehicle is hardly a concern in terms of reliability. A one year old car or truck is worth about 65% of the original price. A smaller loan means less interest paid, even if you have a less affordable rate of interest. If you’re wary of repairs and maintenance, you’ll want to finance a 1-2 year old vehicle with good dependability. In the long run, a used vehicle will deliver more value for the money.

Ocean Springs Car Loans with Bad Credit

For people with poor credit, getting your auto loan approved by a bank often isn’t possible. Clearly, you don’t want to waste a lot of time seeking out a bank or finance company in Ocean Springs that works with subprime credit. Fortunately, we are known for serving people all across the credit spectrum, getting them the loans they need.

Is Your Credit Report Free of Errors?

For the minimum rate of interest, you should definitely examine your credit report for errors that could be lowering your score.

It’s best to check your credit history no less than once per year. Neglecting to do this could lead to higher rates, smaller loans, and less chance of approval.

Buy Here Pay Here Car Lots in Ocean Springs, MS

Considering BHPH financing on account of bad credit? Typically, there are considerably better options. Nearly all dealer finance is outsourced, in that dealers go through banks and lenders with whom they have relationships to provide the loans. By contrast, BHPH dealers make credit decisions on the lot, often without a credit check.

Most often, higher-mileage cars and trucks are the only ones you can buy, and these aren’t zero down cars. Quite often, the down payment matches the vehicle’s value at dealer auction. Interest rates in the neighborhood of 20% APR are not atypical. For this reason, these retailers don’t have a good track record. We want to match you with a reputable dealer who can put you in the driver’s seat, even if your credit is terrible.

Securing Funds for a Vehicle in Ocean Springs: Loan Amounts

Most loan companies consider your credit and income to determine how much they will let you borrow. We’ve included a table that depicts potential pre-approvals for individuals with an income of $2,441 per month, the average in Ocean Springs, Mississippi.

Credit Rating Multiplier Amount Borrowed
Good Credit 10 $24,410
Fair Credit 9 $21,969
Slow Credit 8 $19,528
Bad Credit 7 $17,087
Really Bad Credit 6 $14,646

Don’t be tempted to borrow more than you really need, only because you are able to. The total amount you should pay for a car is based on several different factors. These estimations derive from payments of $195, which is 8% of the average consumer’s monthly income in Ocean Springs, coupled with a 20% down payment and 5-year repayment terms. Rates of interest are simply estimates.

Prime Credit Decent Credit Poor Credit
Monthly Income $2,441 $2,441 $2,441
Car Payment $195 $195 $195
Interest Rate 3.50% 7.00% 11.00%
Vehicle Price $13,418 $12,328 $11,227
Money Down $2,684 $2,466 $2,245
Amount Borrowed $10,735 $9,862 $8,982
Total Interest $982 $1,855 $2,735
Price with Interest $14,400 $14,182 $13,962

Speak with a Finance Specialist in Ocean Springs!

Mississippi Auto Finance is your trusted source when it comes to finding, and funding, a car in Ocean Springs. Chat with a lending professional near you today.