Bad Credit Auto Loans in Olive Branch (MS)

If you are shopping for a new car, chances are you will need a car loan. As opposed to waiting until you are in a high-pressure situation at the dealership, we allow you to get approved for a car loan in advance. Enjoy the convenience of working with a committed lending consultant to help answer the questions you have and line up your loan.

Financing a New Car or Truck in Olive Branch

We help consumers in the market for both new and used cars and trucks. As soon as you bring it home, a new car loses a fifth of its value, which means negative equity is a greater risk. That said, interest rates on new cars are more affordable, as they are less likely to be repossessed, and dealer promotions may make it easier to get a new car loan in Olive Branch with zero down. If you’re not sure, consulting a vehicle finance specialist will help you decide if a new vehicle is best for you.

Auto Loans for Used Cars in Olive Branch

For the most part, smart consumers refrain from buying new cars, choosing used ones instead. Because used cars and trucks are a lot cheaper, you can expect less interest paid, even if you’ve got a more expensive apr rate. Remember, however, that there are vehicle restrictions which vary from lender to lender, but typical requirements are the following:

  • Mileage: no more than 70,000 to 100,000 miles.
  • Model Year: maximum of 7 years old.

In the following table, we’ve compared new and used car loans in Olive Branch, Mississippi. This assumes a vehicle three years old, having lost 50% of its value, and a buyer with a prime credit score.

New Car Used Car
Price $47,100 $23,550
Down Payment $9,420 $2,355
APR 5.00% 7.50%
Term 60 months 48 months
Monthly Payment $711.07 $512.47
Interest Paid $4,984 $3,404
Total Paid $52,084 $26,954

Olive Branch Car Loans for People with Bad Credit

If you have first-class credit, you are likely to enjoy minimal rates of interest and advantageous terms. However, many of us have faced credit problems thanks to the economic downturn. Luckily, there are loan providers and dealers in Olive Branch that work with people who have bad credit. That’s where we come into play. At Mississippi Auto Finance, we are dedicated to serving people who have credit problems of all kinds, helping them secure the loans they need. A primary part of your credit score is influenced by your history of making–or missing–payments, and making payments on your new loan can help you in re-establishing your credit.

To help you stay away from missed payments, a lot of banks and lenders allow you to automate the payment process. Settling on an appropriate payment amount is a must. To illustrate, let us suppose you have an income of $4,710 per month, the average for Olive Branch residents.

  • 5% of Income: $236 (Ideal)
  • 8% of Income: $377 (Okay)
  • 10% of Income: $471 (Maximum)

Buy Here Pay Here Dealerships in Olive Branch, Mississippi

Have you considered heading to a buy here pay here dealer for a car that could be financed? Ordinarily, there are more attractive options. These dealers will approve practically anybody, no matter their credit, but there are problems with sort of financing. You will notice that used cars and trucks are the only thing on the lot, and these aren’t no down payment car loans. In most cases, the down payment is not much less than what you would pay for the vehicle on the private market, and you could end up paying thousands in the end through inflated rates. If bettering your credit score is important to you, you are better off applying through us, seeing as BHPH dealerships can’t help you raise your credit.

Olive Branch Consumer Profile

  • Income Per Year: $56,525
  • Monthly Income: $4,710
  • Typical Car Payment: $518
  • Optimal Monthly Payment: $236 to $471 (5-10% of monthly income)

How Expensive a Car Can You Afford?

Take a look at this table, which shows what price car you can finance based upon your credit score, with an income of $4,710 per month, 60 month term, and a down payment of 20%.

Exceptional Credit Decent Credit Bad Credit
Monthly Payment $377 $377 $377
Interest Rate 3.50% 7.00% 11.00%
Car Price $25,891 $23,786 $21,663
Money Down $5,178 $4,757 $4,333
Note Size $20,713 $19,029 $17,330
Interest Paid $1,895 $3,579 $5,278
Total with Interest $27,786 $27,365 $26,941

Olive Branch Car Dealers

Here are a couple of the top dealers in Olive Branch for new and used cars.

Dealer Address Zip Code
Homer Skelton Ford 6950 Hannah Cv 38654
Homer Skelton Hyundai 8145 New Craft Rd 38654

Your Olive Branch Auto Loan is Waiting

We’re your trusted source when it comes to finding, and funding, a car in Olive Branch. A finance specialist will lead you through the process, helping you obtain a fair rate.