Bad Credit Auto Loans in Oxford (MS)

If you’re considering financing a car in Oxford, few if any companies have optimized the process like we have. Instead of waiting until you’re in a high-pressure situation at the dealership, we enable you to apply for a car loan in advance. You’ll be walked step by step through the auto financing process by a lending specialist in Oxford.

Selecting Your Vehicle

The majority of smart investors steer clear of brand new vehicles, favoring used ones instead. Since preowned vehicles are so much cheaper, expect less interest accrued, even when you’ve got a less affordable rate. Maintenance concerns can be relieved by buying a vehicle still under warranty or purchasing a new warranty. In the following table, we’ve compared new and used car loans in Oxford, Mississippi. This is assuming a vehicle that is three years old, and has therefore lost one half of its value, and a borrower with a prime credit score.

New Car Used Car
Price $23,190 $11,595
Down Payment $4,638 $1,160
APR 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $350.10 $252.32
Finance Fees $2,454 $1,676
Total Paid $25,644 $13,271

Services for Students and Employees of Ole Miss

We are proud to serve students, faculty, and employees of the University of Mississippi. If you are an undergrad, then chances are you haven’t had time to build an extensive history of credit. This lack of credit could make it more difficult to finance a car, but we can help. We’ve built an extensive network of reputable dealers and lenders throughout north Mississippi, and we have the relationships necessary to get you financed despite a limited credit history. In order to boost your odds of approval, consider asking a parent or trusted relative to co-sign your loan. Not only will this help you get approved, it could lower your rate of interest substantially, saving you thousands of dollars in the end.

Buying a Car with Bad Credit in Oxford

Old fashioned lenders like banks usually approve individuals with scores of 700 or higher. A lot of consumers resort to a buy here pay here dealer in Oxford, because of a bad credit score, but it’s likely that you can get a car loan at a cheaper rate from a better company. Through us, you can contact an automotive lending specialist from a lender or dealer in Oxford who wants to fund your loan.

Searching for a car that suits your needs and budget is very important, , especially if you will have a high rate of interest resulting from credit problems.

If you apply through us, you can line up your auto loan on the telephone, then select a day to sign and drive. If you’re smart, your monthly payment should be equal to just 5-8% of your gross income on a monthly basis. As an example, a typical Oxford consumer who gets paid $2,319 each month, the average, should plan to dedicate just $116 to $186, no more.

Oxford Buy Here Pay Here Dealerships

Buy here pay here car dealers normally finance people who’ve got significant credit problems like bankruptcy or repossession of a vehicle. These dealers will finance just about anyone, no matter their credit, but there are problems with sort of financing.

You will discover that preowned cars and trucks are the only ones on the lot, and these are not no money down car loans. In most cases, the down payment is as much as the vehicle’s value on the wholesale market, and you could end up paying thousands over the long run through inflated rates. As if that weren’t a problem, these dealers seldom report to the credit reporting agencies, which means you could make each and every payment on a monthly basis without improving your FICO score.

Buying a Vehicle in Oxford: Loan Amounts

Here we have just how much you’ll be qualified to finance given your credit. We’ve included a chart depicting the maximum loans for people with an income of $2,319 a month, the average in Oxford.

Credit Rating Multiplier Loan Amount
Good Credit 10 $23,190
Decent Credit 9 $20,871
Slow Credit 8 $18,552
Poor Credit 7 $16,233
Terrible Credit 6 $13,914

It’s wise to opt for a less expensive car than you really could. This enables you to leave room in your budget for unexpected expenses.

Financing a Car at $186 a Month

Have you determined how much car is in your budget? Check the chart below. The rates of interest are only approximations, and the amounts presuppose a yearly income of $27,826, the average in Oxford. Loan length is 60 months.

Good Credit Fair Credit Subprime Credit
Monthly Income $2,319 $2,319 $2,319
Car Payment $186 $186 $186
Rate 3.50% 7.00% 11.00%
Car Price $12,748 $11,711 $10,666
Money Down $2,550 $2,342 $2,133
Total Interest $933 $1,762 $2,599
Total Investment $13,681 $13,473 $13,264