Bad Credit Auto Loans in Picayune (MS)

Investing in a new car is a major commitment, so it is essential to make your purchase through a dealer you have confidence in. Rather than waiting until you’re in the dealership’s financing office, we allow you to line up financing in advance. You’ll be walked step by step through the lending process by a financing professional in your area.

New and Used Car Financing in Picayune

Have you considered which kind of car or truck you want? Do you want it new or used? Consider these figures, revealing the cost to finance a vehicle that is 0-36 months old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Retail Price $23,490 $17,618 $14,094 $11,745
Owed Upfront $4,698 $1,762 $1,409 $1,175
APR 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Installment $354.63 $383.37 $306.70 $255.58
Interest Paid $2,486 $2,546 $2,037 $1,697
Overall Cost $25,976 $20,164 $16,131 $13,442

There’s no need to decide today. However, if you apply online, you can chat with a vehicle finance professional about your options.

Financing a Car with Bad Credit in Picayune

If you’ve got adverse credit, getting your car loan signed off by a bank usually isn’t possible. Locating a loan company in Picayune that specializes in bad credit is extremely important, or you could be rejected or be charged an outrageous interest rate.

We can help. At Mississippi Auto Finance, we serve clients all across the credit spectrum, getting them the loans they need.

If you have good credit, for starters you will look at all the cars and trucks that are for sale. If you have bad credit, however, you will take more time talking about your interest rate, lending terms, and down payment.

To meet the lender’s requirements, you will ordinarily have to bring documentation that confirms:

  • How much you earn.
  • Your address.
  • Whether you are insured.

Don’t be lured into buying a car or truck which costs more than you expected. Keep in mind, you’ve got a credit score to rebuild.

Picayune Buy Here Pay Here Financing

Many people resort to buy here pay here dealerships, thinking that they can only get financed at a place like this. Not true. Yes, they do not check your credit, meaning your credit problems shouldn’t be an impediment to approval, but you will really pay for this over the long haul.

Unfortunately, you will be faced with high loan rates, massive down payments, and somewhat battered vehicles that are too expensive in light of their level of wear and tear. As if that weren’t enough of an issue, these dealerships very rarely work with the credit reporting agencies, so you could make each and every payment punctually without a boost to your FICO score.

Getting a Loan for a Vehicle in Picayune: Loan Amounts

The amount you’ll be approved to finance will be based off of your credit and income. The following numbers are based of of an income of $2,349 monthly, which is typical for people who live in Picayune.

Credit Multiplier Amount Borrowed
Great Credit 10 $23,490
Decent Credit 9 $21,141
Temporary Bad Credit 8 $18,792
Bad Credit 7 $16,443
Terrible Credit 6 $14,094

It would be not a good idea to get a loan than you should, simply because it’s possible for you to.

Auto Loans at $188 a Month

Have a look at this chart, which shows what price car is within your budget given your credit score, given an income of $2,349 per month, 5 year term, and a down payment of 20%.

Prime Credit Okay Credit Subprime Credit
Monthly Income $2,349 $2,349 $2,349
Monthly Payment $188 $188 $188
APR 3.50% 7.00% 11.00%
Months 60 60 60
Vehicle Price $12,912 $11,863 $10,804
Money Down $2,582 $2,373 $2,161
Total Interest $945 $1,785 $2,632
Total Paid $13,858 $13,648 $13,436

Start Your Application Here

There are dealers and lenders who are ready to approve your loan. A finance manager will walk you through the approval process, helping you get approved at a fair rate.