Bad Credit Auto Loans in Ridgeland (MS)

Having your car loan arranged in advance is a very good approach, as it makes buying a car a much more simple process. We give you the ability to apply for financing through our vast network of dealers and lenders. You will enjoy the convenience of having a dedicated financing expert to answer your questions and set up your loan.

New Car Financing in Ridgeland

There are considerable benefits to brand new cars:

  • Decreased interest rates.
  • More manufacturer rebates.
  • Decreased maintenance costs.
  • Finance for as long as 60-72 months.

Still, there are disadvantages at the same time.

  • Rapid depreciation.
  • Greater upfront investment.
  • Greater down payments required.
  • Higher risk of negative equity.

Given that new cars are less liable to have service issues, however, quite a few lending companies are more inclined to finance them for borrowers with poor credit.

Used Car Loans in Ridgeland

Used vehicles are the best idea for individuals serious about building wealth. Some people discount used vehicles for having more costly rates of interest, but remember that they are less expensive up front and over time. Obviously, lenders won’t approve a car loan for that don’t meet specific conditions: Vehicle must have a maximum of 100,000 miles and not be more than 7 years old. Here is a comparison of new and used vehicle loans in Ridgeland, Mississippi. We are assuming a vehicle that is three years old, and has therefore lost one half of its value, and a borrower with a credit score of 690 to 720.

New Car Used Car
Price $17,870 $8,935
Down Payment $3,574 $894
APR 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $269.78 $194.43
Interest Paid $1,891 $1,291
Total Paid $19,761 $10,226

Ridgeland Bad Credit Car Loans

Have bad credit as a result of issues like unpaid bills, job loss, divorce, or bankruptcy? Even though credit problems might make it tougher to finance a new or used car, it is not out of the question. We can help. We serve customers on every end of the credit spectrum, helping them secure the loans they need.

Ridgeland Bad Credit Car Dealers

Since credit is your primary obstacle, your salesperson will speak with you about financing straight away. If you apply through us, you can line up your auto loan on the telephone, then pick a day for you to visit the lot and purchase your vehicle. For a balanced budget, your loan payment should be just 5-8% of your monthly income. For instance, a resident of Ridgeland who has a gross income of $1,787 a month, the average, should plan to allocate just $89 to $143. Any higher and failure to pay will become a risk.

Ridgeland Buy Here Pay Here Dealers

Buy here pay here dealers hopes you believe that there is no option but them, but this is hardly ever the way it is. They might not pull your credit, so your credit problems shouldn’t be a barrier to approval, but you will really pay for this in the end. Alas, you should be prepared for exorbitant annual percentage rates, big down payments, and somewhat battered vehicles that are too expensive given their level of wear and tear. This is why these retailers don’t have a very good reputation. We want to place you in the hands of subprime finance professional who will work with you, even if your credit is really bad.

Ridgeland Income and Finances

  • Per-Year Income: $21,443
  • Income Per Month: $1,787
  • Optimal Car Payment: $143 (8% of monthly income)

Vehicle Budgeting in Ridgeland

Check out this chart, which shows what price car you can finance based on your credit standing, given an income of $1,787 per month, 5 year term, and a down payment of 20%.

Great Credit Decent Credit Subprime Credit
Car Payment $143 $143 $143
Loan Rate 3.50% 7.00% 11.00%
Months 60 60 60
Sticker Price $9,823 $9,025 $8,219
Down Payment $1,965 $1,805 $1,644
Loan Amount $7,859 $7,220 $6,575
Total Interest $719 $1,358 $2,002
Price with Interest $10,542 $10,383 $10,221