Bad Credit Auto Loans in Southaven (MS)

Interested in a new or used car or truck? Then it’s likely that you need a car loan. We allow you to submit your application through our system. Typically, we’re able to place applicants with a willing dealer or lender within minutes of application.

Used and New Cars in Southaven

Both used and new vehicles can be purchased through our affiliated dealers, banks, and finance companies. As the following table shows, pre-owned cars commonly cost you less in the long run, despite their higher rates.

New Car 1 Year Old 2 Years Old 3 Years Old
Depreciation 0% 25% 40% 50%
Price $47,520 $35,640 $28,512 $23,760
Owed Upfront $9,504 $3,564 $2,851 $2,376
Loan Rate 5.00% 7.50% 7.50% 7.50%
Length 5 years 4 years 4 years 4 years
Payment $717.41 $775.56 $620.45 $517.04
Finance Fees $5,029 $5,151 $4,121 $3,434
Overall Cost $52,549 $40,791 $32,633 $27,194

Whether you elect to buy a new or pre-owned car, we’re here to help. Can’t wait to begin? Don’t delay, submit your application.

Southaven Bad Credit Car Loans

Have you got a low credit score resulting from delinquent bills, job loss, repossession, or bankruptcy? Even though low credit scores could make it challenging to buy a new vehicle, it’s not hopeless.

Through us, you can contact an automotive finance professional from a dealer or lender in Southaven who wants to approve your credit.

If you have a favorable credit record, the first thing you will do at the dealership is view what vehicles are available. However, with bad credit, you will take more time negotiating your interest rate, lending terms, and down payment.

Dealers have been known for charging steeper rates than they have to, make sure to inquire about the buy rate, or the rate offered by the lender before the dealership adds extra points for sourcing the loan. Regardless of what your credit score is, we can help you find a vehicle you can afford. You’re smart to opt for a payment that is roughly 5 to 10% of your monthly income. If you earn $4,752 per month, you should have a payment of $238 (5%) to $475 (10%).

Southaven Buy Here Pay Here Dealerships

The buy here pay here industry continues to grow, largely due to the fact that so many people’s credit ratings suffered on account of the economy. These car lots provide auto loans in-house, whereas conventional dealers outsource this, and they will typically finance anyone.

Drawbacks include excessive interest charges and steeply-priced vehicles and bimonthly payments Even worse, these dealers almost never report to the credit reporting agencies, which means you could make each and every payment punctually without increasing your FICO score.

Loan Pre-approvals for Southaven Residents

The stronger your credit, the bigger amount you can borrow, which also applies to your income. We’ve included a chart that depicts the maximum loans for people with an income of $4,752 per month, the average in Southaven.

Credit Multiplier Amount Borrowed
Excellent Credit 10 $47,520
Fair Credit 9 $42,768
Slow Credit 8 $38,016
Bad Credit 7 $33,264
Very Bad Credit 6 $28,512

How much you can borrow, and how much is wise, are not the same thing. Check out this chart displaying what car you can afford with a payment per month of $380, 20% down payment, and 60 month term.

Prime Credit Decent Credit Subprime Credit
Payment $380 $380 $380
Rate 3.50% 7.00% 11.00%
Car Price $26,122 $23,999 $21,856
Down Payment $5,224 $4,800 $4,371
Total Interest $1,912 $3,611 $5,325
Total Investment $28,034 $27,609 $27,181