Bad Credit Auto Loans in Starkville (MS)

Here at Mississippi Auto Finance, we’re proud to help people in Starkville get approved for financing, even if they’re confronted with such issues as:

  • Damaged Credit
  • Lack of Credit
  • Significant Revolving Credit Debt

Our expertise in the industry is second to none, and we are experts in getting you financed by the lender who wants your business most. It truly is hard to find a better way to secure your auto loan.

New versus Pre-owned Cars in Starkville

Brand new cars start losing value the moment they leave the lot, but they have lower rates than pre-owned ones. Check out these numbers, revealing what it costs to finance a $10,490 car as it gets older, from new to 36 months old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Depreciation 0% 25% 40% 50%
Price $10,490 $7,868 $6,294 $5,245
Money Down $2,098 $787 $629 $525
Interest Rate 5.00% 7.50% 7.50% 7.50%
Duration 5 years 4 years 4 years 4 years
Monthly Payment $158.37 $171.20 $136.96 $114.14
Interest Paid $1,110 $1,137 $910 $758
Total Paid $11,600 $9,005 $7,204 $6,003

Here’s one more thing to think about: new cars may be easier to finance if you have credit problems, since these are lower risk loans.

Bad Credit Starkville Auto Loans

Below-average credit translates to the following:

  • Higher annual percentage rates.
  • Larger down payments.
  • Shorter financing terms.

Although credit problems might make it difficult to purchase the car you’d like, it is not hopeless. Through us, you can contact an automotive finance professional from a lender or dealer within driving distance who wants to get you behind the wheel.

Searching for Errors on Your Credit Report

It’s now believed that 1 in 5 individuals has mistakes on their credit report, most of which contribute to a decreased credit score

Each year, you can check your credit without spending a dime at Annual Credit Report, in accordance with the FACT (Fair and Accurate Credit Transactions) Act. It is a good idea to do this in order to be sure you secure the annual percentage rate you deserve.

Starkville Buy Here Pay Here Dealers

When you’ve got serious credit problems on account of issues like bankruptcy or foreclosure, buy here pay here financing could possibly seem like a smart move. It’s true, they rarely conduct credit checks, meaning bad credit shouldn’t be an impediment, but you will wind up paying quite a lot for this. Alas, you can look forward to excessive rates of interest, large down payments, and somewhat battered vehicles that are steeply-priced. Is raising your credit important to you? If so, you are better off applying through us, since BHPH dealers can’t help you strengthen your credit.

Starkville Income and Finances

  • Income Per Annum: $12,591
  • Income Per Month: $1,049
  • Typical Car Payment: $115
  • Recommended Car Payment: $52 to $105 (5-10% of monthly income)

Take a look at this table, which displays what price car suits your budget given your FICO score, provided an income of $1,049 on a monthly basis, 60 month repayment, and a down payment of 20%.

Prime Credit Decent Credit Poor Credit
Car Payment $84 $84 $84
Loan Rate 3.50% 7.00% 11.00%
Term Length 5 Years 5 Years 5 Years
Sticker Price $5,766 $5,298 $4,825
Money Down $1,153 $1,060 $965
Total Interest $422 $797 $1,175
Total with Interest $6,188 $6,095 $6,000

Consult a Finance Specialist Today!

We work with dealers and lenders who are standing by to approve you for financing. We charge no application fees, and you could be driving down the streets of Starkville before you know it.