Bad Credit Auto Loans in Tupelo (MS)

Lining up your financing in advance is a wise approach, as there are many benefits:

  • Much less time spent at the dealership.
  • Chance of a more affordable interest rate.
  • Scheduled dealer visit.

We serve clients in Tupelo daily who would like to find a dealer or lender able to offer them fair rates for financing. Enjoy the convenience of working with a devoted lending expert to answer the questions you have and arrange your loan.

Cars Both New and Used in Tupelo

If you’re looking for the very best bang for your buck, then a used car is a good idea. As the following comparison shows, pre-owned cars frequently cost you less in the end, regardless of their steeper loan rates.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of Original Price 100% 75% 60% 50%
Price $15,200 $11,400 $9,120 $7,600
Money Down $3,040 $1,140 $912 $760
APR 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Installment $229.47 $248.08 $198.46 $165.38
Interest $1,608 $1,648 $1,318 $1,098
Total Cost $16,808 $13,048 $10,438 $8,698

Newer vehicles are regarded as safer investments for lenders, however, so you may have an improved shot at getting approved if you have a history of bad credit.

Tupelo Bad Credit Car Loans

Have less-than-perfect credit as a result of outstanding debts, company layoffs, repossession, or bankruptcy? Naturally, you don’t want to waste time searching for a dealer or finance company in Tupelo that works with lower credit scores. When you submit your application through Mississippi Auto Finance, we work to find you a dealer or lender in Tupelo who is ready to approve your loan.

Inaccuracies on a person’s credit report have grown fairly prevalent. Have you made sure your credit report is devoid of inaccuracies?

Make sure to review your credit history no less than once each year. Failing to take action could bring about higher rates, scaled-down loans, and less chance of approval.

Tupelo Buy Here Pay Here Car Lots

In house financing, also known as buy here pay here financing, has expanded in the past few years, largely due to the fact that so many people’s credit scores took hits on account of the credit crunch and housing market. Normally, dealer finance isn’t direct to the consumer, in that car dealers go through off-site banks and lenders to provide the loans. By contrast, BHPH dealers provide auto loans independently.

Regrettably, you can look forward to high loan rates, high down payments, and well-used vehicles that are too expensive given their level of wear and tear. This is why these car dealers have a sullied reputation. Let us place you in the hands of a reputable dealer who can get you the funds you need, regardless of your credit.

Loan Amounts for Tupelo Consumers

Maximum loan amounts depend on the amount of money you make, and how high your credit scores are. We’ve included a chart depicting loan amounts for people with an income of $1,520 a month, the average in Tupelo, Mississippi.

Credit History Multiplier Loan
Great Credit 10 $15,200
Average Credit 9 $13,680
Temporary Bad Credit 8 $12,160
Bad Credit 7 $10,640
Really Bad Credit 6 $9,120

But the truth is, it’s safer to buy a less costly vehicle than you actually could based on your income and credit. Here we have a table depicting what car you can afford with a monthly payment of $122, 20% down payment, and 60 month term.

Exceptional Credit Fair Credit Bad Credit
Monthly Income $1,520 $1,520 $1,520
Monthly Installment $122 $122 $122
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Vehicle Price $8,355 $7,676 $6,991
Down Payment $1,671 $1,535 $1,398
Loan Amount $6,684 $6,141 $5,593
Total Interest $612 $1,155 $1,703
Price with Interest $8,967 $8,831 $8,694