Bad Credit Auto Loans in Yazoo City (MS)

Are you thinking about buying a car in Yazoo City, but your credit score isn’t ideal? We can help. As opposed to waiting until you are in the dealer’s financing office, we enable you to line up financing in advance. It is hard to find an easier way to obtain the financing you need.

New versus Used Cars in Yazoo City

New cars and trucks begin depreciating the moment they leave the showroom floor, but they have lower interest rates and longer repayment terms than used models. As the following table reveals, used cars frequently cost you less in the long run, even with their higher rates.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Retail Price $18,870 $14,153 $11,322 $9,435
Owed Upfront $3,774 $1,415 $1,132 $944
Interest Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Installment $284.88 $307.97 $246.38 $205.32
Interest $1,997 $2,045 $1,636 $1,364
Overall Cost $20,867 $16,198 $12,958 $10,799

Whether you decide on a new or used car, we would love to help. Can’t wait to get rolling? Go ahead and apply online.

Yazoo City Auto Loans with Bad Credit

If you have excellent credit, in all probability you’ll enjoy affordable annual percentage rates and great terms. Unfortunately, many individuals don’t have this privilege. Fortunately, there are lenders and dealers in Yazoo City that approve financing for credit-challenged consumers. We have the solution. We are known for serving customers all across the credit spectrum, getting them approved for the loans they need.

Keep in mind, a car loan, if paid as agreed, can strengthen your credit score and show finance companies that you are worthy of a loan. In fact, many people wind up refinancing at a lesser rate after a couple of years of timely payments. Selecting an appropriate payment amount is critical. To illustrate, let’s pretend you have an income of $1,887 per month, the average for Yazoo City residents.

  • 5% of Income: $94 (Ideal)
  • 8% of Income: $151 (Okay)
  • 10% of Income: $189 (Maximum)

Yazoo City Buy Here Pay Here Dealers

Buy here pay here car dealers primarily finance people who have severe credit problems such as filing for bankruptcy. Such dealers offer auto loans in-house, while most dealers utilize off site lenders, and they finance just about everyone. Sadly, you will be faced with exorbitant annual percentage rates, high down payments, and vehicles that cost too much given their condition. For this reason, these dealers have a lousy reputation. Let us place you with a reputable dealer who can get you in the car you want, even if you’ve had to file bankruptcy.

Buying a Vehicle in Yazoo City: How Much You Can Borrow

The amount you’ll be eligible borrow is based on your income bracket and credit tier. We’ve included a table depicting loan amounts for people with an income of $1,887 a month, the average in Yazoo City.

Credit Score Income Factor Amount Borrowed
Excellent Credit 10 $18,870
Decent Credit 9 $16,983
Temporary Bad Credit 8 $15,096
Bad Credit 7 $13,209
Terrible Credit 6 $11,322

But the truth is, it’s best to obtain less than you really can.

Auto Loans at $151 a Month

Do you know how much car you can finance? Take a look at the table below, but remember that the lending rates have been estimated, and the numbers are based upon an annual income of $22,647, the average in Yazoo City. Loan length is 60 months.

Exceptional Credit Fair Credit Bad Credit
Monthly Income $1,887 $1,887 $1,887
Monthly Installment $151 $151 $151
Loan Rate 3.50% 7.00% 11.00%
Sticker Price $10,373 $9,530 $8,679
Down Payment $2,075 $1,906 $1,736
Interest Paid $759 $1,434 $2,114
Total Investment $11,132 $10,964 $10,793