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Are you buying a new vehicle in Mississippi, and need to finance it? Normally, the bank keeps a lien on the vehicle until you’ve made all of the payments. You’ll be required to carry full coverage insurance, and your interest rate will depend largely on your credit score. Why would you wait to submit an application at the lender or dealership when you can apply right here through our site?

Let a vehicle finance expert help you obtain financing, answering your questions along the way.

Auto Loan Rates in Mississippi

Please keep in mind that the rates below aren’t advertisements, but rather estimations at the time of publication. Factors that impact your exact annual percentage rate include:

  • Credit Score
  • Zip Code
  • Car Loan and/or Lease History
  • Monthly Income
  • Type of Vehicle: New or Used
  • Term Length: 24-84 Months
FICO Score New Car Used Car
Excellent 3.4% 3.8%
Good 4.9% 5.4%
Average 7.1% 8.0%
Subprime 9.9% 10.1%
Bad 13.4% 13.6%
Very Bad 14.3% 15.1%

Used Car Auto Loans in Mississippi

You’ll see that the interest rates for a pre-owned car are more expensive than those for a brand new one. However, used cars and trucks are more affordable in the end, and they require cheaper down payments. You can finance a low-mileage used car or truck for so much less than what it costs to finance a new one.

Years Old Price Rate Months Payment Interest Total
New $20,700 6.00% 60 $400.19 $3,311 $24,011
1 Year $16,560 7.50% 60 $331.83 $3,350 $19,910
2 Years $14,076 7.50% 60 $282.05 $2,847 $16,923
3 Years $11,965 7.50% 60 $239.75 $2,420 $14,385

As you can see, the car bought new for $20,700 is worth only $11,965 after 36 months of ownership. Most loan providers allow you to finance a used car that’s up to eight years old, and some cap the miles at 100K miles.

Poor Credit Car Loans in Mississippi

Your credit score is critical when financing a car. The better your credit score, the wider array of options you’ll have. Fortunately, we offer access to lenders who cater to individuals with unfavorable credit ratings.

For people with recent bankruptcy or foreclosure, a buy here pay here dealer may be the only option. Yes, your credit won’t be an obstacle, but you will end up forking out a lot in interest for an older vehicle. You will be better off getting a loan from a bank, credit union, or lender. The down payments are less expensive, the same as the loan rates, and the service is typically much superior.

Contact an auto finance professional in your area today.

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