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The majority of us purchase our vehicles on credit, as not many of us have the capital available for an outright purchase. Unfortunately, securing financing can be a major pain, especially when your credit isn’t great. To streamline approval, you can apply on the web for a car loan.

A local auto finance consultant can help you get approved for financing, answering your questions in the process.

Car Loan Rates in Jackson

Most lenders don’t display Jackson auto finance rates based on FICO score. Instead, they give you the lowest rate available. Truth be told, your annual percentage rate varies widely based on your credit, not to mention other variables. The rates displayed below are only for informational purposes. They aren’t advertisements, and your exact rate could be very different.

Credit 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 Loans in Jackson

Perhaps you have seen, finance companies charge slightly higher interest rates for used cars and trucks. Intelligent buyers, however, always go for pre-owned cars. You can finance a low-mileage used vehicle for a fraction of what it costs to finance a new one.

Age Price Rate Months Payment Interest Total Cost
New $19,000 6.00% 60 $367.32 $3,039 $22,039
1 Year $15,200 7.50% 60 $304.58 $3,075 $18,275
2 Years $12,920 7.50% 60 $258.89 $2,613 $15,533
3 Years $10,982 7.50% 60 $220.06 $2,221 $13,203

The second it leaves the dealership, a new car loses nearly a quarter of its value, and it continues depreciating every year. A car that cost $19,000 new will be worth just $10,982 after three years of ownership. Most loan providers allow you to finance a pre-owned car up to 10 years old, sometimes a bit less, and some cap the mileage at 100,000 miles.

Poor Credit Car Loans in Jackson

Bad credit makes it difficult to finance a car, but it isn’t impossible. To put it succinctly, your FICO score is used a measure of risk. Although bad credit always results in a higher rate of interest, you can now request quotes from multiple loan providers online.

In Jackson, buy here pay here car lots end up catering to consumers with considerable credit issues of one kind or another. The downsides are sizeable: ridiculous interest rates and multitudinous stipulations.

You will be better off with financing from a bank or credit union. This is how a lot of consumers get financed these days, and it’s considerably cheaper in the end.

Go here to apply online.

Jackson Credit Repair

If you need to decrease your interest rate, there are a number of options. First off, it’s smart to double check your credit report for mistakes. Many people don’t realize that, once each year, you can check your credit report completely free via annualcreditreport.com.

You can dispute any errors on your own, or get a company to help you. Other things that might reduce your APR:

  • Getting a friend or relative to cosign the loan.
  • Saving up for a larger down payment.
  • Agreeing to a shorter-term loan.

Zero Down Car Loans in Jackson

Are you hoping to get a car financed, but you don’t have cash to put down? Zero down finance offers, like 0% financing offers, are generally reserved for individuals with exceptional credit. If you haven’t got great credit, it’s best to start setting aside cash for a down payment, or you could find yourself paying an inflated rate of interest. That said, when you apply online, there are many loan companies and dealers that offer zero down car deals for buyers without optimal credit.

Jackson Resources

Credit Unions

Credit UnionStreet addressZip CodeTelephone
Healthplus500 E Woodrow Wilson Ave39216(601) 354-6633
Hope Credit Union4 Old River Pl39202(601) 944-1100
Hope Credit Union350 W Woodrow Wilson Ave #37039213(601) 362-8050
Hope Credit Union1748 Terry Rd39204(601) 961-6740
Hope Community Credit Union350 W Woodrow Wilson Ave39213(601) 713-0976
Jackson Acco1085 U.S. 8039204(601) 960-5240
Jackson AreaPO Box 140339215(601) 922-7055
Jackson Area5675 Hwy 18 W39209(601) 922-7055
JPFCE600 E McDowell Rd39204(601) 985-4877
M S T CP.O. Box 2282839225(601) 923-7445
Magnolia240 Briarwood Dr39206(601) 977-8300
Magnolia1600 E Woodrow Wilson Ave39216(601) 977-8300
MBHS1225 N State St39202(601) 938-1213
MBHS1151 N State St39202(601) 938-1213
Members ExchangeP O Box 3104939286(601) 922-3350
Miller TransportersP. O. Box 112339215(601) 922-8331
Mississippi FCUPO BOX 5588939296(601) 984-1315
Mississippi FCU2500 N State St39216(601) 984-1315
Mississippi Credit Union Association1400 Lakeover Rd39213(601) 981-4552
Keesler FinancialPost Office Box 185039215(601) 359-7900
Keesler Financial401 N West St39201(601) 359-7900
Mississippi DHS767 N President St39202(601) 354-6544
Mississippi Farm Bureau Employees1401 Livingston Ln39213(601) 981-7422
Mississippi Farm Bureau Employees6311 Ridgewood Rd39211(601) 977-4369
Mississippi Highway Safty PatP.O. Box 95839205(601) 987-1290
Mississippi Highway Safty Pat1900 E Woodrow Wilson Ave39216(601) 987-1290
Mississippi National Guard142 Military Dr39232(601) 932-5194
Mississippi Postal EmployeesPO Box 56739205(601) 355-6363
Mississippi Postal Employees567 S State St39201(601) 355-6363
Mississippi Public Employees613 S West St39201(601) 948-8191
Riverland1340 Echelon Pkwy39213(601) 368-5200
Treasury Employees100 W Capitol St39269(601) 355-5411
Treasury Employees100 W Capitol St #105939269(601) 355-5411
Valley Gas Employees1400 Lakeover Rd #14039213(601) 362-7623
Valued MembersPO BOX 964139286(601) 366-7401
Valued Members5482 N State St39206(601) 366-7401