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Auto Loans in Biloxi (MS)

An applicant’s credit ratings are critical when it comes to auto loans, and acceptance rates for car loans are pretty low. But don’t fret. We believe that a lot more people are worthy of an auto loan, no matter their FICO scores. Day after day, we help consumers in Biloxi get approved for the cars they want regardless of:

Bad Credit Auto Loans in Biloxi Mississippi
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  • Low Credit Score
  • No History of Credit
  • Bankruptcy
  • Unsecured Debt

This is our specialty. Ready to get going? Please click here to submit your application.

Bad Credit Car Dealers in Biloxi, Mississippi

Have you given thought to where to buy your new car or truck? With bad credit, you’ll probably have to get your car from a dealer, instead of an individual seller, as the majority of lenders don’t fund private party loans for people who have credit that isn’t perfect. Thank heavens there are dealers that work with poor credit. Generally speaking, these dealers offer:

  • Competitive interest rates.
  • Acceptable down payments.
  • Both new and used vehicles.

Your credit and income determines the cars you’re qualified to finance. Here’s an example based on a monthly income of $1,220, the average in Biloxi:

Credit Rating Income Factor Amount Borrowed
Excellent Credit 10 $12,200
Average Credit 9 $10,980
Temporary Bad Credit 8 $9,760
Bad Credit 7 $8,540
Terrible Credit 6 $7,320

This is only an estimation. You could be approved to finance more than this, or less.

A vehicle finance expert will determine how much you’re eligible to borrow, and at what interest rate. Just go here to apply online.

Documentation You Will Need

Before you can sign for your new vehicle, you must provide specific documentation. Banks and finance companies ordinarily require the following documentation:

  • Personal Identification
  • Proof of Income
  • Proof of Insurance
  • Proof of Residence
  • Contact Details of Personal References

Your vehicle lending specialist can inform you of any additional documentation you need.

Biloxi Buy Here Pay Here Dealerships

Many people in Biloxi turn to buy here pay here dealerships, assuming they will only be able to finance a car without a credit check. Not the case. Dealers like these will approve practically anyone, no matter their credit, but you will find downsides.

Drawbacks include inflated finance fees, money down, and vehicle prices That isn’t all: these dealerships seldom report back to the credit reporting agencies, which means you could make all of your payments on time with no boost to your credit score.

Re-establishing Your Credit in Biloxi

If you need one more reason to finance a car, here it is: a car loan has other benefits. More than merely helping you purchase the car you want, it can improve your credit score. A car loan:

  • Provides you with the ability to revitalize your payment history (35% of your score).
  • Enhances your credit mix, or the spectrum of credit under your belt (10% of your score).

Having said that, you can damage your credit by making late payments or just missing them completely. More and more banks and finance companies help you set up an automatic payment each month, so the payment is taken straight from your payment account.

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