Get an Auto Loan Quote

Auto Loans in Brandon (MS)

Have you considered getting your car loan pre-approved? It’s a good idea, given that it makes buying a car a much easier process. As opposed to waiting until you are in negotiations at the dealership, we enable you to line up a car loan ahead of time. You will enjoy the convenience of having a devoted lending consultant to address any questions you have and arrange your loan.

Brandon Dealerships That Accept Bad Credit

You’ll want to avoid buy here pay here dealers, which are known for underhanded auto lending. There are larger, more well-respected dealerships that serve people with lower credit scores and provide a better lending experience. As with all subprime loans, expect:

  • Much higher interest rates.
  • More money down required.
  • Tougher repayment terms.

However, it’s a lot better than not having a new car at all, and these dealers can help you re-establish your credit simply by making your payments on time. At Motive Auto Finance, we work with many of these dealerships, and you can get pre-approved by applying online.

Reduced Auto Finance Rates for Brandon Consumers

Obtaining a lower rate of interest from your lender can pay off in a big way.

If you don’t believe rate of interest is positively critical, take a look at the numbers below.

Good Credit Mid-Range Credit Poor Credit
Size of Loan $27,252 $27,252 $27,252
Rate of Interest 3.50% APR 7.00% APR 11.00% APR
Payment $496 $540 $593
Interest Paid $2,494 $5,125 $8,299

An increased credit score will result in lower interest rates on car loans, along with credit cards and home loans. At annualcreditreport.com, you can check your report once annually, at no charge, and request the correction of any errors you find, potentially improving your credit score. Do you have a good deal of credit card debt? Paying some of it off could lessen your debt-to-income ratio your rate of interest at the same time. Opting for a shorter-term loan will also keep your rate more affordable, and it will also help prevent negative equity. Down payments are also worthwhile. The less you finance relative to the value of your vehicle, the cheaper your interest rate will be.

Brandon Buy Here Pay Here Dealers

Have you thought about heading to a buy here pay here dealer to get approved? Normally, there are considerably better alternatives. These types of dealerships provide funding in-house, whereas conventional dealers farm this out to separate lenders, and they are more focused on your job than your credit. You will discover that used cars and trucks are the only thing for sale, and these Brandon dealers may make you have an ignition interlock installed in your vehicle. Repossession is frequent, and the finance fees are, by some standards, predatory. There’s more: these car lots very rarely report back to the credit agencies, and that means you could make each and every payment in a timely manner without raising your credit score.

Budgeting Guidelines for Brandon Consumers

In regards to your monthly car payment, you shouldn’t spend greater than 10% of what you make per month. If you don’t want to be paying off a car that’s worth less than you owe, paying exorbitant finance fees, consider a loan of 60 months or less. With this payment and repayment period, you will be buying a car or truck costing around half of what you get paid on a yearly basis. For instance, if you make $36,331 per annum, the average in Brandon, you would buy a car that costs $18,168. Ultimately, the less you’re able to spend to acquire a dependable car or truck, the better.


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