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Auto Loans in Greenville (MS)

If you’re thinking of financing a car in Greenville, few if any firms have brought the financing process online like us. We do business with a wide network of dealers and lenders, and we have lenders and dealers set and ready, awaiting your application. Enjoy the convenience of working with a devoted finance professional who can help answer your questions and line up your loan.

Bad Credit Car Dealers in Greenville, Mississippi

Bad credit doesn’t have to stop you from buying your new car. We can pair you with dealerships in Greenville that want to get you the loan you need, regardless of your credit score. With any subprime loan, certain things are to be expected:

  • Interest rates that are more costly.
  • Down payments that are bigger.
  • Loan terms that are shorter.

But keep in mind, keep in mind that you’re getting not only a car, but also the chance to boost your credit score. Here at Motive Auto Finance, we work with many such dealerships, and you can find one that wants to get you financed by applying online.

Is a New Vehicle Best?

Scores of consumers in Greenville don’t realize that both used and new cars can be financed. New vehicles come with cheaper rates of interest. However, they cost much more than their used counterparts, and of course they require larger down payments.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price tag $8,800 $6,600 $5,280 $4,400
Down Payment $1,760 $660 $528 $440
Loan Rate 5.00% 7.50% 7.50% 7.50%
Length 5 years 4 years 4 years 4 years
Monthly Payment $132.85 $143.62 $114.90 $95.75
Interest $931 $954 $763 $636
Total Investment $9,731 $7,554 $6,043 $5,036

Buy Here Pay Here Dealerships in Greenville, Mississippi

Buy here pay here car dealers usually finance people who’ve got serious credit problems like:

  • Filing bankruptcy
  • Vehicle Repossession
  • Debt Settlement
  • IRS Liens

These dealers will approve pretty much anybody, no matter their credit, but you will find disadvantages.

You will discover that preowned autos are the only ones you can buy, and you may need to have a GPS unit installed in your vehicle. Repossession rates are astronomical, as are the interest rates. Worst of all, these dealers almost never work with the credit reporting agencies, so you could make all of your payments on a monthly basis without raising your credit score.

Financing Guidelines for Greenville Borrowers

If building wealth is one of your priorities, you should spend only about 8-10% of your monthly income on your car payment. Take care, however, that you don’t undermine your money-smart decision-making with a payment period of more than 60 months, which may lead to more interest and negative equity. The truth is, it’s best to repay your loan within 60 months. With a 10% payment and 60 month term, you will be purchasing a car or truck costing approximately half of your yearly income. In Greenville, where the average income is $10,564 annually, the average consumer would finance a vehicle costing $5,280. Overall, the less you can invest while still acquiring a dependable car, the better.

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