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Auto Loans in Meridian (MS)

Banks and auto finance companies perform a credit check when deciding whether the should lend you the funds you need. If your score is low, you may face issues trying to get financed. We enable you to find a lender that finances cars and trucks at fair rates, even for consumers with less-than-perfect credit. We’re proud to represent a wide-ranging network of lenders and dealers who are helping people improve their credit by making monthly payments on a car. A vehicle finance manager will help you set up the auto loan you need, and then you’ll go to the dealer lot and choose your new car or truck. Go ahead and get approved.

Bad Credit Car Dealers in Meridian, MS

Dealers that can arrange sub-prime approvals are, in many cases, referred to as bad credit dealerships. Just like any subprime loan, you can expect increased rates of interest and bigger down payments, as well as shorter lending terms. On the plus side, the rates and terms are much better than you would be given at one of Meridian’s buy here pay here car lots. We have a great number of dealers in our network, and when you apply online, we work hard to match you with one who wants to put you in the driver’s seat.

Selecting a Vehicle: New versus Pre-owned

Have you decided whether you’re in the market for a new or pre-owned vehicle? A brand new car loses 20% of its value during the first year of ownership, and after 36 months, 50%. Therefore, you can often get more for your money when you purchase used.

New Car Used Car
Years Old 0 3
Price $11,010 $5,505
Down Payment $2,202 $551
Interest Rate 5.00% 7.50%
Term 60 months 48 months
Payment Per Month $166.22 $119.79
Finance Fees $1,165 $796
Total Investment $12,175 $6,301

Tote The Note Dealers in Meridian, MS

Commonly called buy here pay here, tote the note, or your job is your credit car dealers, these dealerships typically have a few primary features. They…

  1. Offer auto loans on location.
  2. Rarely check your credit.
  3. Require weekly or twice-monthly payments, often at the lot.

A lot of folks with really bad credit feel that an in house financing car lot is the only place that will be willing to finance them, despite the fact that the cost of your vehicle will be higher as a result of exorbitant interest charges, and it’s likely that your credit score will not show improvements since these car lots don’t report to the credit reporting agencies.

Will This Strengthen Your FICO Score?

It might sound like empty hype, but it isn’t: not only does a car loan help you buy the car you want, it can boost your credit rating. If you pay your lender on time every month, you’ll quickly find yourself developing a positive history of debt payment, which is 35% of your FICO score. Your score will not rise the instant you pay the balance of your loan. Rather, its rises slowly and gradually as you continue making payments month after month. The majority of banks and lenders enable you to arrange an automatic monthly payment, so the payment is taken right from your checking account.

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