If you suffer from bad credit, purchasing a new car can be a challenge. Unless you have cash to use to buy your new car, you’ll need to finance at least a portion of your new ride with a lender. This lender could be anyone from a bank to a credit union, and these lenders have strict policies in place for determining who they’ll lend to and who they won’t. If you have bad credit, you’re less likely to secure an auto loan in Mississippi regardless where you live and what you do. If you do have bad credit, you have options. You must simply learn what your options are, how you can get around your bad credit, and that repairing your credit is a must if you’d like to avoid the hassle of financing a new car in the future.
Having bad credit doesn’t mean you’re stuck without any hope for a future vehicle purchase. It simply means you must work a little harder, spend a little more, and exercise a bit more patience than anyone else. There are a few ways you can still get a loan with bad credit, but it does depend on just how bad your credit score looks to the lenders willing to work with you. If you have ‘high’ bad credit, which is in the 600s closer to 680, you are more favorable to lenders. When your credit is less than 600, it’s worse than bad. It’s at this point many lenders aren’t willing to work with you at all.
If your bad credit is on the high side, you’ll find a number of major car dealerships who do work with bad credit financing. These dealerships have a lot filled with vehicles with smaller price tags that are approved for those who are shopping without an excellent score. You’ll tell the lender upfront your score is bad, and you’ll apply for financing before you shop. This allows you to find out what you’re approved for, how much money you’ll need to put down, and you’ll know what you can afford.
If you have a credit union you’ve established a relationship with, you can try to apply for a credit loan for a new car with them. These are lenders who develop a close, personal relationship with each member. The union is willing to look past the number on your credit report in favor of looking more closely at the history behind it. Unlike a traditional lender who looks at the number, you can speak to the people at the credit union and they’ll take your story into consideration. After all, your credit score might be poor, but it might be poor because you lost your job 6 years ago and spent a year missing payments. Since these negative items are on your credit report for a maximum of 7 years, you could still suffer from that.
Your credit union will take into account how long ago your poor credit issues occurred and how well you’ve been paying your bills on time since then. If you’ve got a low score but the past three years have all shown great payment history and headway on your debts, your credit union might give you a loan.
Bad credit loans are available everywhere for those who want to purchase a new car, but they do come at a price. Higher interest rates and a required down payment are just a few of the stipulations associated with a loan of this nature.
- The fees associated with purchasing a new car
- Applications for loans
- Following the MMVC
Every salesman, company, and person associated with the sale of a new or used car is required to adhere to specific guidelines all encompassing the ethical and moral expectation. Buyers who walk into car dealerships do so with the belief they are being taken care of and cared for exceptionally. This is why dealers and salespersons must have the proper licenses, they must work within the realms of lemon laws, and they must know the dealer forms and handbooks from start to finish.
Driving in Mississippi
While many people who live in Mississippi drive in rural areas, there are some big cities in which drivers spend their time. Jackson, Gulfport, Hattiesburg, Southaven, and Biloxi are all the largest cities in the state. Each one is popular with tourists, which means road conditions can become dangerous. Biloxi, for instance, is a place where many tourists visit to take advantage of river cruises, gambling, and casinos. It’s here you worry about tourists driving distractedly while looking at maps and GPS units, sightseeing, or potentially driving under the influence after a night at a casino.
Rush hour traffic while commuters go to and from work in any of these cities and smaller towns is always a concern for drivers, but it’s the weather that most concerns drivers in this state. It’s not uncommon for flash floods and tornadoes to spawn from dangerous storms without warning, and many of the coastal-lying towns face the threat of hurricanes from June through November. It’s wise to stay tuned to local weather and news stations to keep up-to-date with the weather and all that it brings with. You should also know what to do if you’re in your car when a tornado becomes a threat. Finding a low ditch or safe building is imperative. Remove yourself from your vehicle and seek a low-lying ditch or shelter. Neve stay with the car.
Driving in Mississippi is fun, but it’s a bit of a challenge for anyone with bad credit or little experience. Don’t let your credit stop you from learning how to obtain a car loan in this lovely southern state. You have options if you choose to exercise them when they’re offered.