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Car Loans in Mississippi (MS)

Auto Loan MS

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In Mississippi, car loans have been harder to get ever since the economic downturn. Here at CarLoansMississippi.com, it’s our mission to help you get in the driver’s seat for less. We offer you access to our statewide network of banks, credit unions, dealers, and finance companies who want your business. With one application, you can find the loan that’s right for you. This is the new evolution of auto financing, and we’re one of the top services in The Magnolia State. What’s even better, our service is free and there are no obligations whatsoever.

Application Process for Mississippi Residents

  • To start with, you need to apply online.
  • We connect you, when possible, to the best auto loan provider in Mississippi, given your location, income, and down payment.
  • It will be your sole discretion to decide whether or not to accept the loan rate/terms you’re quoted.
  • If you do, you can move forward with your auto loan paperwork and select your car or truck from a nearby dealer.

Click this link to apply online.

MS Income and Credit Scores

  • Average MS Income: $2,691 Per Month
  • Average MS Credit Score: 668
  • Number of Autos Registered: 1,903,191

Minimum Criteria For Approval

There are no minimum credit score requirements to apply within our network. However, most lenders do impose a minimum income requirement of $1500 per month ($375 per week). This is pre-tax (gross) income, not your actual take-home pay. Furthermore, your total monthly debt, inclusive of your auto loan, must not exceed 50% of how much you make per month. In the state of Mississippi, this comes out to $1,346, on average.

Getting The Best Rate/Terms

Your interest rate will largely determine how much your new car or truck ultimately costs you. You could get a great deal in terms of the sticker price, but if your APR rate is high, you could pay more in the long run. For this reason, it’s important to take steps whenever possible to minimize your interest rate, especially if your credit rating has seen better days:

  1. Get a Co-buyer
  2. Offer a Larger Down Payment
  3. Trade in a Vehicle

Advice For Mississippi Car Shoppers

Budgeting for your new car or truck is of utmost importance. Make sure you devote only 18-20% of your regular monthly wages for your installment payments, fuel, and upkeep. For the typical Mississippi motorist, this means $484 to $538 a month. Devoting in excess of 18-20% will risk your financial future. With fuel prices ever-increasing, it’s best to pick an economical car that offers great fuel economy. In many cases, financing a used car is a good option, especially if a late-model vehicle with a solid record of dependability and fuel economy. Used cars are more affordable to purchase and to insure. And in addition, they depreciate less quickly than new autos. You can peruse our used car listings here.