Buying a car is usually an exciting time in any Mississippian's life. Still, if one's finances aren't in shape beforehand, or if a buyer encounters tough financial circumstances, they and their car could be in danger of repossession.
During the worst years of the recession, it became relatively difficult to get approved for a mortgage or auto loan. Lenders were tightening their belts just like everyone else, and in the wake of the subprime mortgage crisis, other types of loans also became harder to get for many. In recent years, the difficulties may have eased somewhat, especially with regard to loans for used cars.