Never get a new or pre-owned car, truck, or SUV in Metairie, LA…not before you compare rate quotes from nearby loan companies, at least. After all, getting a car loan is a big commitment, and you need to make sure you do the right thing.
Unfortunately, the financial crisis has made it harder than ever before to get any line of credit.
But we can help. Whenever you submit your application, our Approval Maximization Engine works to find you the local lender which best suits variables like your income, location, and credit score.
In fact, we do not even get compensated unless you are pre-approved by a bank, dealer, or other loan company in our network. So imagine how hard we work to get you pre-approved.
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Financing a Car with Bad Credit in Metairie, LA
Did you know 1 out of every 12.5 individuals (11,570 people) living in Metairie, LA, are estimated to have fico scores of between 550 and 600, while an additional 5% have a credit score between 500 and 549 (7,231 people)?
Naturally, consumers who have poor credit want car financing too. This is where we can help you.
Submit your application for a bad credit car loan with us, and you are maximizing your chances of financing acceptance.
It’s speedy, straightforward, and totally free.
Car Financing Acceptance For Metairie Consumers
Below are a few suggestions to help you get an auto loan that won’t break your budget.
- Get a Realistic Model: Choose a cost-effective vehicle that offers solid gas mileage and dependability.
- Provide a Down Payment: Offering a down payment of 5-20% will help you steer clear of bad equity and decrease the loan amount.
- Get a Co-signer: Asking another person with good credit to cosign your Metairie, LA car financing package can cut your interest rate drastically.
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Auto Payments For Metairie Car Buyers
Many of us ask: what size car loan can I afford? It’s advisable to consult a financial planner. That said, we can offer a few suggestions catered to Metairie’s average income, debt, and insurance amounts. Keep in mind, these are average statistics.
- Income: $17,284
- Monthly Debt Payments: $712
- Monthly Vehicle Budget: $256 (36% of Debt)
- Monthly Insurance Premiums: $60
- Remaining Allowance For Auto Payments, Fuel, Maintenance: $196
The overall amount to which this equates will depend on a lot of criteria, including interest rate, term length, credit scores, etcetera. Fortunately, we can provide some approximations. These figures are for a 5 year new auto loan in Metairie, Louisiana. If you are planning to purchase a used car or truck, the annual percentage rates will most likely be somewhat higher. The more expensive number refers to bad credit, while the lower cost number refers to good credit auto loans.
- $5000: $100 to $130
- $10,000: $190 to $270
- $15,000: $275 to $400
- $20,000: $375 to $525
- $30,000: $550 to $775
If you would like lower monthly payments, you could try a 72 month car loan or longer.
In addition, remember that you can take away the upfront you can offer from your car or truck’s selling price to calculate the amount of the loan.
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Auto Loans, Zero Down Payment: Metairie, LA
You can get zero down car loans in Metairie, LA. But here’s the question you’ve got to ask yourself: not can you get a car loan with no money down, but is it really the best deal? The truth is, negative equity is a huge problem among US debtors. Upfront cash is a simple and easy method for preventing the upside down auto loan. If you want auto loans with subprime credit scores in Metairie, LA, down payments are frequently required.
Avoid Metairie No Credit Check Lots
Noticed all of the buy here pay here dealerships cropping up across Louisiana? In reality, it’s quite understandable. These types of car dealerships accommodate folks with horrible credit, and those needing auto loans in Metairie, LA, following major credit-related catastrophes, for example:
- Going Bankrupt
Whereas a bank would automatically reject these applicants, a buy here pay here or your job is your credit car dealership can grant used car loans (for a price). The rates of interest can be inflated, and it’s much too easy to slip into negative equity with this type of loan. For folks who need auto loans with less than a 550 credit score, this type of financing may be the only solution. Even so, we urge you to apply online with us before you decide on a buy here pay here loan.
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Car Finance Documents
Documentation? You got that right. To finance a car, you’ll want to supply some documentation. This includes proof of income, proof of residence, proof of insurance, and your drivers license.