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Auto Loans in Bossier City (LA)

Getting your credit approved became quite a bit tougher after the recession, but helping you secure financing is our sole mission. We enable you to find a bank or dealer that has experience financing buyers with below-average credit. We’re very proud to have access to a vast network of lenders and dealers who are willing to consider your application, even if you have a credit score that could be a lot better.

Just complete your credit application. We will connect you with a lending professional who can help you get approved for the loan you need.

Bossier City Car Dealerships That Accept Bad Credit

Car dealerships that assist consumers with credit problems are, in many cases, known as bad credit car dealerships. In contrast to buy here pay here dealers, these dealerships offer:

  • Interest rates that aren’t extortionate.
  • Down payments that don’t break the bank.
  • Vehicles that are more dependable.

You may not meet the criteria to finance all the cars in the showroom. Here’s an example based on the average per-person income in Bossier City, $1,263 per month:

Minimum Credit Score Multiplier Sum
700 10 $12,630
625 9 $11,367
575 8 $10,104
525 7 $8,841
300 6 $7,578

Keep in mind, these are just estimations. You may be eligible to borrow more or less.

A lending specialist can help you determine how much you’re qualified to borrow, and at what rate. Go here to apply online.

How to Minimize Your Bossier City Interest Rates

Interest rate is crucialin determining your monthly payment, as well as the amount you will wind up spending on your vehicle. For example, an auto loan of $11,367, with a repayment period of 60 months, would cost you vastly varying amounts depending on your rate of interest:

Amount Borrowed Interest Rate Interest Owed
$11,367 3.50% APR $1,040
$11,367 7.00% APR $2,138
$11,367 11.00% APR $3,462

First off, uncovering and resolving any errors on your credit report can give your credit a boost, and we all know that better scores result in cheaper rates. Also, paying down any existing debt can reduce your DTI (debt-to-income ratio), thereby reducing your rate of interest. Make certain you opt for the shortest loan you can. Your monthly payments will be greater, but you’ll pay less interest over time. Last but not least, keep in mind that a greater down payment will decrease your loan-to-value ratio–another effective way of reducing your rate.

Bossier City Buy Here Pay Here Financing

Buy here pay here dealerships hopes you think that no place but them will finance you, yet this is seldom the way it is. These dealers will finance nearly anyone, no matter their credit, but you will find drawbacks.

More often than not, preowned autos are the only models for sale, and dealers may expect you to have a GPS tracking device installed in your vehicle. Repossession rates are high, much like the interest rates. Because of this, these car dealers have a dirty track record. We can put you in touch with a reputable dealer who can get you in the car or truck you need, regardless of your credit.

Will Financing Improve Your Credit?

There are three major credit reporting agencies: Transunion, Experian, and Equifax. More often than not, auto finance companies report your payments to these firms, helping you to raise your credit score. That said, this outcome isn’t immediate–far from it. You must pay off the loan as scheduled, making every month’s payment on the dot. Keep in mind that increases in credit score are progress, building over time. It is impossible to estimate just how much your score is going to rise, but monthly increases of 5-10% have been noted.

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