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Auto Loans in Houma (LA)

Bad credit can be a serious hindrance when you set out to finance a car, but we’ve simplified the process like no one else. It’s necessary to find a lender that can give you the loan you need at a rate that won’t break the bank. We’re very proud to work with a vast network of dealers and lenders that can grant auto loans to applicants with credit histories of all kinds. Simply complete your credit application, and we will find you a dealer or lender in Houma who can fund your purchase.

Car Loans Houma LA

Bad Credit Car Dealerships in Houma, LA

There are dealerships in Houma that focus on your job history instead of your credit. Sometimes they market themselves as your job is your credit car dealerships, and they don’t require credit checks. That sounds great and all, but most likely they won’t be helping you repair your credit. Chances are you’ll have a better experience with car dealership that can finance your bad credit through an off-site lender. In most cases they report your payments to Transunion, Equifax, Experian – a rarity among smaller car lots with in-house financing. In contrast to buy here pay here dealers, these dealerships offer:

  • Interest rates that aren’t exorbitant.
  • Down payments that won’t leave you broke.
  • New vehicles, instead of only pre-owned ones.

You may not qualify to finance the more expensive cars on the lot. Here’s an example based on an income of $2,414 per month, the average in Houma:

Credit Score Multiplier Loan
Good Credit 10 $24,140
Average Credit 9 $21,726
Slow Credit 8 $19,312
Bad Credit 7 $16,898
Very Bad Credit 6 $14,484

These estimations are by no means absolute. You could qualify to borrow more or less.

An automobile finance professional can help you determine how much you can borrow, and at what interest rate. To get going, simply submit your application.

Should You Buy a Used Vehicle?

Both new and used vehicles can be financed through Motive Auto Finance. It’s possible to finance a new car at a lower rate, but you pay far more in the long run.

New Car Pre-owned Car
Years Old 0 1
Price $24,140 $18,105
Down Payment $4,828 $1,811
Loan Rate 5.00% 7.50%
Duration 60 months 48 months
Monthly Payment $364.44 $393.98
Total Interest $2,554 $2,617
Total Investment $26,694 $20,722

Buy Here Pay Here (BHPH) Car Lots in Houma, LA

Have you thought about getting financed at a buy here pay here dealer in Houma? Such Houma bad credit car lots don’t depend on banks or finance companies to fund their loans, so they can help a larger range of customers. If you’ve got really bad credit, Houma buy here pay here car dealers in many cases are the only real way to go, despite the fact that the annual percentage rates are more expensive than you’d get from a regular lender. On top of that, they seldom report payments to the credit reporting agencies, meaning your credit rating isn’t likely to increase even if they pay off the loan as scheduled.

Credit Considerations for Houma Residents

If your credit has taken some hits, you may be concerned that a car loan will only decrease your score yet further. Believe it or not, financing a car can help you improve your credit. Your history of debt payments is a significant part of the credit scoring matrix, and financing a car involves 3-7 years of payments.

Try your best not to miss a payment, because this will have the exact opposite effect: a reduced FICO score. To make sure you never miss any of your payments, consider a scheduled calendar reminder or scheduled deductions from your payment account.

Used Cars in Houma, LA

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