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Auto Loans in New Iberia (LA)

Credit ratings are extremely important when it comes to getting a car financed, and rates of approval are much lower than they once were. With a large selection of car loan creditors declining people due to a bad credit score, it could take some time to find a lending company willing to fund your loan. The good news is, we provide an innovative system for credit acceptance developed with subprime credit approval in mind. Each day, we help consumers in New Iberia get a car financed regardless of:

  • Unfavorable Credit Scores
  • No History of Credit
  • Bankruptcies
  • Repossessions

It’s our first priority. Are you ready to get cracking? Go here to submit your application.

Bad Credit Car Dealerships in New Iberia, Louisiana

Car dealers that specialize in sub-prime financing are usually referred to as bad credit car dealerships. Since this is a high-risk loan, expect:

  • More expensive APR rates.
  • Substantial down payment requirements.
  • Less costly vehicles.

Having said that, the experience is far preferable to that of a buy here pay here dealer, and your vehicle will in all probability cost you less in both upfront costs and interest. Here at Motive Auto Finance, we work with many of these dealerships, and you can get paired with one by applying online.

Financing a Car in New Iberia with Nothing Down

Do you have a down payment saved for your new car? You might need one. A down payment minimizes investment risk, given that the lender will be more likely to recoup their losses if the vehicle has to be repossessed. For you, the consumer, a down payment helps you reduce negative equity. If your credit isn’t that good, it might be challenging to get an auto loan with zero down. But keep in mind that trading in your used car or truck could cover a down payment.

Buy Here Pay Here Dealers in New Iberia, LA

Referred to as buy here pay here, tote the note, or your job is your credit car dealerships, these dealerships typically have a few chief features. They…

  1. Approve car loans on site.
  2. Do not check your credit.
  3. Want you to make your installment payments each week, often in person.

If you have horrible credit, New Iberia in house financing dealerships are often the only option. However, the cost of your vehicle will be inflated as a result of ridiculous annual percentage rates, plus it is unlikely that your credit score will show improvements since these car lots rarely work with Equifax, Experian, and Transunion.

Cars in New Iberia That Fit Your Budget

It’s important to go with a vehicle that is realistic given your APR and income. It’s smart to spend, at the most, in the neighborhood of 8% of what you make each month on your car payment. For people living in New Iberia, having an average income of $1,937, this is $155.

Excellent Credit Okay Credit Poor Credit
Monthly Installment $155 $155 $155
Rate 3.50% 7.00% 11.00%
Term 5 Years 5 Years 5 Years
Down Payment $2,130 $1,956 $1,782
Amount Borrowed $8,518 $7,826 $7,127
Total Interest $779 $1,472 $2,171
Total with Interest $11,427 $11,254 $11,079
Car Price $10,648 $9,782 $8,909

Cars for Sale in New Iberia


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