Banks and dealers pull your credit when deciding whether the should lend you the funds you need. People with below-average credit should be expecting substantial APR rates. We allow you to find a lender or dealer that has your best interests at heart. We work with an extensive network of lenders and dealers who would like to approve your loan, even if your credit isn’t very good.
Go on and complete your credit application, and we will find you a dealer or lender able to approve you for the funds you need.
New Orleans Car Dealerships for Bad Credit
Poor credit has been on the rise in Louisiana, mainly due to the market downturn, and more and more dealerships now have finance departments whose sole purpose is serving people with poor credit. In general, these dealers offer:
- Interest rates that are affordable.
- Down payments that don’t break the bank.
- New vehicles, not just used ones.
The types of vehicles you can buy will be based on your income and credit history. In order to reduce the risk of loan delinquency or repossession, purchase a vehicle that won’t break your budget, having a payment of about 10% of your income, if not less. If you earn $725 per month, this equates to a payment of $73.
Apply online to speak with a finance professional about your options.
Can You Get Financed with Zero Down?
Do you have a down payment saved for your new car? In many cases, one is required. When you get a car loan, you want to owe less than the value of the vehicle. If the your new car loses value faster than you pay it off, then you’re upside down on it. A down payment combats depreciation.
For people who have poor credit, it’s often hard to get an auto loan without having a down payment, but remember that your trade equity could cover a down payment in lieu of cash.
Buy Here Pay Here (BHPH) Car Dealers in New Orleans, LA
Maybe you’ve wondered about getting your vehicle through a buy here pay here dealership in New Orleans? Such New Orleans in house financing dealerships offer auto loans themselves, usually without a credit check. Given that they don’t rely on a standard bank or investment company for financing, they can support a diverse variety of customers. Sometimes people with really low credit feel like a buy here pay here car lot is the only real establishment that will be willing to finance them, even though there are a variety of negatives:
- Excessive Financing Fees
- In-Person Payments
- Inability to Improve Credit Score
Improving Your Credit in New Orleans
If your credit isn’t the best, you may be scared that an auto loan will only decrease your score yet further, but that is seldom the way it goes. Financing a car is one of the best ways to improve your credit. To maximize your credit, make sure you make your payments when they’re due, month in and month out.
At the same time, you could possibly harm your credit by making late payments or missing them completely. You shouldn’t ignore the benefits of an improved FICO score. The perks are wide ranging, and all you’ve got to do is pay your lender each and every month.