If you want an auto loan in Thibodaux, you have found the right team. We make it easy to submit your application online. It truly is hard to imagine a better way to get your auto loan.
Bad Credit Car Dealerships in Thibodaux, LA
If you are searching for a dealership in Thibodaux that offers auto loans for poor credit, look no further. In any sub-prime lending scenario, expect more expensive rates of interest, larger down payments, and shorter repayment periods. With that being said, bear in mind you’ll be getting a car, yes, but also the chance to re-establish your credit. We have many of these dealerships in our network, and you can find one willing to get you financed by submitting your application.
Lower Interest Rates for Thibodaux Drivers
Interest rate is critical, as is finance term, in determining the total amount you have to spend on your vehicle. Case in point: a car loan of $8,388, financed for 5 years, would cost you the following:
- 3.50% APR: $768 in interest.
- 7.00% APR: $1,578 in interest.
- 11.00% APR: $2,555 in interest.
Fortunately, there are a few easy ways you can cut down on the amount you wind up owing in interest.
- Credit Score: Dispute any inaccuracies appearing on your credit report which could push up the APR rate you’re charged.
- Loan-to-Value: Offer a down payment of at least 20% on your new car or truck. This will cut down on lender risk, leading to a lower interest rate.
- Debt-to-Income: Have you got a great deal of additional debt? Getting that paid down will lower your DTI and raise your credit score, both of which will result in a less expensive interest rate.
- Repayment Period: Financing for 60 months or less could result in a lower rate of interest.
- Type of Vehicle: It doesn’t cost as much to finance a newer vehicle–if you don’t pay a higher purchase price.
Thibodaux Buy Here Pay Here Dealers
In house financing, better referred to as buy here pay here financing, keeps growing, mainly because so many consumers’ credit ratings took hits on account of the down economy. Sure, they don’t carry out credit assessments, so bad credit ought not be an impediment to getting approved, but you will end up paying quite a lot for this.
The fact is, you will be faced with inflated annual percentage rates, expensive down payments, and older vehicles that are overpriced. There is a good reason why these dealers have a bad reputation. We can connect you with a reputable dealer who can get you approved, even if your credit is awful.
Budgeting Recommendations for Thibodaux Consumers
It’s best to spend, at the very most, 10% of your monthly income for your new car payment. In addition, you don’t want to get a loan for longer than 60 months. With this payment and finance term, you will be buying a car costing around half of your annual income. Say you earn $11,180 a year, the average for residents of Thibodaux, you would buy a $5,592 car. Basically, the less you can invest while still obtaining a solid car or truck, the better.