Bad Credit Auto Loans in Baton Rouge (LA)

We understand that getting approved for a car loan in Baton Rouge can be stressful. That’s why we developed our loan-matching technology. Our vast network of local dealers and lenders is standing by, awaiting your application. Apply online, and your online application will enter our advanced placement system. There we’ll match you with a finance specialist based on your location, budget, credit profile, and other factors.

Less-than-perfect credit is not an issue. There isn’t a minimum credit score involved, and we can help borrowers in all of the subprime credit tiers, ranging from FICO scores of 250 to 660.

Credit Tier FICO Range
3/C 580-660
4/D 520-580
5/F 250-520

If your credit score is low, your rate of interest might be higher, but that’s to be expected. Don’t delay. Let us find you a dealer who approves loans for people in Baton Rouge with credit problems such as:

  • Unpaid Bills
  • Late Payments
  • Car Repossession
  • Ch. 7/13 Bankruptcy
  • Short Sales/Foreclosures

The process is simple, fast, and there are no obligations. Go here to apply online, and we’ll go to work finding you a bad credit auto loan in Baton Rouge that fits you needs.

Auto Loans for Students of Louisiana State University

student auto loan baton rougeAre you a Tiger? We might be able to help. Baton Rouge obviously has a sizable student population on account of the LSU campus. We receive many inquiries from students – particularly undergraduates – who are concerned that their relative lack of credit history and verifiable income will make it difficult to get financed. While it is true that auto lenders put a lot of emphasis on these two factors, it is not impossible to get approved as a student.

Income is typically a bigger problem than credit. Lenders want to see a weekly gross income of $375, which translates to $1500 a month. This may be from a full-time or part-time job, but it needs to be verifiable, meaning you can provide proof of income in the form of payslips or tax returns. Unreported tip income can be a problem for students, so keep this in mind. If you can’t prove it, it doesn’t count.

If this is beyond your means, you will need a parent or other trusted person in your life to act as cosigner. Ideally, they will have a strong credit record and sufficient income. Even if you do earn $1500 a month, a cosigner will substantially decrease your interest rates, saving you a bundle over the life of the loan.

How Much Do I Qualify to Borrow?

It’s easy to estimate the amount you can borrow. All you have to do is multiply your monthly income by the income factor that corresponds to your credit score. We’ve included a sample, based on Baton Rouge’s average per capita income, $1,225.

Credit Income Factor Amount
Good Credit 10 $12,250
Fair Credit 9 $11,025
Subprime Credit 8 $9,800
Poor Credit 7 $8,575
Really Bad Credit 6 $8,575

Of course, these are estimates. For a definitive quote, please submit your application.

Can You Buy a Car with Zero Down Payment?

Baton Rouge auto loanDown payments refer to payments made at the time that you purchase your new car or truck. They tend to be required of people who have a poor history of debt repayment. After all, financing customers with poor credit is a much riskier proposition, and a down payment makes certain that some percentage of the vehicle’s value is not in jeopardy. The good thing is, as the economy improves, more lenders and dealers should be able to approve auto loans in Baton Rouge with no money down. Submit your application. We’ll place your application with a dealer or lender willing to fund your loan, zero down payment needed.

In House Financing Car Dealers in Baton Rouge

If you’re thinking about working with a buy here pay here car lot in Baton Rouge, because of a really low credit score, then bear in mind that a down payment will probably be required. These dealerships do on-the-lot financing, instead of outsourcing this to off-site finance companies (the traditional method of handling funding). The annual percentage rates are typically high, but acceptance will likely be guaranteed.

Sadly, most in house financing dealerships don’t help consumers repair their credit. Often, it’s better to apply online through us, so we can find you a car loan in Baton Rouge that can help your credit.

Baton Rouge Consumer Profile

Baton-RougeBaton Rouge is home to only two Fortune 1000 companies; however, the Brookings Institution, a leading think tank, has rated “Red Stick” as one of the top 20 US cities in terms of economic strength. Obviously, this has a trickle-down effect on the finances of the average consumer. This is important because an applicant’s credit rating is only part of the equation. Loan companies consider the following:

  • Debt to Income Ratio
  • Job Stability
  • Payment History

Here are average statistics for residents of Baton Rouge.

  • Gross Earnings: $1,225 Monthly
  • Average Car Payment: $135 (11% of Income)
  • Recommended Car Payment: $98 to $123 (8%-10% of Income)

This car payment may seem small, but there’s a good chance your income is higher than the city’s per capita average. Simply divide your monthly income by 10. This is a good rule of thumb to use as your maximum car payment. Going higher than this will put you at greater risk of default, repossession, and re-wrecked credit.

If you feel like you’re the only resident of East Baton Rouge Parish with credit problems, think again.  Below, we’ve created a table depicting the estimated number of residents at each point on the credit spectrum. As you can see, more than one quarter of the population falls into a range we would classify as subprime.

FICO Score % of Population Residents
300-499 2% 7,138
500-549 5% 17,844
550-599 8% 28,550
600-649 12% 42,825
650-699 15% 53,531
700-749 18% 64,238
750-799 27% 96,356
800-850 13% 46,394