Bad Credit Auto Loans in Blanchard (LA)

Forget driving from bank to bank, submitting credit applications. We can get you the approval you need in less time. We have a class-leading network of dealers and lenders who offer online approvals. This is how the process works:

  1. Apply online.
  2. Log in to your inbox for your approval status.
  3. When approved, speak with your finance specialist to finalize your paperwork.
  4. Now you can select the car you want.

Sounds simple, right? That’s because it is!

To begin, just submit your credit application.

Bad Credit Car Dealerships in Blanchard

A bad credit score is often a hurdle when trying to finance a new vehicle, but not when you submit an application through us. There are three separate credit tiers considered subprime:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter which tier you fall into, we have lenders who want to get you into a new car. Considering your credit, your rate of interest might be higher, so it’s imperative that you opt for a budget friendly car or truck with affordable monthly payments. We can help you find a bad credit car dealership in Blanchard ready to approve you for a loan – online!

Auto Loan Pre-Approval in Blanchard: How Much?

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included such an estimation, based on the average income of Blanchard residents, $2,569.

Credit Income Factor Amount
Great Credit 10 $25,690
Average Credit 9 $23,121
Subprime Credit 8 $20,552
Poor Credit 7 $17,983
Very Bad Credit 6 $17,983

Simply because you can borrow this amount, doesn’t mean you should. A smaller loan is highly recommended, because you will pay less interest, and your payment amount will be lower.

Buyers with good credit can usually buy a car without providing a down payment. However, it’s considerably more difficult for applicants with below-average credit. At this point, the Loan-to-Value ratio becomes important. Divide the the amount you want by the wholesale value of the car or truck being financed. This is the LTV.

Loan Amount Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $25,000 80%

Lenders who deal with bad credit often prefer lower LTV’s, because these mean less risk. That’s not to say that dealers don’t approve financing for people with no money down.

We help consumers get approved everyday, despite issues with their credit and down payment. Get approved today!

In House Financing Dealers in Blanchard

The majority of buy here pay here dealers consider down payments a requirement. Shoppers who cannot secure a loan because of serious credit problems often wind up at these types of car lots. Payments are made to the dealer, sometimes at the lot, and the cars and trucks for sale typically cost $10,000 or less.

Having said that, most in house financing car lots don’t help customers re-establish their credit. Often, you would be happier applying online, so we can find you an auto loan in Blanchard with lower rates and better terms.

Blanchard Consumer Profile

Here are some average stats for residents of Blanchard.

  • Gross Earnings: $30,830 Annually
  • Average Car Payment: $283 (11% of Income)
  • Ideal Monthly Payment: $206 to $257 (8%-10% of Income)

Subprime credit. It’s pretty pervasive nowadays in Blanchard and across the state of Louisiana. This chart shows the estimated number of Blanchard residents at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 613
500-549 5% 1,532
550-599 8% 2,451
600-649 12% 3,676
650-699 15% 4,595
700-749 18% 5,514
750-799 27% 8,271
800-850 13% 3,982

Why not apply for your Blanchard auto loan? It’s easy to apply online.