Bad Credit Auto Loans in Bossier City (LA)

Having your loan pre-approved is one of the best ways to simplify the car-buying process. Our extensive network of lenders and dealers is standing by, awaiting your application. When you apply online, the dealers and lenders in our network compete against each other for your business. There’s really no better way to get the auto loan in Bossier City you need.

Bossier-CityBad credit? It’s often a hurdle when trying to finance a car, but not with Louisiana Auto Finance. A lot of the larger dealerships now have special finance departments dedicated to helping consumers with common credit issues like late payments, unpaid medical bills, repossession, foreclosure/short sales, bankruptcy. Whereas a traditional bank or credit union might be unwilling to work with your credit, these finance professionals have the expertise and funding partnerships to get you behind the wheel – all without an interest rate that will break the bank.

In Bossier Parish, many people refer to these as “bad credit dealerships.” Of course, we have many of them in our network. If your credit is weak, your interest rate will be higher, potentially in the range of 11-20% APR. Fortunately, the vast majority of lenders we work with do submit information to the credit agencies. This is imperative when you need to re-establish your credit. There are no obligations for using our service, and no hassles. Go here to submit your application online.

Bossier City Auto Loans, No Money Down?

Quite a few of our dealers finance people who don’t have a down payment. However, a down payment is a smart choice because it minimizes your monthly payment, the amount of interest paid, and problems with negative equity. The ideal down payment would be 20% for a new vehicle, and 10% for a used one.

With that being said, you no longer need a down payment to submit an application. Apply online, and indicate zero down payment in the appropriate section. We will do our very best to match you with a dealer or lender who can offer you a loan, zero down payment needed.

How Much Do I Qualify to Borrow?

It’s your credit and income that dictate the amount you’ll be approved to finance. This chart details how much applicants of varying credit ratings can finance, based on an income of $1,263 per month, the average in Bossier City. Remember, these are only estimates.

Credit Score Income Factor Loan
Excellent Credit 10 $12,630
Decent Credit 9 $11,367
Slow Credit 8 $10,104
Poor Credit 7 $8,841
Horrible Credit 6 $8,841

Remember, these are maximum amounts, not recommended. Generally, you should go with the shortest loan possible that keeps your monthly payment at about 10% or less of your monthly income. Spending more than this makes for an unhealthy budget, and will increase your risk of default, repossession, and battered credit.

Bossier Buy Here Pay Here Dealerships – Bad Idea?

This type of financing is often referred to as rent to own, no credit check, or in house financing. These dealerships approve car loans in-house, instead of relying on off-site finance companies. Everything is paid to the dealership directly, and the vehicles they sell are usually $10,000 or less. We recommend that you avoid these Bossier City BHPH dealerships, opting instead for a bad credit auto loan we help you arrange. Apply online – it takes less than 3 minutes.

Auto Loans for Barksdale AFB Personnel

Barksdale-AFBAre you stationed at Barksdale Air Force Base? Need to get financed? We work with many dealers and lenders who provide auto loans for military personnel at discounted rates and/or preferred terms. As you probably know, the military lifestyle can be hard on one’s credit, largely due to frequent changes of station and deployments.

For this reason, it may be especially important to work with a company that understands these challenges, respects them, and is willing to work with you to find a finance solution that fits your budget. Many will provide an APR discount to active-duty and retired USAF and military personnel.  So let us get the finance process rolling.  Apply today – we could have you speaking to a specialist in under an hour, if not sooner.

Credit and Income: Bossier City

Below are some average statistics for Bossier City residents.

  • Pre-Tax Income: $15,156 Per Year
  • Average Car Payment: $139 (11% of Income)
  • Suggested Car Payment: $101 to $126 (8%-10% of Income)

Here we have a breakdown of Bossier City’s population by credit rating. These estimations should give you a sense of where you stand.

FICO Score % of Population Residents
300-499 2% 1,163
500-549 5% 2,907
550-599 8% 4,651
600-649 12% 6,976
650-699 15% 8,720
700-749 18% 10,464
750-799 27% 15,696
800-850 13% 7,558

Regardless of where you find yourself in this chart, we can help. We help credit-seekers of all credit scores and income levels. That’s our primary goal. Ready to apply for an auto loan in Bossier City? Click here to apply online. If you have friends and family you’d like to recommend, we actually serve all of the Shreveport area.