Bad Credit Auto Loans in Chalmette (LA)

Do you need a car loan, the sooner the better? You’ve come to the right place. We’ve been in the automotive business since 2009, long enough to develop a vast network of dealers and lenders who can approve you for financing – online! Apply online, and we’ll find you an auto loan that meets your needs.

FICO score of 640 or less? This is often deemed subprime or bad credit, but our system is a great option for consumers with credit problems. If you were to go from lender to lender, submitting applications, you’ll probably be rejected a few times. Our system is a lot more convenient: you can apply from the privacy of your home or office, and we’ll find a lender in Chalmette who wants to get you behind the wheel, even if your credit is less than ideal. Most loan providers do require applicants with subprime credit to provide a down payment; however, most of our clients get approved right away. If you have less-than-perfect credit, you’ll typically be approved by a lender or dealer in Chalmette that specializes in subprime credit. These types of companies will report your installments to the credit bureaus. This is imperative if you want to improve your credit.

Car Loan Pre-Approval in Chalmette: What Size Loan?

Financial institutions work out how much you qualify to borrow through two main variables: your income and credit score. This chart shows the maximum loan amount for people of various credit scores, based on an income of $1,529 a month, which is the average for Chalmette residents. Please be aware that these are only estimations.

Credit History Income Factor Amount
Good Credit 10 $15,290
Decent Credit 9 $13,761
Temporary Bad Credit 8 $12,232
Bad Credit 7 $10,703
Really Bad Credit 6 $10,703

As we stated before, these are just estimations. For an accurate quote, please submit your application.

Chalmette Auto Loans, No Down Payment?

Quite a few of our dealers approve people in Chalmette with no down payment. That said, a down payment affords you significant benefits:

  • Shortens loan, meaning less paid in interest.
  • Reduces monthly repayment.
  • Protects against negative equity.

That being said, you don’t need a down payment to get pre-approved. Just indicate your down payment amount when you submit your application, and our platform will probably find you a lender or dealer who’s willing to work with your down payment, or lack thereof.

Buy Here Pay Here Auto Sales in Chalmette

Buy here pay here dealerships in Chalmette have grown by leaps and bounds, mainly as a result of the financial crisis. Dealers like these approve auto loans on the lot, instead of working with a network of finance companies. Everything is paid to the dealership directly, and the cars and trucks for sale are typically less than $10,000.

However, most of these dealerships can’t help people rebuild their credit. Normally, it is better to apply online through us, so we can find you an auto loan in Chalmette with lower rates and better terms.

Chalmette Consumer Profile

Banks, dealers, and car loan lenders are interested in more than just your credit rating. Lenders check your ability to pay (income), employment history, and history of credit.

The following are average stats for Chalmette residents.

  • Pre-Tax Earnings: $18,349 Per Annum
  • Average Car Payment: $168 (11% of Income)
  • Ideal Monthly Payment: $122 to $153 (8%-10% of Income)

Poor credit. It’s quite common in Chalmette and across Louisiana. The chart below shows the estimated number of Chalmette consumers at each credit level.

FICO Score % of Population Residents
300-499 2% 642
500-549 5% 1,604
550-599 8% 2,566
600-649 12% 3,850
650-699 15% 4,812
700-749 18% 5,775
750-799 27% 8,662
800-850 13% 4,171

Would you like to get started on a car loan in Chalmette? Go here to apply online.