Bad Credit Auto Loans in Denham Springs (LA)

Looking for the best financing in Denham Springs? Search no further. We work with dealers and lenders in Denham Springs who want to get you in a new vehicle – this week! Here’s how our system works:

  1. Take a minute to submit your credit application.
  2. Log in to our status center to keep track of your application status.
  3. Consult your finance specialist about your interest rate and conditions.
  4. Complete any remaining paperwork.
  5. Lastly, select your vehicle from a nearby dealer.

You too can be one of the many Denham Springs residents who’ve financed a vehicle through us!

Have you got a FICO score of 620 or lower? Less-than-perfect credit is not a problem. There are three individual credit tiers typically regarded as “bad credit”:

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

No matter which tier you fall into, there are lenders who want to approve you for financing. Many loan companies want applicants with bad credit to provide a down payment, but most of our clients are approved right away. And, keep in mind, repaying a car loan is a good way to improve your credit ratings. So let us find you a dealer that approves loans for people with credit problems – online!

Estimating how much you can borrow is pretty easy. Just multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included such an estimation, based on Denham Springs’s average per capita income, $2,389.

Credit Income Factor Amount
Good Credit 10 $23,890
Fair Credit 9 $21,501
Temporary Bad Credit 8 $19,112
Bad Credit 7 $16,723
Terrible Credit 6 $16,723

Just because you’re able to borrow such an amount, doesn’t mean you should. A smaller loan is advisable, because it will lower the risk of default and repossession.

Do I Need a Down Payment?

A number of our dealers work with people in Denham Springs who don’t have a down payment. However, a down payment is recommended because it reduces your payment per month, total interest, and problems with being upside down. Here are the suggested down payments for new and used vehicles.

  • Used Vehicle: 10%
  • New Vehicle: 20%

Nevertheless, you no longer need a down payment to submit an application. Just indicate your down payment amount on your application, and our system can probably help you find a lender or dealer who wants to get you behind the wheel, whether or not you have a down payment.

In House Financing Car Lots in Denham Springs

If you have wondered about working with one of the buy here pay here car lots in Denham Springs, owing to poor credit, then bear in mind that they will most likely require you to provide a hefty down payment. These dealerships make credit decisions on site, rather than relying on a list of affiliated lenders. The annual percentage rates are typically steep, but approval is often guaranteed.

Having said that, most in house financing dealers aren’t able to help customers repair their credit. In most cases, you would be more satisfied applying online, so we can find you an auto loan in Denham Springs that can help improve your credit.

Denham Springs Consumer Profile

Banks, dealers, and car loan lenders are concerned with a lot more than just your credit score. Loan companies check your ability to pay (income), history of employment and residence, and credit history.

Here are some average statistics for Denham Springs residents.

  • Gross Earnings: $28,668 Per Year
  • Average Monthly Payment: $263 (11% of Income)
  • Ideal Car Payment: $191 to $239 (8%-10% of Income)

Consumer Credit in Denham Springs

Have you ever wondered about the credit scores of your neighbors? We have calculated how many Denham Springs residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 1,001
500-549 5% 2,502
550-599 8% 4,003
600-649 12% 6,005
650-699 15% 7,506
700-749 18% 9,007
750-799 27% 13,511
800-850 13% 6,505