Bad Credit Auto Loans in Hammond (LA)

Need to get approved for financing, the sooner the better? We can help. Our extensive network of Louisiana dealers and lenders is standing by, waiting for your application. When you submit your application, the dealers and lenders in our network compete against one another for your business.

Our system is uniquely-suited to consumers with low credit scores. There are three subprime credit tiers:

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

No matter which tier you’re in, we have lenders that want to give you a second chance at financing. Many finance companies do require borrowers with bad credit to provide a down payment. Fortunately, of our clients get approved right away. If you have a bad credit score, you’ll probably be matched with a dealer or lender in Hammond that specializes in subprime credit. In most cases, they report your payments to the credit agencies. This is imperative if you want to re-establish your credit. Apply Online!

Financing Pre-Approval in Hammond: What Size Loan?

Estimating how much you can borrow is pretty easy. What you need to do is multiply your monthly income by the income factor that corresponds to your credit score. We’ve included a sample, based on Hammond’s average per capita income: $1,167.

Credit History Income Factor Amount
Excellent Credit 10 $11,670
Average Credit 9 $10,503
Temporary Bad Credit 8 $9,336
Poor Credit 7 $8,169
Very Bad Credit 6 $8,169

To figure out your own loan amount, multiply your pre-tax monthly income by the corresponding income factor.

Down payments can be made in cash or via trade-in, and typically cover anything from 5-20% of the vehicle’s sticker price. They tend to be required of borrowers who have a less than ideal history of debt payment. Obviously, financing customers with bad credit is a much riskier proposition, and a down payment makes certain that at least a percentage of the vehicle’s value is not at stake. No down payment? That’s okay. We get quite a few loan-seekers approval without a down payment.

Our application placement system will probably be able to find you a dealer, bank, or finance company who wants your business, whether you have a down payment or not.

In House Financing Dealers in Hammond

If you’ve got serious credit problems, then you most likely are familiar with buy here pay here financing. Customers who have been unable to secure financing because of seriously bad credit often end up at dealers like these. They approve people with problems like bankruptcy, foreclosure, or repossession on their record.

If possible, eschew these Hammond buy here pay here dealerships, opting instead for a car loan from a bad credit car dealership in Hammond offering better interest rates. Apply today – we have dealers waiting for your application.

Hammond Consumer Profile

Here are some average statistics for residents of Hammond.

  • Pre-Tax Income: $1,167 Per Month
  • Average Car Payment: $128 (11% of Income)
  • Recommended Car Payment: $93 to $117 (8%-10% of Income)

Consumer Credit in Hammond

Here we have a breakdown of Hammond’s population by credit score. These estimates should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 777
500-549 5% 1,943
550-599 8% 3,109
600-649 12% 4,663
650-699 15% 5,829
700-749 18% 6,995
750-799 27% 10,493
800-850 13% 5,052

Your FICO score will largely determine your rate of interest, but as long as you have sufficient income, we can usually find a dealer or lender for you, even when you need a car loan in Hammond for bad credit.