Bad Credit Auto Loans in Houma (LA)

Having your loan pre-approved is an effective way to streamline the car-buying process. Our vast, statewide network of lenders and dealers is standing by, awaiting your application. Apply online, and your loan application will enter our leading-edge placement system. There we will find you an auto loan in Houma that fits your credit and income.

bad credit auto loan HoumaBelow-average credit? Not to worry. We help you to find a dealer who wants to approve you for financing, even when your credit history is less than perfect. If you were to go from dealer to dealer, completing your application, you’ll probably face some denials. However, here at Louisiana Auto Finance, you can submit just one application, and we’ll find a lender who is ready and willing to get you in the driver’s seat. Income is their primary concern, not credit rating. To be sure, your interest rate would be lower if you had a FICO score of 700 or higher, but that’s just how the financing industry works. Don’t delay. Let us find you a lender or dealership that finances bad credit in Houma and Terrebonne Parish – online!

How big of a loan will you be able to secure? That will be determined by your income and credit rating. Below, we’ve displayed how much applicants of differing credit scores can finance, based on an income of $2,414 monthly, which is the average in Houma. Remember, these are only estimates.

Credit Income Factor Amount
Good Credit 10 $24,140
Fair Credit 9 $21,726
Subprime Credit 8 $19,312
Bad Credit 7 $16,898
Very Bad Credit 6 $16,898

Just because you’re able to borrow a particular amount, doesn’t mean you ought to. A smaller loan is highly recommended, because you will pay less interest, and your monthly installment will be reduced.

No Down Payment Deals?

Assuming you have a good credit score, then yes: you can usually buy a car with no money down. But if your credit is less than perfect, your dealer may require you to offer a payment in advance. This is because such loans represent more risk for the loan company. Delinquency is more likely, and a down payment makes certain that some percentage of the vehicle has already been paid off. Having said that, we get a lot of applicants the loan they need anyway.

We help people get into a new car everyday, even with issues like bad credit and no down payment.

How About In-House Auto Loans in Houma?

Buy here pay here dealers in Houma have grown by leaps and bounds, thanks to the down economy. These dealers approve people for financing in-house, instead of working with off-site finance companies. The rates of interest are always expensive, but they often offer guaranteed approval.

It’s usually best to eschew these dealers and opt for a bad credit auto loan online. Apply now – it takes less than 3 minutes.

Houma-Specific Income, Credit Statistics

Houma has quite a high income per capita as compared to other parts of Louisiana, thanks in part to lucrative jobs on the Gulf rigs and supporting facilities. The following are average stats for residents of Houma.

  • Gross Earnings: $2,414 Monthly
  • Average Monthly Payment: $266 (11% of Income)
  • Recommended Monthly Payment: $193 to $241 (8%-10% of Income)

Given these figures, the average Houma residents earns over $900 a month more than necessary to qualify for financing through the majority of lenders.

Houma Consumers by Credit Tier

Have you ever wondered about the credit ratings of your neighbors? We’ve calculated how many Houma residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,506
500-549 5% 3,764
550-599 8% 6,023
600-649 12% 9,034
650-699 15% 11,292
700-749 18% 13,551
750-799 27% 20,326
800-850 13% 9,787

No matter what your credit score is, we can help. We help credit-seekers of all credit scores and income brackets. That’s what we do.