Bad Credit Auto Loans in Lafayette (LA)

Whether your credit is good or bad, financing a car in Lafayette can be a confusing process, but we’re here to help you each step of the way. Our system is fast, safe, and effective. Clients with sufficient income have a 90% chance of getting financed. When you submit your application, our network of dealers and finance companies compete to fund your loan. Truly, there is no better way to get a car loan here in “The Heart of Cajun Country,” particularly if your credit has been through the ringer.

Working with a Lender or Dealer That Finances Bad Credit

auto loanHave you got a FICO score of 620 or less? Don’t worry. Less-than-perfect credit is not a problem. If you went from lender to lender, completing your application, you may be turned down more than once. But with our service, you can apply just once, and we’ll find a lender willing to approve you for a bad credit car loan. Income is their primary concern, not credit rating. Most finance companies do require applicants with less-than-perfect credit to provide a down payment; however, most of our clients get approved the same day they apply. If you have subprime credit, you’ll typically have your application placed with a Lafayette bad credit car dealer or auto finance company. These types of companies do report your installments to the credit reporting agencies. This is great if you want to restore your credit!

Determining Your Loan Amount

Of course, the amount you borrow has a tremendous impact on the type of vehicle you can purchase, so it’s always an important question. The following table details loan amounts for people of a variety of credit ratings, given an income of $1,132 per month, the average for Lafayette residents. Please be aware that these are only estimates.

Credit Income Factor Amount Borrowed
Excellent Credit 10 $11,320
Fair Credit 9 $10,188
Slow Credit 8 $9,056
Bad Credit 7 $7,924
Horrible Credit 6 $7,924

To find out how much you can borrow, multiply your monthly income by the applicable income factor.

Lafayette bad credit car dealerDown payments can be made in cash or trade equity, and typically cover anything from 5-20% of the vehicle’s price. They are frequently required of individuals who have a subpar history of debt repayment. As you can imagine, financing customers with credit problems is a much riskier process, and a down payment makes certain that at least a percentage of the loan has already been secured.

In House Financing Dealers in Lafayette

For those who have been through bankruptcy or foreclosure, you have possibly considered going to one of the “buy here pay here” car lots in Lafayette. Shoppers who cannot secure financing because of seriously bad credit often resort to dealers like these. They specialize in helping people with issues like bankruptcy or repossession within the last 12 months. We recommend that you avoid such car lots at all costs. Why not opt for an auto loan from a bad credit dealership in Lafayette with lower rates and terms? We can help! Apply now – let us get you approved.

Lafayette-Specific Financial Profile

Located on the edge of the Atchafalaya Basis, Lafayette’s major industries include retail, manufacturing, IT, and medical care. Although the economy has not suffered in recent years like that of New Orleans or Shreveport, many citizens have been struggling with their income and credit. This is important, because loan companies check your ability to pay (income), employment history, and debt repayment history.

  • Average Earnings: $13,587 Per Year
  • Average Monthly Payment: $125 (11% of Income)
  • Ideal Monthly Payment: $91 to $113 (8%-10% of Income)

Poor credit. It’s fairly pervasive in Lafayette and across the state of Louisiana. This table depicts the estimated number of Lafayette consumers at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 2,675
500-549 5% 6,688
550-599 8% 10,701
600-649 12% 16,052
650-699 15% 20,064
700-749 18% 24,077
750-799 27% 36,116
800-850 13% 17,389

Your FICO score will have a significant impact on your interest rate, but as long as you have sufficient income, we can usually find someone to finance you, even if you have poor credit. Let us help you secure the bad credit car loan in Lafayette you need. Go here to submit your application.