Bad Credit Auto Loans in Lake Charles (LA)

If you want to get approved for a new car or truck in Lake Charles or Calcasieu Parish, we’d be happy to help. We have years of experience in the auto finance industry, and we’ve developed an expert service that streamlines the application process from end to end. The advantages of our system are myriad:

  • Extensive Lender Network
  • Hassle-Free Online Application
  • No Fees, No Obligations
  • Low Credit Scores Approved
  • Online Status Updates

Apply online, and we’ll find you a lender based on your location, finances, credit profile, and more.

Bad Credit Car Dealerships in Lake Charles

bad credit car dealership Lake CharlesLow credit score? Not to worry. We help you to apply online and get pre-approved for your Lake Charles car loan, even when your history of credit is less than perfect. There are several main credit tiers in the auto finance industry, and we work with lenders that accept applicants in each of them. A down payment, as well as income verification may be expected for a bad credit car loan in Lake Charles. Fortunately, applicants receive their approval within minutes. If you have bad credit, you’ll probably be matched with a bad credit car dealer or subprime auto lender. Companies like these will report to the credit bureaus. This is imperative when you need to improve your credit. Apply Now!

It’s easy to estimate the amount you can borrow. All you need to do is multiply your monthly income by the income factor that corresponds to your credit score. We’ve included an example, based on the average income of Lake Charles residents, $1,390.

Credit Income Factor Sum
Excellent Credit 10 $13,900
Decent Credit 9 $12,510
Subprime Credit 8 $11,120
Poor Credit 7 $9,730
Very Bad Credit 6 $9,730

To work out your own loan amount, multiply your pre-tax monthly income by the most suitable income factor.

Zero Down Payment Deals?

Credit rating of 700 or better? Then you might not have to bother with a down payment. Of course, it’s a bit trickier for applicants with low credit scores. When dealing with subprime credit, lenders are interested in the Loan-to-Value Ratio (LTV). This is the amount borrowed in relation to the wholesale value of the vehicle.

Loan Amount Vehicle Value LTV
$10,000 $15,000 67%
$15,000 $20,000 75%
$20,000 $30,000 67%

The downturn had a significant impact on LTV’s for subprime borrowers. In 2005, it was around 100%, and slipped to about 60% in 2010. Nowadays it’s risen back to around 70%. The good news is that, as the economy improves, more and more dealers and lenders will be offering auto loans with no down payment.

Submit your application. We’ll match you with a dealer or lender willing to provide you with a loan, zero down payment necessary.

Buy Here Pay Here Car Lots in Lake Charles

Buy here pay here dealerships in Lake Charles now comprise a sizeable portion of the market, thanks to the downturn. Shoppers who have been unable to get approved for a loan because of major credit problems like bankruptcy often end up at these types of car lots. Everything is paid to the dealer, sometimes in person, and the vehicles are normally $10,000 or less. We recommend that you steer clear of these kinds of dealers and opt for a bad credit auto loan arranged through us. Submit your application – financing specialists are standing by.

Lake Charles Consumer Profile

Many people in Lake Charles and Calcasieu Parish are, as you know, employed in the petrochemical industry. This industry, combined with new aerospace positions and the five Lake Area hospitals, has given the area a much needed economic boosts. However, nearly 21% of the population lives below the poverty line – a key indicator of credit problems. Listed here are average stats for residents of Lake Charles.

  • Average Earnings: $16,680 Per Year
  • Average Monthly Payment: $153 (11% of Income)
  • Ideal Monthly Payment: $111 to $139 (8%-10% of Income)

If you’ve got below-average credit, you aren’t the only one. This table depicts how many people in Lake Charles are in each credit tier.

FICO Score % of Population Residents
300-499 2% 2,363
500-549 5% 5,908
550-599 8% 9,453
600-649 12% 14,180
650-699 15% 17,725
700-749 18% 21,270
750-799 27% 31,905
800-850 13% 15,362