At Louisiana Auto Finance, we’re revolutionizing the approval process for residents of Monroe and Ouachita Parish as a whole. We’ve been in the automotive business for years, developing an industry-leading network of lenders and dealers, many of whom offer online approvals. The application itself takes less than three minutes to complete, and it requires less information than you might expect.
Subprime borrowers are our principal focus. There are several principal credit tiers when it comes to auto financing, and we have companies that accept applicants in each of them. If your credit score is low, your interest rate might be higher, perhaps 15-20% APR. For this reason, it’s crucial that you purchase an economical vehicle with easily-affordable monthly payments. Most people with credit problems will also be required to provide a down payment, either in cash or trade.
No Money Down?
We have dealers who fund loans for people in Monroe who don’t have a down payment. However, supplying a down payment is recommended for a number of reasons: it reduces your monthly payment, the amount of interest paid, and problems with being upside down. The optimal down payment would be 20% for a new vehicle, and 10% for a pre-owned one. With that being said, you don’t need a down payment to get pre-approved. Simply enter your down payment amount on your application, and we will probably be able to find you a lender or dealer who can work with you, even if you don’t have a down payment.
Your approved loan amount is based on your credit score and salary or wages. This table details loan amounts for people of various credit ratings, based on the average monthly income in Monroe, $747. Please bear in mind that these are only estimates.
|Credit||Income Factor||Amount Borrowed|
Just because you can borrow this amount, doesn’t mean you should. A smaller loan is advisable, because you’ll be able to pay it off more quickly.
In House Financing Car Dealers in Monroe
If you have wondered about working with a buy here pay here dealer in Monroe, because of a really low credit score, then keep in mind that a down payment will probably be required. These dealers specialize in helping people who wouldn’t be approved by a traditional lender. Everything is paid to the dealer directly, and the vehicles they sell typically cost less than $10,000. It’s usually best to steer clear of these dealerships in favor of a bad credit car loan online. Apply online – we have dealers awaiting your application.
Monroe-Specific Credit, Income Numbers
As a resident of one of the “Twin Cities” of Northeast Louisiana, you know that this entire part of the state was hit hard by the recent recession. Listed below are some average statistics for residents of Monroe.
- Pre-Tax Income: $8,964 Per Year
- Average Car Payment: $82 (11% of Income)
- Ideal Monthly Payment: $60 to $75 (8%-10% of Income)
As you can see, income is quite low on a per-capita basis. Unfortunately, low income often corresponds with low credit scores. Below we have our estimations of the number of residents who fall into each FICO range.
|FICO Score||% of Population||Residents|