Bad Credit Auto Loans in Shreveport (LA)

We know that auto financing can be a hassle. That’s why we built our loan-matching technology. We have relationships with subprime lenders and bad credit car dealers in Shreveport who want to approve you for financing – this week! Here is how the process works:

  1. Take a couple of minutes to submit our credit application.Shreveport
  2. Log in to your email for your approval status.
  3. Speak with your lender about your rate of interest and terms.
  4. Complete any remaining paperwork.
  5. Now you can select your vehicle from a nearby dealer.

The main requirement? A monthly income of $1500 per month, before taxes. With clients who have sufficient income, we have a success rate of 90% for pre-approval. Both used and new car sales are supported, but private party purchases are not.

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FICO Scores Considered Subprime

Bad credit? It’s typically defined by a FICO score of 640 or less. Scores like these can be a real roadblock when it comes to financing, but not when you apply through us. We specialize in bad credit auto loans for Shreveport consumers, matching our clients with dealers and lenders who finance bad credit in Caddo Parish, Bossier Parish, and beyond. Here are the requirements:

  • Pre-Tax Income of $1500 Monthly
  • No Repossessions in the Past 12 Months
  • Louisiana Resident with Valid Drivers License

If you meet these criteria, you have a great chance of getting approved. We can find you a bad credit car dealer or lender in Shreveport willing to approve you for financing – and since we’re compensated by the dealers for referrals, it’s free! It’s easy. Go here to submit your secure application.

What about a Down Payment?

Quite a few of our dealers work with people in Shreveport with no money down. However, a down payment is recommended because it decreases your payment amount, total interest, and problems with being underwater. The ideal down payment is 20% for a new vehicle, and 10% for a pre-owned one. Even so, dealers today realize that down payments are harder to come by these days, and may be willing to work with you even if your credit has been through the ringer.

How Much Will I Qualify to Borrow?

The chart that follows shows a range of loan amounts, based on a monthly income of $974, the average in Shreveport. These figures are just estimations. You may be eligible for more or less, depending on other factors. Consult an auto finance specialist (here) for more information.

Credit Rating Income Factor Amount
Excellent Credit 10 $9,740
Decent Credit 9 $8,766
Temporary Bad Credit 8 $7,792
Bad Credit 7 $6,818
Really Bad Credit 6 $6,818

Simply because it’s possible to borrow such an amount, doesn’t mean you should. A smaller loan is a wise idea, because it will lower the risk of default, repossession, and exacerbated credit problems.

In House Financing Dealers in Shreveport

If you’ve got really bad credit, then you probably are familiar with those buy here pay here car lots. These dealerships specialize in helping people who wouldn’t be approved any place else. They finance people with issues like open bankruptcy, foreclosure, or repossession on their records. Unfortunately, most buy here pay here dealerships can’t help people re-establish their credit. Often, it is better to apply online through us, so we can find you a car loan in Shreveport that can help improve your credit.

Shreveport-Specific Financial Profile

Shreveport suffered terribly at the hands of the recession – so much so that many lifetime residents were driven away by the lack of jobs and slow economy. Still, the city has been recovering, partially due to new job creation driven by the natural gas industry. Still, the city’s economic troubles can be seen in the average per capita income of residents, which is quite low compared to the national average.

  • Gross Income: $974 Per Month
  • Average Monthly Payment: $107 (11% of Income)
  • Recommended Monthly Payment: $78 to $97 (8%-10% of Income)

Shreveport Consumers by Credit Tier

If you have bad credit, you aren’t alone. This table depicts how many people in Shreveport are in each credit level.

FICO Score % of Population Residents
300-499 2% 4,555
500-549 5% 11,387
550-599 8% 18,219
600-649 12% 27,328
650-699 15% 34,160
700-749 18% 40,992
750-799 27% 61,488
800-850 13% 29,605