Bad Credit Auto Loans in West Monroe (LA)

At Louisiana Auto Finance, we’ve streamlined the approval process for residents of West Monroe and Ouachita Parish. We have an extensive network of area lenders and dealers who offer online approvals for people of all credit types. Apply online, and we will find you a lending company based on your location, finances, credit profile, and more. If your credit isn’t perfect, you probably shouldn’t be financing a truck quite as fancy as Duck Commander CEO Willie Robertson’s decked-out Chevy, but we can help you find a vehicle that suits your budget and won’t break the bank.

Dealers in West Monroe That Finance Bad Credit

A bad credit score isn’t typically a problem. In fact, we specialize in assisting customers with credit problems of all kinds. These may include everything from minor slipups like late payments to Chapter 7 or 13 bankruptcies. We can help you get financed by a bad credit dealership or lender in West Monroe, Monroe, or elsewhere in Northeast Louisiana. Given your credit, your rate of interest might be higher – this is just a fact of the auto finance industry. For this reason, it is absolutely vital that you opt for an economical car or truck with easily-affordable monthly payments. Let us get you approved – online!

Car Loan Amounts for West Monroe Customers

The chart below depicts an array of loan amounts, based on a monthly income of $1,949, the average in West Monroe. These numbers are merely approximations. You may qualify for a different amount. Speak to a vehicle finance agent for additional information.

Credit Rating Income Factor Amount Borrowed
Excellent Credit 10 $19,490
Average Credit 9 $17,541
Slow Credit 8 $15,592
Poor Credit 7 $13,643
Horrible Credit 6 $13,643

Again, these are just estimates. For a definitive quote, you must submit your application.

West Monroe Car Loans, No Down Payment?

We have many lenders in our network who offer car loans with no money down, even for people with bad credit. However, supplying a down payment is a good idea for a number of reasons: it lowers your payment amount, the amount of interest paid, and problems with negative equity. Listed below are the suggested down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

Even so, you no longer need a down payment to get pre-approved. We get clients financed everyday, even with no credit or down payment. Get approved now!

In House Financing Dealers in West Monroe

If you have a very low credit score, then you probably know about buy here pay here sales. These dealers specialize in helping consumers who have been rejected by traditional lending companies. The rates of interest are always expensive, but they often offer guaranteed approval.

It’s usually best to eschew such dealerships in favor of a bad credit auto loan arranged through us. Apply now – let us get you approved.

West Monroe Consumer Profile

Credit ratings are just part of the picture. Creditors look at your ability to pay (income), employment history, and individual credit history.

Below are some average stats for residents of West Monroe.

  • Average Salary: $1,949 Per Month
  • Average Car Payment: $214 (11% of Income)
  • Recommended Car Payment: $156 to $195 (8%-10% of Income)

Consumer Credit in West Monroe

If you have subprime credit, you’re not alone. This table depicts the estimated number of West Monroe residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,021
500-549 5% 2,552
550-599 8% 4,084
600-649 12% 6,126
650-699 15% 7,657
700-749 18% 9,188
750-799 27% 13,783
800-850 13% 6,636

If your credit puts you in one of the lower ranges, don’t be concerned. We have lenders who serve each of these credit tiers, as well as residents of Monroe and the entirety of Northeastern Louisiana.