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Are you looking to purchase a new or used vehicle in Louisiana, and need to finance it? If you’ve got brilliant credit, this is an easy process. For those who have poor credit, however, it can be a major hassle. Countless financial specialists recommend applying for your financing ahead of time. Lenders and dealers will vie to finance your credit, putting you in the driver’s seat of the approval process.

Car Loan Rates in Louisiana

What will your APR be? In fact, your annual percentage rate varies greatly based on your credit score, as well as other factors. The rates shown below are only for informational purposes. They aren’t advertisements, and your precise rate could deviate vastly from what’s seen below.

Credit Rating New Car Pre-owned Car
Excellent 3.1% 3.5%
Good 4.8% 5.2%
Average 7.0% 7.7%
Subprime 9.5% 9.6%
Bad 13.4% 13.6%
Very Bad 14.3% 15.1%

Used Auto Loans in Louisiana

Yes, the loan rates for a used car are more expensive than the rates for a brand new one. With that being said, it’s smart to finance a second hand car or truck, as the overall cost will be substantially less. Have a look at the comparison below.

Years Old Price APR Months Payment Interest Total Cost
New $27,600 6.00% 60 $533.59 $4,415 $32,015
1 Year $22,080 7.50% 60 $442.44 $4,466 $26,546
2 Years $18,768 7.50% 60 $376.07 $3,796 $22,564
3 Years $15,953 7.50% 60 $319.66 $3,227 $19,180

For the majority of us, a pre-owned car is the way to go. Companies charge higher rates for used cars, but in many instances, you only need 10% down, and the insurance premiums are less expensive.

Bad Credit Car Loans in Louisiana

Credit rating is a key factor when it comes to approval and rate of interest. When setting your APR, banks and finance companies pay particular attention to your history of managing past auto loans and leases. In the old days, companies were scarce who would finance people with below-average credit. Now many loan providers, not to mention some banks and credit unions, have special finance divisions. In Louisiana, buy here pay here dealers wind up assisting people with major credit problems of one variety or another. While you probably won’t have problems getting financed, you’ll be charged handsomely for the privilege.

If you can, you’ll want to obtain your auto loan through one of these lenders:

  • National or regional bank.
  • Credit union local to you.
  • Auto finance company.

A car dealership or finance expert can help you get financed through one of these loan companies. The down payments are more affordable, as well as the loan rates, and the service is much better.

Best of all, you can complete your application online.

Louisiana Resources