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For the majority of consumers in New Orleans, financing is essential to buying a new car, truck, or SUV. Unfortunately, securing financing can be a major headache, particularly if your credit isn’t very good. Plenty of finance professionals recommend obtaining your financing before stepping foot on the dealer lot.

This is especially useful for people who have below-average credit, as a selection of dealerships will consider your credit, a number of of which specialize in subprime lending.

Auto Loan Rates in New Orleans

The majority of lenders only show you the lowest rate they offer, only available to people with great credit. The truth is, your interest rate can vary hugely based on your credit score, among other variables. The rates shown below are only for informational purposes. They’re not advertisements, and your exact rate will vary.

FICO Rating New Car Used 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 Car Auto Loans in New Orleans

You’ll see that the interest rates for a used car are more expensive than the rates for a brand new one. Then again, new cars and trucks depreciate so quickly, used cars are usually a better investment. You can finance a solid pre-owned vehicle for a small fraction of the cost of a new one.

Years Old Price APR Months Payment Interest Total
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 most individuals, a used car is the way to go. Most lenders allow you to finance a pre-owned car up to 10 years old, sometimes a bit less, and some cap the miles at 100K miles.

Bad Credit Car Loans in New Orleans

Less-than-perfect credit will make it tough to finance a car, but it isn’t inconceivable. When determining your annual percentage rate, finance companies assess your history with previous car loans and leases. Fortunately, you can now find loan providers who cater to people with weak credit.

On-site financing is a second option, available at New Orleans’s buy here pay here car lots. While you probably won’t have difficulty getting financed, it’ll cost you handsomely for the opportunity.

You should steer clear of these dealerships if at all possible, and secure an auto loan via the web. There are lots of benefits: superior interest rates, considerably better service. Plus, if you make your payments when they’re due, an improved credit score.

Contact an auto finance professional in your area today.

New Orleans Credit Restoration

Interest can account for a big percentage of your payment each month, particularly if your FICO score isn’t very good. Is your credit report marked by any errors? These can harm your credit score more than you might expect. Fortunately, it’s free to check your credit report each year at www.annualcreditreport.com. New Orleans has several credit repair firms that can help you fix these kinds of mistakes, or you can reach out to the services yourself. If you don’t have a good credit rating, having someone with a favorable credit record cosign your auto loan could give you a more affordable interest rate.

No Down Payment Auto Loans in New Orleans

Are you hoping to purchase a car or truck in New Orleans without any down payment? If you’ve got exceptional credit, a down payment is typically optional. If you haven’t got great credit, it is best to start setting aside money for a down payment, or you could find yourself paying an excessive interest rate. That said, when you apply online, there are many lenders and car dealers that will offer no money down car loans for folks without optimal credit.

New Orleans Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip,Telephone” data=”African Methodist Episcopal FCU,2138 St Bernard Ave,70119,(504) 948-4253,Arabi Sugar Workers,11448 N Easterlyn Cir,70128,(504) 522-2525,ASI FCU,1452 Louisiana Ave,70115,(504) 891-8165,ASI FCU,4137 S Carrollton Ave,70119,(504) 482-2986,ASI FCU,3221 Behrman Pl,70114,(504) 363-0215,ASI FCU,4646 Michoud Blvd,70129,(504) 254-6144,ASI FCU,301 Magazine St,70130,(504) 522-9811,Caano Employees,P O BOX 20156,70141,(504) 466-5727,Campus,433 Bolivar St #102,70112,(504) 568-8425,Campus Federal Credit Union,433 Bolivar St,70112,(504) 568-8425,Claver,P.O.BOX 56818,70156,(504) 988-1182,Coast Guard Employees,Hale Boggs Federal Building 500 Po,70130,(504) 671-2287,Coast Guard Employees,Hale Boggs Federal Building,70130,(504) 671-2287,Coastland,846 Howard Ave,70113,(504) 834-2780,Coastland,200 Henry Clay Ave,70118,(504) 834-2780,Eagle Louisiana,6400 St Claude Ave,70117,(504) 682-6636,First Castle,7400 Leake Ave,70118,(504) 862-2561,G G W,2128 Jackson Ave,70113,(504) 522-2525,Greater New Orleans,333 Canal St,70130,(504) 459-8240,Greater New Orleans,2812 Canal St,70119,(504) 459-8220,Gte Federal Credit Union,2619 Canal St,70119,(504) 821-6663,Gte Federal Credit Union,5550 Crowder Blvd,70127,(504) 244-3299,Homeland,1515 Poydras St,70112,(504) 522-3974,Hope,1726 Oretha C Haley Blvd,70113,(504) 581-4673,Internal Revenue,1555 Poydras St #250,70112,(504) 523-3756,Internal Revenue,1555 Poydras St,70112,(504) 523-3756,Jefferson Parish Employees,1221 Elmwood Park Blvd #207,70123,(504) 736-6144,Jefferson Parish Employees,1221 Elmwood Park Blvd,70123,(504) 736-6144,Judicial & Justice FCU,500 Poydras St #718,70130,(504) 568-1192,Judicial & Justice FCU,501 Magazine Street Rm 720,70130,(504) 568-1192,La Capitol,2300 General Meyer Ave,70114,(225) 342-5055,La Capitol Federal Credit Union,3197 Richland Rd,70114,(504) 888-4290,Lae First District FCU,1127 N Galvez St,70119,(504) 821-1374,Louisiana Central,824 Elmwood Park Blvd #100,70123,(504) 733-0789,Louisiana Central,824 Elmwood Park Blvd,70123,(504) 733-0789,Michoud,PO BOX 29304,70189,(504) 257-4205,N.O. Port Commission Employees,P O BOX 60046,70160,(504) 528-3279,N.O. Port Commission Employees,1350 Port of New Orleans Pl,70130,(504) 528-3279,Navy Federal Credit Union,2300 Gen Meyer Ave,70142,(888) 842-6328,Navy Federal Credit Union,4400 Dauphine St,70146,(504) 949-4757,New Orleans Police Department Emp.,715 S Broad St #408,70119,(504) 658-5570,New Orleans Public Belt Railroad,P O BOX 11231,70181,(504) 896-7477,New Orleans Public Belt Railroad,4822 Tchoupitoulas St,70115,(504) 896-7477,Noda,13800 Old Gentilly Rd,70129,(504) 426-6632,Ochsner Clinic,1514 Jefferson Hwy #300,70121,(504) 842-4518,Orleans Parish Criminal Sheriffs,2614 Tulane Ave,70119,(504) 827-6705,Post Office Employees’,701 Loyola Ave,70113,(504) 523-4638,Riverland,639 Loyola Ave #220,70113,(504) 576-5800,Riverland Credit Union,1514 Jefferson Hwy,70121,(504) 733-8495,S P Federal Credit Union,100 Garden Rd,70123,(504) 436-8649,Sacred Heart,p o box 19413,70119,(504) 836-6122,Sacred Heart Federal Credit Union,209 S Rendon St,70119,(504) 822-6578,Sewerage & Water Board Employees,625 St Joseph St,70130,(504) 585-2014,Shell New Orleans FCU,PO Box 60193,70160,(504) 728-4853,Shell New Orleans FCU,p100 701 Poydras St,70139,(504) 728-4853,Shell New Orleans FCU,701 Poydras St,70139,(504) 728-0191,Southeast Louisiana Veterans Health,1555 Poydras St #180,70112,(504) 522-5009,Southeast Louisiana Veterans Health,1555 Poydras Street Stuite#180,70112,(504) 522-5009,Teamsters Local Union #270,701 Elysian Fields Ave,70117,(504) 945-3152,The New Orleans Firemens,5163 General De Gaulle Dr,70131,(504) 391-1568,The New Orleans Firemens,1440 Canal St,70112,(504) 889-6965,The New Orleans Firemens,1050 S Jefferson Davis Pkwy,70125,(504) 304-2296,Total Community Action,1422 S Jefferson Davis Pkwy,70125,(504) 872-0351,Tulane/Loyola,1440 Canal St #101,70112,(504) 988-7420,Tulane/Loyola,8200 Hampson St,70118,(504) 862-8400,Tulane/Loyola,6363 St Charles Ave,70118,(504) 865-2151,US Customs Employees Credit Union,365 Canal St,70130,(504) 522-3974,Vahnols Federal Credit Union,1601 Perdido St,70112,(504) 522-5009,Xavier University,1 Drexel Dr,70125,(504) 528-7989″][/tboot_table]

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