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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

Credit UnionStreet addressZipTelephone
African Methodist Episcopal FCU2138 St Bernard Ave70119(504) 948-4253
Arabi Sugar Workers11448 N Easterlyn Cir70128(504) 522-2525
ASI FCU1452 Louisiana Ave70115(504) 891-8165
ASI FCU4137 S Carrollton Ave70119(504) 482-2986
ASI FCU3221 Behrman Pl70114(504) 363-0215
ASI FCU4646 Michoud Blvd70129(504) 254-6144
ASI FCU301 Magazine St70130(504) 522-9811
Caano EmployeesP O BOX 2015670141(504) 466-5727
Campus433 Bolivar St #10270112(504) 568-8425
Campus Federal Credit Union433 Bolivar St70112(504) 568-8425
ClaverP.O.BOX 5681870156(504) 988-1182
Coast Guard EmployeesHale Boggs Federal Building 500 Po70130(504) 671-2287
Coast Guard EmployeesHale Boggs Federal Building70130(504) 671-2287
Coastland846 Howard Ave70113(504) 834-2780
Coastland200 Henry Clay Ave70118(504) 834-2780
Eagle Louisiana6400 St Claude Ave70117(504) 682-6636
First Castle7400 Leake Ave70118(504) 862-2561
G G W2128 Jackson Ave70113(504) 522-2525
Greater New Orleans333 Canal St70130(504) 459-8240
Greater New Orleans2812 Canal St70119(504) 459-8220
Gte Federal Credit Union2619 Canal St70119(504) 821-6663
Gte Federal Credit Union5550 Crowder Blvd70127(504) 244-3299
Homeland1515 Poydras St70112(504) 522-3974
Hope1726 Oretha C Haley Blvd70113(504) 581-4673
Internal Revenue1555 Poydras St #25070112(504) 523-3756
Internal Revenue1555 Poydras St70112(504) 523-3756
Jefferson Parish Employees1221 Elmwood Park Blvd #20770123(504) 736-6144
Jefferson Parish Employees1221 Elmwood Park Blvd70123(504) 736-6144
Judicial & Justice FCU500 Poydras St #71870130(504) 568-1192
Judicial & Justice FCU501 Magazine Street Rm 72070130(504) 568-1192
La Capitol2300 General Meyer Ave70114(225) 342-5055
La Capitol Federal Credit Union3197 Richland Rd70114(504) 888-4290
Lae First District FCU1127 N Galvez St70119(504) 821-1374
Louisiana Central824 Elmwood Park Blvd #10070123(504) 733-0789
Louisiana Central824 Elmwood Park Blvd70123(504) 733-0789
MichoudPO BOX 2930470189(504) 257-4205
N.O. Port Commission EmployeesP O BOX 6004670160(504) 528-3279
N.O. Port Commission Employees1350 Port of New Orleans Pl70130(504) 528-3279
Navy Federal Credit Union2300 Gen Meyer Ave70142(888) 842-6328
Navy Federal Credit Union4400 Dauphine St70146(504) 949-4757
New Orleans Police Department Emp.715 S Broad St #40870119(504) 658-5570
New Orleans Public Belt RailroadP O BOX 1123170181(504) 896-7477
New Orleans Public Belt Railroad4822 Tchoupitoulas St70115(504) 896-7477
Noda13800 Old Gentilly Rd70129(504) 426-6632
Ochsner Clinic1514 Jefferson Hwy #30070121(504) 842-4518
Orleans Parish Criminal Sheriffs2614 Tulane Ave70119(504) 827-6705
Post Office Employees'701 Loyola Ave70113(504) 523-4638
Riverland639 Loyola Ave #22070113(504) 576-5800
Riverland Credit Union1514 Jefferson Hwy70121(504) 733-8495
S P Federal Credit Union100 Garden Rd70123(504) 436-8649
Sacred Heartp o box 1941370119(504) 836-6122
Sacred Heart Federal Credit Union209 S Rendon St70119(504) 822-6578
Sewerage & Water Board Employees625 St Joseph St70130(504) 585-2014
Shell New Orleans FCUPO Box 6019370160(504) 728-4853
Shell New Orleans FCUp100 701 Poydras St70139(504) 728-4853
Shell New Orleans FCU701 Poydras St70139(504) 728-0191
Southeast Louisiana Veterans Health1555 Poydras St #18070112(504) 522-5009
Southeast Louisiana Veterans Health1555 Poydras Street Stuite#18070112(504) 522-5009
Teamsters Local Union #270701 Elysian Fields Ave70117(504) 945-3152
The New Orleans Firemens5163 General De Gaulle Dr70131(504) 391-1568
The New Orleans Firemens1440 Canal St70112(504) 889-6965
The New Orleans Firemens1050 S Jefferson Davis Pkwy70125(504) 304-2296
Total Community Action1422 S Jefferson Davis Pkwy70125(504) 872-0351
Tulane/Loyola1440 Canal St #10170112(504) 988-7420
Tulane/Loyola8200 Hampson St70118(504) 862-8400
Tulane/Loyola6363 St Charles Ave70118(504) 865-2151
US Customs Employees Credit Union365 Canal St70130(504) 522-3974
Vahnols Federal Credit Union1601 Perdido St70112(504) 522-5009
Xavier University1 Drexel Dr70125(504) 528-7989