What Is Considered Bad Credit in New Orleans, LA?
When you apply for any type of loan, Louisiana lenders use your credit score to decide the likelihood of you repaying it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every lender in New Orleans, LA has its own criteria for what it considers a poor credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in New Orleans, LA If I Have Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in New Orleans, LA. To begin with, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Louisiana, you may discover your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your New Orleans loan before even applying.
Do your potential interest rate and monthly payment have you sweating? You should think about improving your credit score before applying for auto loans in New Orleans, Louisiana. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in New Orleans, LA
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in New Orleans, LA. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you need to do is select your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your local New Orleans dealership with a check in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four New Orleans, LA bad credit car loans!