In search of automobile financing in Louisiana? Here at Car Loans Louisiana, we can help you get your credit approved at lower rates. Applying no money down is required.
Let’s look at how it works.
- To start, you want to submit your secure online application.
- We will try and connect you with the best Louisiana auto loan company for your needs.
- If pre-qualified, a special finance supervisor will reach out to you by phone or email.
- Finalize your car loan paperwork and select your car from a local dealer.
Visit here to apply online.
LA Credit Scores and Income
- Average LA Income: $38,229 Annually
- Average LA Credit Score: 663
- Total Vehicles Registered: 3,643,007
Minimum Louisiana Car Loan Requirements
The majority of Louisiana auto loan companies require that you hold a secure job with $1500 income a month, and your total monthly debt, inclusive of your car loan, shouldn’t exceed 50% of your earnings. For folks who live in Louisiana, this comes out to $1,593, on average.
Don’t meet these requirements? You may still be able to qualify with a co-signer, larger down payment, or even through buy here pay here financing in LA.
In terms of Louisiana auto loans, it is best to invest no more than 18 to 20% of your regular monthly wages for your installment payments, gas, and routine maintenance. For your average Louisiana motorist, this equals $573 to $637 each month. Devoting in excess of 18-20% will risk your credit score and finances. Additionally, you might want to choose a low cost car that offers good gas mileage. Oftentimes, securing a used car auto loan in Louisiana is a good idea. Used cars are more cost-effective to purchase and to insure. Plus, they depreciate a lot less rapidly than new cars and trucks. Go here for cheap used cars in Louisiana.