CRITERIA FOR NEW CAR LOANS
($15,000-$50,000)
Effective August 15, 2024
|
Class
|
Requirements
|
Percentage
|
Term
|
% Down
|
|
A
|
Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10Years Old (From Date of Discharge)
|
8.90%
|
1-6 Years
|
5%
|
|
B
|
Debt Ratio 30% to 39.99%
No Public Records
Some (1 or 2) 30 Day Past Due
Bankruptcy 7 to 10 Years Old (From Date of Discharge)
|
9.90%
|
1-6 Years
|
5%
|
|
C
|
Debt Ratio 40% to 49.99%
Public Records
Some (3 or 4) 30 Day Past Due
Some (1 or 2) 60 Day Past Due
Bankruptcy 3 to 6.99 Years Old (From Date of Discharge)
|
10.90%
|
1-5 Years
|
10%
|
|
D
|
Debt Ratio 50% to 59.99%
Some (3 or 4) 90 Day Past Due
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)
|
12.90%
|
1-5 Years
|
15%
|
|
E
|
Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
|
14.90%
|
1-5 Years
|
20%
|
CRITERIA FOR USED CAR LOANS
($15,000-$40,000)
Effective August 15, 2024
|
Class
|
Requirements
|
Percentage
|
Term
|
% Down
|
|
A
|
Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10 Years Old (From Date of Discharge)
|
10.9%
|
1-5 Years
|
Loan value
|
|
B
|
Debt Ratio 30% to 39.99%
No Public Records
Some (1 or 2) 30 Day Past Due
Bankruptcy 7 to 10 Years Old (From Date of Discharge)
|
11.9%
|
1-6 Years
|
Loan value
|
|
C
|
Debt Ratio 40% to 49.99%
Public Records
Some (3 or 4) 30 Day Past Due
Some (1 or 2) 60 Day Past Due
Bankruptcy 3 to 6.99 Years Old (From Date of Discharge)
|
12.9%
|
1-5 Years
|
Loan value
|
|
D
|
Debt Ratio 50% to 59.99%
Some (3 or 4) 90 Day Past Due
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)
|
14.9%
|
1-5 Years
|
Loan value
|
|
E
|
Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
|
20%
|
1-5 Years
|
Loan value
|
CRITERIA FOR SIGNATURE LOANS
Effective August 15, 2024
|
Class
|
Requirements
|
Percentage
|
|
A
|
Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10 Years Old (From Date of Discharge)
|
11%
|
|
B
|
Debt Ratio 30% to 39.99%
No Public Records
Some (1 or 2) 30 Day Past Due
Bankruptcy 7 to 10 Years Old (From Date of Discharge)
|
13%
|
|
C
|
Debt Ratio 40% to 49.99%
Public Records
Some (3 or 4) 30 Day Past Due
Some (1 or 2) 60 Day Past Due
Bankruptcy 3 to 6.00 Years Old (From Date of Discharge)
|
15%
|
|
D
|
Debt Ratio 50% to 59.99%
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)
|
17%
|
|
E
|
Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
|
21%
|
Tuition Loans 6.9% for 10 Months
Share Secured Loans 6.9% for 4 Years
Effective August 15, 2024
APPLY FOR A LOAN
Print out the form and bring it to the office at 1350 Port of New Orleans Place, New Orleans, LA 70130 no later than 12:00 noon on Tuesday. The Credit Committee meets every Wednesday at 10:00 a.m.
· Loan Application Form (.pdf)