CRITERIA FOR NEW CAR LOANS
($15,000-$50,000)
Effective July 1, 2018

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)

4.90%

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)

5.90%

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)

6.90%

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)
Need Board Approval

8.90%

1-5 Years

15%

E

Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval

10.90%

1-5 Years

20%

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CRITERIA FOR USED CAR LOANS
($15,000-$40,000)
Effective July 1, 2018
 

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)

6.9%

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)

7.9%

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)

8.9%

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)
Need Board Approval

10.9%

1-5 Years

Loan value

E

Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval

16%

1-5 Years

Loan value

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CRITERIA FOR SIGNATURE LOANS
Effective July 1, 2018 

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)

6%

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%

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)

10%

D

Debt Ratio 50% to 59.99%
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)
Need Board Approval

13%

E

Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval

16%


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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)

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