CRITERIA FOR NEW CAR LOANS
($15,000-$50,000)
Effective June 22, 2010

 

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)
3.90% 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)
4.90% 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)
5.90% 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
7.90% 1-5 Years 15%
E Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
9.90% 1-5 Years 20%

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CRITERIA FOR USED CAR LOANS
($15,000-$40,000)
Effective June 22, 2010

 

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)
5.9% 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)
6.9% 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)
7.9% 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
9.9% 1-5 Years Loan value
E Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
15% 1-5 Years Loan value

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CRITERIA FOR SIGNATURE LOANS
Effective March 01, 2009
 

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)
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)
8%
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)
9%
D Debt Ratio 50% to 59.99%
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)
Need Board Approval
12%
E Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
15%


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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.

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