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CRITERIA FOR
NEW CAR LOANS
($15,000-$50,000)
Effective March 1,
2019
|
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
|
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)
|
5.90%
|
1-6 Years
|
7%
|
|
C
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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
|
11%
|
|
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)
|
8.90%
|
1-5 Years
|
16%
|
|
E
|
Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
|
10.90%
|
1-5 Years
|
21%
|
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CRITERIA FOR USED CAR LOANS
($15,000-$40,000)
Effective March 1, 2019
|
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)
|
7.9%
|
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)
|
8.9%
|
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)
|
9.9%
|
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)
|
11.9%
|
1-5 Years
|
Loan value
|
|
E
|
Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
|
17%
|
1-5 Years
|
Loan value
|
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CRITERIA FOR
SIGNATURE LOANS
Effective March 1, 2019
|
Class
|
Requirements
|
Percentage
|
|
A
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Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10 Years Old (From Date of Discharge)
|
7%
|
|
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)
|
10%
|
|
C
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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)
|
11%
|
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D
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Debt Ratio 50% to 59.99%
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)
|
14%
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E
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Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval
|
17%
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Tuition Loans 2.9% for 10 Months
Share Secured Loans 2.9% for 4 Years
Effective
March 1, 2019
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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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