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Auto Loans in Virginia (VA)

A low credit score is a headache. We appreciate the complications that Virginia residents have to deal with when they’ve got bad credit. After you submit your application, we can connect you with a loan professional who will make every effort to find you the car loan you need.

Bad Credit Car Dealers in Virginia

It’s best to avoid buy here pay here car lots, which have a reputation for shady auto lending. There are more reputable dealerships that arrange loans through banks, credit unions, and finance companies–all of which are better regulated by federal and state authorities. In general, these dealers offer:

  • Reasonable APR rates.
  • Smaller down payments.
  • New and used vehicles.

Your credit and income dictates which cars you can finance. Below is an example based on the average per-person income in Virginia, $3,833 per month:

Credit Score Multiplier Loan
Excellent Credit 10 $38,329
Mediocre Credit 9 $34,496
Temporary Bad Credit 8 $30,663
Poor Credit 7 $26,830
Terrible Credit 6 $22,998

This is only an estimation. You could meet the requirements to finance a bigger or smaller amount.

A dedicated lending specialist will determine how much you’re eligible to borrow, and at what APR. Go here to submit your application.

No Down Payment Cars in Virginia?

Have you got money saved for a down payment? In many cases, one is required. Down payments result in lower risk loans, since a smaller percentage of the vehicle has to be financed. At the same time, a down payment helps you prevent negative equity.

While we may be able to get you a car loan with no down payment, we typically endorse down payments, especially for individuals with bad credit.

Your Job is Your Credit Car Lots in VA

Have you thought about getting financed at a buy here pay here dealer in Virginia? These types of Virginia in house financing dealerships supply financing on location, normally without checking the consumer’s credit. Considering they don’t rely on a traditional bank or credit union to approve the loan-seekers, they can help a diverse range of customers.

Sometimes people with very bad credit believe that an in house financing car lot is the only real establishment that will be willing to accept their credit. However, there are quite a few disadvantages:

  • High Rates Of Interest
  • Large Down Payments
  • Inability to Improve Credit Score

Improving Your Credit in Virginia

Not only does a car loan supply you with the funds required to buy your car, it can actually help you improve your credit. A car loan can beef up two major credit scoring variables:

  1. Payment History (35% of score).
  2. Credit Mix (10% of score).

Naturally, the opposite is likewise a risk: you can worsen your credit if you fail to make your payments. In order to ensure you don’t miss a payment, consider a scheduled calendar reminder or pre-arranged deductions from your bank account.