We understand the hurdles you face when trying to finance a car with bad credit. It’s a good idea to work with a lender or dealer that has experience with bad credit auto loans. We’ve developed a vast network of dealers and finance companies who are helping people restore their credit through financing.
Just submit your online application, and we’ll do our best to connect you with a dealer or lender in Arlington able to offer you the loan you need.
Bad Credit Car Dealerships in Arlington, Virginia
If you are trying to find a dealer that welcomes people with low credit scores, welcome to Motive Auto Finance: we’re here to help you find the dealer that fits your credit and budget. In most cases, these larger dealers offer:
- Interest rates that are manageable.
- Down payments that won’t leave you broke.
- Vehicles that have fewer maintenance issues.
The dealer will consider your credit and income to see which models you can finance. It’s always best to go with a highly affordable, fuel-efficient vehicle having payments amounting to 10% of your income–at maximum. For people who make $1,908 per month, the average in Arlington, this would be a payment of $191.
An auto finance professional can help you determine how much you’re eligible to borrow, and at what rate. To begin, simply submit your application.
Income Verification for Arlington Drivers
When you buy a car, certain paperwork has to be provided, and when you’re suffering from below-average credit, additional documentation is often requested. Lenders need to know you’re able to drive the car or truck you’re financing, so your driver’s license is important to have. Lenders usually need to see at least two recent paystubs, but more could be called for based on your credit score. Any vehicle you finance has to be comprehensively covered by insurance until it is paid off. Address verification is yet another requirement, and a straightforward one: simply bring a copy of your lease or a water or power bill. And finally, if your credit isn’t too good, you’ll be required to produce a number of references. These are common requirements. However, this varies from one lender to the next. Consult a finance professional, and they will help you get approved.
Buy Here Pay Here Dealerships in Arlington, VA
Buy here pay here dealers ordinarily help people who have significant credit problems like:
- Chapter 7 or 13 Bankruptcy
- Home Foreclosure
- Asset Repossession
- Debt Settlement
- Tax Liens
These types of car lots offer car loans in-house, whereas most dealers outsource this, and they typically don’t check your credit.
Typically, used autos are the only thing on the lot, and dealers may require you to make payments weekly, at the lot. Repossession is a common occurrence, and the rates of interest are out of this world. For this reason, these dealerships have a dirty reputation. We can place you in the hands of subprime finance specialist who can put you in the driver’s seat, even if you have bad credit.
Rules of Thumb for Buying a Car in Arlington
When considering your monthly car payment, it’s best not to spend more than 10% of your monthly income. At the same time, you don’t want to get a loan for longer than 5 years. With a 10% monthly installment and 5-year term, you will be purchasing a vehicle that costs about half of your annual income. If you make $22,893 per year, the average in Arlington, this would be a car costing $11,448. Take note, this is the maximum you should spend. Scores of advisors advise investing just 10-30% of your income for any car you buy.