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Auto Loans in Blacksburg (VA)

A bad credit score impacts 1 out of every 4 Virginia car-shoppers. A good credit score may grant you more options, but we help you, the borrower, get approved for the car loan you need at a competitive rate.

Advantages of Virginia Bad Credit Financing

  • Superior Credit Approval Platform
  • Extensive Lending Network
  • Comprehensive Buyer Education

Auto Loan Blacksburg Virginia

Bad Credit Car Dealerships in Blacksburg, VA

Have you considered where you could buy your next car or truck? When you’ve got less-than-perfect credit, you’ll probably have to get your car from a dealer, rather than an individual seller, since most lenders don’t provide these types of loans for people with low credit scores. Good thing there are dealerships that cater to poor credit. Any time you have below-average credit, you can expect:

  • More expensive interest rates.
  • Larger down payment requirements.
  • Tighter repayment conditions.

With that being said, they will get you financed through lenders that report back to the credit bureaus–a requirement if you’re hoping to raise your credit score. We work with many of these dealerships, and they want to get you in the car you deserve. Just go here to submit your application.

Will You Need a Down Payment?

A down payment, as you might know, is the amount you owe for your vehicle at the time of signing. When you buy a used vehicle, a lower down payment is required compared to the price of your car or truck. Check out the data we’ve included.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Lost Value 0% 25% 40% 50%
Purchase Price $5,500 $4,125 $3,300 $2,750
Percentage 20% 10% 10% 10%
Down Payment $1,100 $413 $330 $275

No down payment car loans are out there, but typically they trade in their used car or truck in order to meet the lender’s down payment guidelines.

Buy Here Pay Here Car Lots in Blacksburg, VA

Referred to as buy here pay here, tote the note, or your job is your credit car dealerships, these dealerships typically have a few primary features:

  • These dealerships finance auto loans on site.
  • They don’t check your credit.
  • They want you to pay them 2-4 times per month, often at the lot.

If you’ve got horrible credit, Blacksburg in house financing car dealers are often the only real option, despite the fact that there are a variety of downsides:

  • Excessive Annual Percentage Rates
  • In-Person Payments
  • High Risk of Repossession

What Car Should You Buy?

It really is essential to go with a car or truck that won’t stretch your income every month. A maximum of 8% of your income each month should be invested in your car payment. If you live in Blacksburg and make $550 on a monthly basis, this would be $44.

Exceptional Credit Okay Credit Bad Credit
Income Per Month $550 $550 $550
Monthly Payment $44 $44 $44
Loan Rate 3.50% 7.00% 11.00%
Term 5 Years 5 Years 5 Years
Money Down $605 $556 $506
Interest Paid $221 $418 $616
Total with Interest $3,245 $3,196 $3,146
Sticker Price $3,023 $2,778 $2,530

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