Get an Auto Loan Quote

Auto Loans in Charlottesville (VA)

Have you been thinking of getting your car loan pre-approved? You ought to, as there are many advantages:

  • A shorter time spent on the dealer lot.
  • Likelihood of a more affordable interest rate.
  • Personalized dealer appointment.

We help clients in Charlottesville every day, helping them arrange their financing via the internet. You will enjoy the convenience of having a dedicated lending professional to answer your questions and line up your loan.

Car Loan Charlottesville VA

Charlottesville Car Dealerships That Accept Bad Credit

Given the surge in bad credit in the wake of the economic crisis, a greater number of dealerships now have finance departments that specialize in subprime financing. Whenever you have poor credit, there are certain things to be expected:

  • Rates of interest that are more expensive.
  • Down payments that are larger.
  • Loans that are smaller.

Having said that, remember you’re getting not just a car, but also the chance to improve your credit. At Motive Auto Finance, we work with many such dealerships, and when you apply online, we can match you with one who wants to accept you for financing.

No Down Payment Car Loans in Charlottesville?

Even if your credit pretty good, having no money down can be a hindrance when trying to finance a car. Lenders want you to provide money upfront, because it will minimize risk of the loan, meaning a reduced interest rate.

On the other hand, we are well aware that saving this much cash is challenging. Many times, people go ahead and sell their old vehicle to a cash buyer, then use the money as a down payment.

Tote The Note Dealers in Charlottesville, VA

Car lots in Charlottesville that offer in house financing have several commonalities. They…

  1. Grant car loans on site.
  2. Don’t require credit checks.
  3. Want you to make your installment payments every week, often in person.

If you have horrible credit, Charlottesville in house financing dealerships tend to be the only option, even though Virginia poor credit auto loans from credit unions and banks typically come with more affordable rates.

What Car Should You Buy?

It is tempting to purchase a higher priced car than you really ought to. Take a look at the following estimations, displaying how much car the average Charlottesville consumer can afford based on an income of $1,378 each month, a payment of $110, and a repayment term of 5 years.

Prime Credit Fair Credit Subprime Credit
Car Payment $110 $110 $110
Loan Rate 3.50% 7.00% 11.00%
Money Down $1,515 $1,392 $1,268
Total Interest $555 $1,047 $1,544
Total Paid $8,129 $8,006 $7,882
Sticker Price $7,575 $6,959 $6,338

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