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Auto Loans in Manassas (VA)

Poor credit is a problem for 1 in 4 Virginia car-shoppers. Because of how many banks and lenders in Manassas have been neglecting people who’ve got bad credit, it could take longer than you’d like to find a lender all on your own. The good news is, we are here to help.

In less than one minute, we can put you in touch with a financing professional in Manassas.

Bad Credit Car Dealerships in Manassas, Virginia

If you are trying to find a car dealer in Manassas that takes low credit scores, you’re in the right place. Just like any subprime loan, there are certain things to be expected:

  • Steeper APR rates.
  • Significant down payments.
  • Tighter lending terms.

But keep in mind, it’s much better than any alternative, and if you make your payments on time and in full, you can boost your credit score as well. There are many such dealerships in our network, and they want to get you the car you deserve. Go here to apply online.

Manassas Car Loan Rates: How to Minimize Them

Paying a more affordable rate of interest will result in a lot of money saved. To illustrate, you’ll pay $3,122 in total interest a $34,119 loan financed for 5 years at an interest rate of 3.50% APR. At 7.00% APR, you’d pay $6,417, and at 11.00%, $10,391. What’s more, your payment would climb from $621 to $742.

A stronger credit score will lead to lower rates of interest not just on car loans, but other lines of credit as well. At Annual Credit Report, you can check your report once each year, free-of-charge, and contest any errors you find, possibly increasing your credit score. Also, lenders take into account both your income and existing debts. If you pay off any existing debts, you will reduce your debt-to-income ratio (DTI), which will result a lower rate of interest. Financing your vehicle for 60 months or less will result in a lower rate than a repayment term of 72 months or more, and it will reduce negative equity. As a final point, keep in mind that a bigger down payment will lessen your loan-to-value ratio (LTV)–yet another rate-reducing factor.

Buy Here Pay Here Car Lots in Manassas, Virginia

Considering financing a car through a BHPH dealer on account of bad credit? Usually, there are better alternatives. Nearly all dealer finance is outsourced, in that dealerships work with banks and lenders with whom they have relationships to supply the loans, but BHPH dealers don’t. They determine who gets financed on site, typically with no credit check.

Alas, you should be prepared for excessive rates of interest, expensive down payments, and vehicles that cost too much given their mileage and condition. There is a reason why these retailers have a lousy reputation. We can match you with dealer finance specialist who can get you in the car or truck you need, even if your credit is horrible.

Cars in Manassas That Fit Your Budget

Car lots in Manassas are loaded with vehicles that you can buy, but which you probably shouldn’t. You should really spend, at the most, in the neighborhood of 8% of your income each month on your car payment. For residents of Manassas, having an average income of $3,791, this is $303.

Good Credit Okay Credit Subprime Credit
Income $3,791 $3,791 $3,791
Payment Amount $303 $303 $303
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $4,168 $3,829 $3,487
Note Size $16,671 $15,316 $13,949
Total Interest $1,526 $2,881 $4,248
Price with Interest $22,365 $22,026 $21,684
Car Price $20,839 $19,145 $17,436

Zipcode Make Model Minimum Price Maximum Price Condition
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