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Auto Loans in Midlothian (VA)

Your credit ratings are a major factor for credit firms who fund car loans in Midlothian, and approval rates aren’t as high as they used to be. With so many loan companies turning down people due to a bad credit score, it could take quite a long time to find a loan lender who can accept your credit. Luckily, we’re here to help. On a daily basis, we help men and women in Midlothian get the auto loan they need despite:

  • A Bad Credit Score
  • No Credit
  • Bankruptcy
  • Home Foreclosure
  • Repossessions
  • Credit Card Debt

It’s our sole priority. Are you ready to get cracking? Go here to submit your application.

Midlothian Car Dealers That Accept Bad Credit

Don’t let credit stop you from buying your next car. We have access to dealers in Midlothian that won’t turned you down for an auto loan, just because your credit isn’t the best. Whenever you have less-than-perfect credit, expect steeper rates of interest and bigger down payments, together with smaller loans. On the other hand, the experience is better than that of a buy here pay here car lot, and your vehicle will almost certainly cost you less in the end. We have many such dealers in our network, and they want to get you the car you want. Just go here to apply online.

New or Pre-owned: The Choice is Yours

Used or new? It’s up to you. Brand new cars and trucks come with cheaper interest rates. However, they are priced considerably higher than their preowned counterparts, not to mention that they require bigger down payments.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Vehicle Price $41,110 $30,833 $24,666 $20,555
Down Payment $8,222 $3,083 $2,467 $2,056
Loan Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Payment $620.64 $670.95 $536.76 $447.30
Finance Fees $4,350 $4,456 $3,565 $2,971
Amount Paid $45,460 $35,289 $28,231 $23,526

Buy Here Pay Here Auto Loans in Midlothian, Virginia

The buy here pay here industry wants you to believe that they are the only ones that will finance you. However, this is hardly ever the case. It’s true, they don’t check your credit, which means bad credit probably won’t be an obstacle, but you will find yourself paying handsomely for this.

Problems with sort of financing include exorbitant interest charges and down payments, along with overpriced vehicles with ignition kill-switches to help with repossession That isn’t all: these dealerships don’t work with the credit reporting agencies, which means you could make all of your payments as agreed without making improvements to your FICO score.

Recommendations for Financing

If you don’t want to struggle to pay your lender each month, you should spend no more than 10% of your monthly income on your car payment. If you’d rather not be car poor, consider a repayment term of no more than 5 years. If you abide by these guidelines, you will find yourself buying a car which costs about 50% of your annual income. If you have an income of $49,326 per annum, the average in Midlothian, you would buy a $24,666 car. Bear in mind, this is the cap on what you should budget. Scores of professionals advise investing even less, just 10-30% of your income for the next car you buy.

Cars in Midlothian, VA

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