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Auto Loans in Stafford (VA)

If you’re searching for a new car, chances are you are going to need an auto loan to cover the full cost of the vehicle. We enable you to submit your application via our secure platform. We assign you a finance specialist who will work tirelessly to get you the car loan you need.

Stafford Car Lots That Accept Bad Credit

Have you considered where you could buy your next car or truck? When you’ve got damaged credit, you typically need to buy your vehicle from a dealer, not a private individual, simply because lenders almost never approve private party loans for people who’ve credit that isn’t perfect. Fortunately, there are dealers that specialize in poor credit. Just like any subprime loan, expect:

  • Increased interest rates.
  • Bigger down payment requirements.
  • Smaller loan amounts.

With that being said, the experience is better than that of a buy here pay here car lot, and your vehicle will in all probability cost you less in the end. At Motive Auto Finance, we work with many such dealerships, and you can get pre-approved by applying online.

Verification Requirements for Stafford Borrowers

In order to keep your time at the dealership as short as possible, it’s necessary to provide all the requested documentation.

  • Driving License: If you haven’t got a license, chances are most lenders will be unwilling to finance you.
  • Proof of Income: Pay stubs help your lender to confirm the income you claimed in your application.
  • Proof of Insurance: Liability coverage will not be sufficient, not for a financed vehicle. Lenders require you to have comprehensive coverage, and if you drop this coverage, they will buy a policy themselves and add the premium to your monthly payment.
  • Proof of Residence: In case you fall behind and the vehicle has to be repossessed, lenders have to be sure that they know where you live.
  • References: Typically required if you’ve got adverse credit. They allow the lender to make sure your information is correct.

When you contact a lending consultant, they will tell you which documents are needed.

Stafford Buy Here Pay Here Dealers

For people who have severe credit problems on account of bankruptcy or foreclosure, buy here pay here financing could very well sound like a good option. It’s true, they don’t pull your credit, meaning your credit problems shouldn’t be a barrier, but chances are high you’ll pay more than you should for this opportunity.

In most cases, higher-mileage vehicles are the only thing for sale, and dealers may expect you to make payments weekly, at the dealership. The numbers of vehicles being repossessed are staggering, as are the interest rates. That isn’t all: these dealers rarely report back to the credit bureaus, so you could make each and every payment punctually without helping your credit score.

How Much You Should Pay for a Car

The right car, price-wise, will depend largely on your income and interest rate. Take a look at these scenarios, which indicate how much the Stafford consumer ought to spend based on an income of $1,960 per month, a car payment equivalent to 8% of this income ($157), and a finance term of 5 years.

Exceptional Credit Okay Credit Subprime Credit
Payment Amount $157 $157 $157
APR 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $2,155 $1,980 $1,803
Amount Borrowed $8,619 $7,919 $7,212
Total Interest $789 $1,489 $2,196
Total Paid $11,563 $11,388 $11,211
Sticker Price $10,774 $9,898 $9,015

Used Cars for Sale in Stafford, VA

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