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Auto Loans in Woodbridge (VA)

Investing in a new car is a major commitment, but if you are intelligent about how you deal with the financial part of the equation, it can save you a lot of money in the end. We serve shoppers in Woodbridge on a regular basis who want to arrange their auto loans on the web. We will match you with a lending consultant who can help you line up the loan necessary for the vehicle you desire.

Bad Credit Car Dealers in Woodbridge, VA

It is advisable to keep away from buy here pay here lots, which are known for predatory auto lending. There are larger dealerships that arrange loans through banks, credit unions, and finance companies–all of which must adhere to more stringent state and federal guidelines. Generally, these dealerships offer:

  • Interest rates that are reasonable.
  • Down payments that are realistic.
  • New vehicles, not just used ones.

You may not be eligible to finance all the cars on the lot. With bad credit, you can get approved for 6 to 8 times the amount you earn per month. For the Woodbridge consumer who makes $3,178 each month, this is $19,068 to $25,424. At the same time, just 8% of your income ($254) should be earmarked for your car payment, which will probably restrict what you can spend.

A finance expert is standing by, waiting to determine how much you’re qualified to borrow, and at what rate. To begin, simply apply online.

Woodbridge APR Rates: How to Minimize Them

If you’d like to spend less on your vehicle, take action to lower your rate of interest. This could result in big savings. As an example, an auto loan of $28,602,paid off in 60 months at 3.50% APR, would cost you $2,617 in interest. It would cost you $5,379 at 7.00% APR, and $8,711 at 11.00%. From 3.50% to 11.00% APR, your monthly payment would catapult from $520 to $622.

A higher credit score will result in lower rates of interest on all lines of credit, not just car and truck loans. At annualcreditreport.com, you can check your report once each year, free of charge, and contest any errors you find, possibly giving you a better credit score. Also, paying down any existing debt can bring down your debt-to-income ratio, thereby reducing your rate of interest. Don’t resort to a long-term loan simply to keep your payments low. The shorter your loan is, the lower your rate will be. Loan amount, in relation to the cost of the vehicle, is an additional factor. A larger down payment makes for a lower loan-to-value ratio, thereby decreasing the interest rate you’re charged.

Buy Here Pay Here Dealerships in Woodbridge, VA

Car dealers in Woodbridge that offer in-house financing have a few things in common:

  • They grant auto loans direct to the consumer.
  • They don’t pull your credit.
  • They want you to make payments each week, often at the lot.

For folks with really bad credit, Woodbridge buy here pay here car lots tend to be the only way to go, even though there are a number of downsides:

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

Which Cars Are Ideal For Woodbridge Consumers

It really is easy to finance a more expensive car than you really should. A maximum of 8% of your income each month should be spent on your loan payment. For consumers in Woodbridge, having an average income of $3,178, this is $254.

Prime Credit Okay Credit Subprime Credit
Payment $254 $254 $254
Rate 3.50% 7.00% 11.00%
Down Payment $3,494 $3,210 $2,923
Loan Amount $13,976 $12,840 $11,693
Total Interest $1,279 $2,415 $3,561
Total with Interest $18,748 $18,464 $18,178
Vehicle Price $17,469 $16,050 $14,617


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