Bad Credit Auto Loans in Annandale (VA)

Here at Virginia Auto Finance, we get our clients approved for financing with no fees, no hassles, and no obligations. Every bank, dealer, or finance company has their own approval requirements, so it’s crucial that you find one that matches your needs. Here is how the process works:

  1. Apply through our website.
  2. Sign in to your new account to monitor your application status.
  3. Speak with your finance specialist about your APR and conditions.
  4. Finalize any additional paperwork.
  5. Now you can buy the car you want from a dealer in the area.

Sounds simple, right? It truly is! To begin, just submit your credit application.

What About Bad Credit?

A history of bad credit can be a roadblock to financing, but not when you submit an application through us.

As a matter of fact, we have lenders and dealers in our network who specialize in bad credit car loans. A down payment and monthly income of $1500 per month may be expected. Fortunately, applicants get approved the same day they apply. You’ll probably have your application placed with a dealer or lender in Annandale that specializes in special financing scenarios. These companies submit payment data to the credit bureaus, which is imperative if you want to rebuild your credit. It’s a simple process. Go here to submit your application online.

The table that follows shows you a wide array of loan amounts, given a monthly income of $6,146, the average in Annandale. These numbers are merely estimations. You may qualify for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan
Excellent Credit 10 $61,460
Fair Credit 9 $55,314
Slow Credit 8 $49,168
Bad Credit 7 $43,022
Horrible Credit 6 $43,022

To find out your own loan amount, multiply your pre-tax monthly income by the most suitable income factor.

Financing a Car with No Down Payment

Do you have a credit score of 700 or higher? Then you probably won’t need to worry about a down payment. If you have poor credit, however, your dealer may want you to provide a payment in advance. When dealing with subprime credit, lenders are worried about the Loan-to-Value Ratio, often called the LTV. This is the loan amount versus the wholesale value of the vehicle.

Amount Borrowed Vehicle Value LTV
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$20,000 $25,000 80%

The recession had a significant impact on the average LTV for borrowers with problematic credit, but it is back up to around 70%. The good news is that, as the automotive sector rebounds, more and more dealers and lenders will be offering car loans with zero down.

We get people into a new car all the time, even with no money down. Get approved today!

In House Financing Car Dealers in Annandale

If you’ve gone through a bankruptcy or foreclosure, you have likely thought about going to a buy here pay here dealership in Annandale. These dealers finance people whose credit has been turned down by other firms. Without a doubt, the interest rates are high, but there are fewer hurdles to getting approved.

Annandale-Specific Income, Credit Statistics

Banks, dealers, and car loan lenders are interested in more than just your credit rating. Lenders check your income, stability, and individual credit history.

Here are some average stats for residents of Annandale.

  • Average Salary: $73,747 Annually
  • Average Car Payment: $676 (11% of Income)
  • Recommended Monthly Payment: $492 to $615 (8%-10% of Income)

If you have poor credit, you’re not alone. This chart depicts the estimated number of Annandale residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,061
500-549 5% 2,651
550-599 8% 4,242
600-649 12% 6,363
650-699 15% 7,954
700-749 18% 9,545
750-799 27% 14,318
800-850 13% 6,894

Your FICO score will primarily determine your rate of interest, but provided that you have the income, we can typically find someone to finance you, even if you need a car loan in Annandale with bad credit.