Bad Credit Auto Loans in Danville (VA)

We understand that auto financing can be a hassle. That’s why we launched our loan-matching technology. The advantages of our platform are myriad:

  • Vast Dealer Network
  • Stress-Free Online Application
  • Zero Fees or Commitments
  • All Credit Tiers Approved
  • Same Day Financing for Qualified Applicants
  • Convenient Status Updates

Here is how it all works:

  1. Take a couple of minutes to complete your online application.
  2. Log in to our status center to keep track of your application status.
  3. When your application has been placed, get in touch with your dealer or lender to complete your documentation.
  4. Now you can purchase the car you want.

Sounds simple, right? That’s because it is! To get started, just submit your finance application.

Subprime financing is an important part of what we do. We have lenders and dealers who work with low credit, and they want to grant you your Danville auto loan. To be sure, your interest rate won’t be as low as someone with a FICO score of 700 or higher, meaning it’s imperative that you opt for an inexpensive vehicle with low monthly payments. We can get you approved for financing by a bad credit car dealership in your area – today! There are no obligations when you apply through us, and no hassles. Just submit your online credit application.

Car Loan Pre-Approval: How Much?

How much will you be able to borrow? That will be dictated by your income and credit score. This table details how much consumers of different credit scores can borrow, given the average monthly income in Danville, $1,256. Remember, these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $12,560
Decent Credit 9 $11,304
Temporary Bad Credit 8 $10,048
Bad Credit 7 $8,792
Really Bad Credit 6 $8,792

Of course, these are approximations. For an exact quote, please submit your application.

No Down Payment Deals?

Assuming you have good credit, then yes: you can usually finance a car without providing a down payment. Of course, it’s somewhat harder for consumers with below-average credit. At this stage, the Loan-to-Value ratio becomes important. Divide the amount borrowed by the wholesale value of the car or truck being financed. This is the LTV.

Amount Financed Vehicle Value Loan-to-Value
$12,000 $15,000 80%
$15,000 $17,500 86%
$20,000 $30,000 67%

The lower the LTV, the less risk for the lender. What’s promising is that, as the automotive industry recovers, more dealers and lenders will be offering auto loans in Danville with zero down.

Apply online. We’ll match you with a lender or dealer willing to offer you a loan, zero down payment needed.

Buy Here Pay Here Car Dealers in Danville

If you’ve been through bankruptcy or foreclosure, you’ve likely considered going to one of the buy here pay here dealerships in Danville. Dealers like these make credit decisions on-site, instead of working with banks or lenders. Of course, the annual percentage rates are high, but there aren’t many obstacles to approval.

Danville Consumer Profile

Dealers and lenders are concerned with more than just your FICO rating. Lenders consider such things as:

  • Income
  • Job Stability
  • Payment History

Here are average stats for Danville residents.

  • Pre-Tax Salary: $15,072 Annually
  • Average Car Payment: $138 (11% of Income)
  • Recommended Car Payment: $100 to $126 (8%-10% of Income)

Have you ever wondered about the credit ratings of your community as a whole? We have calculated how many Danville residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,299
500-549 5% 3,247
550-599 8% 5,195
600-649 12% 7,793
650-699 15% 9,741
700-749 18% 11,689
750-799 27% 17,533
800-850 13% 8,442

Regardless of where you find yourself in this table, we can help. We help borrowers of all credit scores and income levels. That’s our primary goal.