Bad Credit Auto Loans in Fairfax (VA)

Fairfax-VAWhy waste your time trekking from one lender to another, trying to secure financing? No matter your credit, we can get you approved faster, with fewer hassles along the way. We work with lenders and dealers in Fairfax who want to get you in the driver’s seat of a new vehicle – today! Here is how it all works:

  1. Take a minute to fill out your loan application.
  2. Log in to your email for your approval status.
  3. Speak with your specialist about interest rates and conditions.
  4. Go to the dealership to complete any additional paperwork and select the car or truck you want.

Experience the gratification of walking onto the dealer lot with your funding already lined up – it’s like being a cash buyer!  Apply Online!

Bad Credit Car Dealerships in Fairfax

Fairfax has been rated as one of the best places in the country to “live well” by Forbes, owing to such factors as a high average income, low commute time, high number of bars/restaurants, and a high proportion of small business owners (for which Fairfax is in the top 1%). However, all of those positives don’t rule credit problems for many of its denizens. In fact, owning a business can be a risky endeavor, especially when business and finances are as closely tied together as they are in a sole proprietorship. The bottom line? A lot of Fairfax consumers – as many as 25%, by some reckoning – have credit scores that classify as “bad credit.”

Fortunately, Special Finance is our principal focus. We help clients that traditional banks won’t or can’t. You see, most banks prefer to avoid higher-risk lending situations. For this reason, they have high standards of car loan approval. Don’t make the grade? Then they won’t fund you.

The truth is, we have connections with Fairfax-area dealers and auto finance companies who specialize in the lower levels of the credit spectrum. In order to qualify, you will need meet their minimum income requirements (typically just $375 per week), and it is true that low credit scores result in more costly rates of interest. This should come as no surprise, as it’s true of all types of lending. Let us get you approved by a bad credit car dealer in Fairfax – and because we’re reimbursed by the dealers for referrals, it’s free!

Some of the dealers in Fairfax that may be able to work with your credit include:

  • Brown Automotive Group
  • Mid-Atlantic Cars
  • Ted Britt Ford
  • Fairfax Honda

Note:  we do not necessarily have relationships with these dealers.

Credit vs Amount Borrowed

The chart that follows shows how much you can borrow, based on a monthly income of $3,814, the average in Fairfax. These amounts are merely estimations. You may be entitled to a different amount. Speak with your vehicle finance specialist for more information.

Credit History Income Factor Amount Borrowed
Good Credit 10 $38,140
Average Credit 9 $34,326
Temporary Bad Credit 8 $30,512
Poor Credit 7 $26,698
Really Bad Credit 6 $22,884

To determine how much you can borrow, multiply your monthly income by the applicable income factor. Please keep in mind that these are estimated maximums. Nearly always, you are better off financing significantly less than you’re approved for (much like buying a house).

Fairfax Auto Loans, No Money Down?

Don’t have a down payment? No worries. However, supplying a down payment is a good idea for a number of reasons: it decreases your payment, the amount of total interest, and problems with being underwater. Listed below are the ideal down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

Even so, we realize that down payments are hard to come by in this economy. Submit your application. We will place your application with a dealer or lender who can finance your purchase, no down payment needed.

If you are thinking of working with one of the buy here pay here car lots in Fairfax, on account of bad credit, then bear in mind that they will most likely require you to provide a hefty down payment. These dealers finance consumers that have been turned down by traditional lenders. They work with people with issues like open bankruptcy or repossession in the last year.

Fairfax-Specific Income, Credit Statistics

Lenders are interested in a lot more than just your credit rating. Creditors consider such things as:

  • Ability
  • Source of Income
  • History of Debt Repayment

Here are average statistics for residents of Fairfax.

  • Pre-Tax Salary: $3,814 Monthly
  • Average Monthly Payment: $420 (11% of Income)
  • Ideal Car Payment: $305 to $381 (8%-10% of Income)

Bad credit. It’s fairly common nowadays in Fairfax and across the state of Virginia. The table below shows the estimated number of Fairfax residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 3,407
500-549 5% 8,518
550-599 8% 13,628
600-649 12% 20,443
650-699 15% 25,553
700-749 18% 30,664
750-799 27% 45,996
800-850 13% 22,146

Don’t worry if you’re credit isn’t perfect, we can help virtually any applicant who earns $1500 or more on a monthly basis, no matter their credit score.