Bad Credit Auto Loans in Falls Church (VA)

You need an auto loan, and we can help. We have relationships with dealers and lenders in Falls Church who want to approve you for financing – today! Here is how our system works:

  1. Take a couple of minutes to submit our secure application.
  2. Sign in to our members’ area to monitor your application status.
  3. Consult your finance specialist about your APR and conditions.
  4. Sign your agreement, and last but not least, purchase your vehicle.

Sound simple? That’s because it is! There really is no more convenient way to finance a new or used car in this part of Northern Virginia.

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Financing a Car with Bad Credit

Falls Church is, according to Forbes, one of the richest places in the United States, but that doesn’t mean its denizens aren’t dealing with credit problems of one kind or another. For instance, the city has had to cut nearly 15% of its workforce in recent years. Below-average credit can be a challenge when trying to finance a new vehicle, but not with us. A lot of large lenders and dealers now have complete sales teams devoted to what they call “special financing,” meaning lending to high-risk applicants. These are often known as bad credit dealerships, and we have relationships with many of them. Yes, your interest rate would be lower if you had a FICO score of 700 or higher, but that’s no surprise. Plus, a paid-off auto loan will help improve your credit ratings. So let us find you a lender or dealer that funds loans for people in Falls Church with subprime credit.

Auto Loan Pre-Approval: How Much?

The chart below depicts how much you can borrow, based on a monthly income of $3,914, the average in Falls Church. These sums are simply approximations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit History Income Factor Sum
Great Credit 10 $39,140
Average Credit 9 $35,226
Subprime Credit 8 $31,312
Poor Credit 7 $27,398
Very Bad Credit 6 $23,484

Just because you’re able to borrow such an amount, doesn’t mean you ought to. A smaller loan is recommended, because you will pay less interest, and your payment amount will be reduced.

Zero Down Payment?

Down payments refer to payments made the day you sign for your new car or truck. They are typically required of borrowers who have a subpar history of debt payment. At this stage, the Loan-to-Value ratio becomes a critical factor. This is the amount borrowed versus the wholesale value of the vehicle.

Amount Financed Vehicle Value LTV
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$20,000 $25,000 80%
$20,000 $30,000 67%

The lenders who work with people with credit problems typically favor lower LTV ratios, because these present less risk. With that being said, we have dealerships who offer auto loans with no down payment.

Our approval platform can probably help you find a lender or dealer who’s willing to accept you, even if you can’t offer them a down payment.

If you are thinking of working with a buy here pay here dealer in Falls Church, on account of a really low credit score, then bear in mind that they will most likely require you to provide a large down payment. Consumers who cannot secure a loan due to serious credit problems often end up at these types of dealerships. Everything is paid to the dealership directly, and the vehicles are typically less than $10,000.

Credit and Income: Falls Church

Falls Church, an independent subdivision of its own, was ranked, in 2011, as the richest county in not just Virginia, but the entire United States.

A consumer’s FICO rating is only part of the equation. Lenders evaluate such things as:

  • Ability
  • Job Stability
  • Payment History

Here are some average statistics for residents of Falls Church.

  • Average Income: $3,914 Per Month
  • Average Monthly Payment: $431 (11% of Income)
  • Recommended Car Payment: $313 to $391 (8%-10% of Income)

If you have a low credit score, you aren’t the only one. This table shows how many people in Falls Church are in each credit tier.

FICO Score % of Population Residents
300-499 2% 2,153
500-549 5% 5,382
550-599 8% 8,612
600-649 12% 12,918
650-699 15% 16,147
700-749 18% 19,376
750-799 27% 29,065
800-850 13% 13,994

Regardless of where you find yourself on this table, we can help. We help credit-seekers of all credit scores and income brackets. That’s our mission.