Bad Credit Auto Loans in Fredericksburg (VA)

Whether you have good credit or bad, getting a car financed can be a stressful process, but we’re here to help you from application to approval. Our industry-leading network of Virginia lenders and dealers is standing by, awaiting your application. Simply submit your application, and we’ll work to get you the auto loan you need.

Car Loans with Bad Credit

Below-average credit is often a hurdle when trying to finance a car, but not when you submit an application through us. There are three subprime credit tiers:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter your score, we have lenders that want your business. Many loan providers require individuals with less-than-perfect credit to have an income of a minimum of $1500 a month, but most people who apply through us receive their approval nearly instantly. Plus, making regular payments on an auto loan is a good way to improve your credit rating. So let us find you a lender or dealership that approves loans for people in Fredericksburg with bad credit.

The table below depicts various loan amounts, given a monthly income of $2,558, the average in Fredericksburg. These figures are simply approximations. You may be entitled to a greater or lesser amount, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Sum
Great Credit 10 $25,580
Decent Credit 9 $23,022
Subprime Credit 8 $20,464
Poor Credit 7 $17,906
Very Bad Credit 6 $17,906

Just because you’re able to borrow such an amount, doesn’t mean it’s a good idea. A smaller loan is a good option, because it will be less of a financial burden.

Down payments are payments made at the time that you sign for your new car or truck. They are often required of individuals who have a less than ideal history of debt repayment. At this point, the Loan-to-Value ratio becomes a critical factor. This is the amount you borrow in relation to the wholesale value of the vehicle.

Amount Borrowed Vehicle Value Loan-to-Value
$12,000 $15,000 80%
$15,000 $20,000 75%

The lower the LTV, the less risk for the lender. No down payment? Don’t worry. We get many loan-seekers an approval with no down payment.

Submit your application. We’ll strive to place your application with a dealer or lender willing to fund your loan, no down payment needed.

Fredericksburg Buy Here Pay Here Car Lots

In House financing is sometimes known as:

  • Your Job is Your Credit
  • We Tote The Note
  • Rent to Own
  • We Finance

These dealerships make credit decisions themselves, rather than working with banks or lenders. They approve people with problems like open bankruptcy or repossession on their record.

Credit and Income: Fredericksburg

Credit scores are only part of the picture. Loan companies consider the following:

  • Debt to Income Ratio
  • Job Stability
  • Payment History

Listed below are average statistics for residents of Fredericksburg.

  • Average Salary: $2,558 Per Month
  • Average Monthly Payment: $281 (11% of Income)
  • Suggested Car Payment: $205 to $256 (8%-10% of Income)

If you have a low credit score, you aren’t the only one. This chart shows the estimated number of Fredericksburg residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 2,279
500-549 5% 5,698
550-599 8% 9,117
600-649 12% 13,675
650-699 15% 17,094
700-749 18% 20,512
750-799 27% 30,768
800-850 13% 14,814

Regardless of where you find yourself in this chart, we can help. We help credit-seekers of all credit scores and income levels. That’s what we do.