Bad Credit Auto Loans in Hampton (VA)

Hampton-VAAt Virginia Auto Finance, we’re revolutionizing the approval process. We have relationships with dealers and lenders in Hampton and across Virginia who want to get you in a new vehicle – right now! Apply online, and we’ll find you an auto loan that meets your needs.

Have you got a FICO score of 620 or less? Not to worry. Subprime credit is not a deal-breaker. There are three individual credit tiers into which bad credit applicants fall, based on their specific FICO score:

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

Regardless of what tier you are in, we have lenders who want to get you into a new car. Sure, the APR on your loan would be lower if you had a FICO score of 700 or higher, which means it’s crucial that you finance an inexpensive car or truck with affordable monthly payments. And, as you may know, making regular payments on an installment loan like this will increase your credit ratings. So let us find you a dealership who finances bad credit.

Naturally, the amount borrowed largely dictates the type of vehicle you can buy, so it’s always top of mind for those going through the application process. In the chart below, we’ve quoted how much consumers of varying credit scores can borrow, given the average monthly income in Hampton, $2,164. Please know that these are only estimates.

Credit Income Factor Loan Amount
Great Credit 10 $21,640
Decent Credit 9 $19,476
Temporary Bad Credit 8 $17,312
Bad Credit 7 $15,148
Terrible Credit 6 $15,148

To figure out how much you can borrow, multiply your pre-tax monthly income by the corresponding income factor.

How Much Will I Have to Put Down?

No down payment? Often, this isn’t a dealer-breaker. That said, a down payment gives you substantial benefits:

  • Reduces the length of the loan, meaning less paid in interest.
  • Decreases payment per month.
  • Decreases the risks of an upside down loan.

Still, you don’t need a down payment to get pre-approved. We help our clients get approved everyday, despite issues with their credit and down payment.

In House Financing Dealers in Hampton

If you have been through a bankruptcy or repossession, you have possibly considered working with a buy here pay here dealership in Hampton. Customers who cannot secure a loan because of seriously bad credit often end up at these types of dealerships. Everything is paid to the dealership directly, and the vehicles they sell are usually $10,000 or less.

Hampton Consumer Profile

Credit ratings are just part of the equation. Lenders evaluate your ability to pay (income), employment history, and history of credit.

Listed here are average statistics for residents of Hampton.

  • Gross Earnings: $2,164 Per Month
  • Average Car Payment: $238 (11% of Income)
  • Recommended Monthly Payment: $173 to $216 (8%-10% of Income)

Bad credit. It’s fairly common nowadays in Hampton and across the state of Virginia. This chart depicts the estimated number of Hampton residents at each credit level.

FICO Score % of Population Residents
300-499 2% 3,482
500-549 5% 8,705
550-599 8% 13,927
600-649 12% 20,891
650-699 15% 26,114
700-749 18% 31,336
750-799 27% 47,004
800-850 13% 22,632

The good news is, we can help nearly any applicant who makes $1500 or more per month, no matter what their credit score is.