Interest rates, income verifications, credit scores, down payment amounts – financing a car can be a stressful process, but we’re here to help you every step of the way. Our service is fast, safe, and effective. Borrowers who meet the minimum criteria have a 90% chance of being approved. The actual application is simple to understand, and there is no obligation to accept the offer you’re given.
We match you with a dealer in our network who knows they can get you financed, and a finance manager will shepherd you through each turn of the process, answering your questions and offering advice. You will enjoy the confidence that comes with stepping onto the dealer lot with your auto loan already arranged, so all you have to do is sign the paperwork, pick your car, and snap a photo of your new purchase before you drive it home.
Special Finance, which involves lending to people with sub-stellar credit, is a major part of what we do. Whether you’re a James Madison student with a limited history of credit or a Harrisonburg native with a credit score that has seen better days, credit problems aren’t the end of the world – at least not when you work with us.
In fact, we have dealers and lenders in our network who specialize in each credit level. These companies can lend to you when traditional banks can’t or won’t. As an applicant with bad credit, you will need an annual income of at least $18,000, and your rate of interest will undoubtedly be higher than average, which means it’s crucial that you purchase an economical car or truck with low monthly payments. Low payments will help to counterbalance the elevated finance fees you’ll pay, and they will simply make your life less stressful. You want to establish (or re-establish, as they case may be) a record of timely monthly payments, which will serve to increase your credit score over time, saving you a lot of money in the long run. It is sometimes possible to refinance your loan at a lower rate, once you have built up a solid history of payments. Ask your lending specialist for more details.
Let us help you find a bad credit car dealership in Harrisonburg willing to approve you for a loan – and since we’re compensated by the dealers for referrals, it’s free! Apply Now!
Car Loan Pre-Approval in Harrisonburg: How Much?
The table below shows how much you can borrow, based on a monthly income of $1,431, the average in Harrisonburg. These numbers are merely approximations. You may qualify for more or less, depending on other factors. Speak with your vehicle finance specialist for more information.
|Credit History||Income Factor||Amount|
To work out how much you can borrow, multiply your pre-tax monthly income by the corresponding income factor.
Harrisonburg Auto Loans, No Money Down?
Don’t have a down payment? No problem. However, a down payment is recommended for a number of reasons: it decreases your payment amount, total interest, and problems with negative equity. The optimal down payment would be 20% for a new vehicle, and 10% for a used one.
That being said, you don’t need a down payment to submit an application. Our application placement system can often find you a dealer or lender who can accept your down payment, or lack thereof.
What About “Buy Here Pay Here” Financing?
Called this because payments are made on the lot, directly to the dealer, this type of financing is commonly known as:
- Your Job is Your Credit
- Tote The Note
- Rent to Own
- We Finance
These dealers make credit decisions on the lot, rather than relying on banks or finance companies. Without a doubt, the rates are high, but there are a lot fewer roadblocks to approval. Be that as it may, this type of arrangement is largely advised against by financial experts due to its predatory reputation and lack of credit-building potential.
Harrisonburg-Specific Income, Credit Statistics
Contrary to popular belief, there’s more to auto financing than just your FICO score. Lenders look at such things as:
- Source of Income
- Payment History
Listed below are average statistics for Harrisonburg residents.
- Gross Income: $1,431 Monthly
- Average Monthly Payment: $157 (11% of Income)
- Recommended Monthly Payment: $114 to $143 (8%-10% of Income)
Less-than-perfect credit is pretty pervasive in Harrisonburg and across Virginia. This chart shows the estimated number of Harrisonburg residents at each credit tier.
|FICO Score||% of Population||Residents|
Regardless of what your credit rating is, we can help. We work with credit-seekers of all credit scores and income brackets. That’s our primary goal.