Bad Credit Auto Loans in Henrico (VA)

If you want to secure financing for a new or used vehicle, we’d be happy to help. Our application placement system takes the headache out of getting approved. When you apply online, we’ll match you with a finance company based on where you live, your finances, your down payment, and more.

If you’ve got poor credit, we can help. Actually, subprime financing is our specialty.

The truth is, we have relationships with Virginia dealers and lenders who work with each credit level. To be sure, your interest rate won’t be as low as someone with a credit score of 700 or higher, meaning it’s important to opt for an economical car or truck with affordable monthly payments. Let us find you a lender or dealership that funds car loans for people with subprime credit. Apply Now!

The table below depicts multiple loan amounts, given a monthly income of $1,996, the average in Henrico. These amounts are only approximations. You may be entitled to a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount Borrowed
Great Credit 10 $19,960
Decent Credit 9 $17,964
Slow Credit 8 $15,968
Bad Credit 7 $13,972
Really Bad Credit 6 $13,972

To figure out how much you can borrow, multiply how much money you earn on a monthly basis by the appropriate income factor.

Buyers with good credit can usually get a car loan without providing a down payment. Unfortunately, it’s a bit more difficult for applicants with below-average credit. As you can imagine, lending to consumers with problematic credit is a much riskier proposition, and a down payment helps to ensure that at least a percentage of the vehicle has been paid for in advance. That being said, there are car dealers who offer car loans for people with no down payment.

Submit your application, and enter a zero in the down payment section. We will match you with a lender or dealer who can offer you a loan, zero down payment required.

How About In-House Financing?

In House financing is often referred to as:

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

These dealers work with consumers whose credit has been rejected by other banking institutions. Without a doubt, the rates are high, but there are a lot fewer hurdles to approval.

Henrico-Specific Income, Credit Statistics

Dealers and lenders are concerned with a lot more than just your credit score. Lenders check the following:

  • Debt to Income Ratio
  • Source of Income
  • Payment History

Below are some average stats for residents of Henrico.

  • Pre-Tax Earnings: $23,948 Annually
  • Average Monthly Payment: $220 (11% of Income)
  • Recommended Car Payment: $160 to $200 (8%-10% of Income)

Ever wondered about the credit scores of your friends and neighbors? We have calculated how many Henrico residents are in each credit tier.

FICO Score % of Population Residents
300-499 2% 3,320
500-549 5% 8,300
550-599 8% 13,279
600-649 12% 19,919
650-699 15% 24,899
700-749 18% 29,879
750-799 27% 44,818
800-850 13% 21,579