Bad Credit Auto Loans in Herndon (VA)

Income, credit, down payment – getting a car financed can be a bewildering process, but we’re here to direct you from application to approval. We have relationships with dealers and lenders in Herndon who want to fund your loan – today! When you apply online, we will find you a lending company based on your location, budget, credit profile, and more.

Our services are uniquely-suited to consumers with less-than-perfect credit.

The truth is, we work with with Virginia dealers and lenders who finance people at each credit level. Many finance companies require applicants with bad credit to earn a minimum of $1500 monthly. Fortunately, people who apply through us get approved within minutes. Don’t delay. Allow us to find you a dealer who finances bad credit – today! Apply Online!

How Much Do I Qualify to Finance?

It’s easy to estimate the amount you can borrow. What you need to do is multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included one such example, based on Herndon’s average per capita income: $2,987.

Credit History Income Factor Sum
Great Credit 10 $29,870
Decent Credit 9 $26,883
Slow Credit 8 $23,896
Poor Credit 7 $20,909
Terrible Credit 6 $20,909

Remember, these are only approximations. For a definitive quote, you must submit your application.

Zero Down Car Loans?

Quite a few of our dealers fund loans for people with no down payment. However, providing a down payment is a smart choice for a number of reasons: it minimizes your payment per month, the amount of interest, and risk of negative equity. Listed here are the suggested down payments for new and used vehicles.

  • Used Vehicle: 10%
  • New Vehicle: 20%

That said, most of our lenders and dealers understand that down payments take a lot more effort and time these days. We get people financed each and every day, despite issues with their credit and down payment.

How About Buy Here Pay Here Financing?

This sort of financing is commonly known as:

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

Consumers who have been unable to get approved for financing due to major credit problems like bankruptcy often resort to these types of dealerships. Sure, the annual percentage rates are higher than average, but there are fewer obstacles to approval.

Herndon Consumer Profile

A consumer’s FICO score is only part of the picture. Creditors check your income, stability, and credit history.

Listed below are some average statistics for residents of Herndon.

  • Gross Earnings: $2,987 Monthly
  • Average Monthly Payment: $329 (11% of Income)
  • Ideal Monthly Payment: $239 to $299 (8%-10% of Income)

Next we have an overview of Herndon’s population by credit score. These estimations should give you a general idea of where you stand.

FICO Score % of Population Residents
300-499 2% 2,555
500-549 5% 6,387
550-599 8% 10,218
600-649 12% 15,328
650-699 15% 19,160
700-749 18% 22,991
750-799 27% 34,487
800-850 13% 16,605

If you fall into one of the lower groupings, don’t worry. We can still help you get approved.