Bad Credit Auto Loans in Lynchburg (VA)

Trying to find the best auto loan in Lynchburg? You’ve come to the right place. Each lender has their own approval requirements, so it’s very important to find one willing to work with your credit. Simply apply online, and we’ll begin working to get you approved from a dealer or lender that suits your needs.

Special Finance is one of our areas of expertise.

In fact, we have lenders and dealers in our network who finance people at each credit level. A down payment, as well as income verification is often expected. Fortunately, people who apply through us receive their approval within minutes. You’ll typically be matched with a bad credit dealership or auto finance company. Both of these types of companies will report to the credit reporting agencies. This is a prerequisite for reestablishing your credit. Apply Online!

Needless to say, the amount you borrow basically determines your choice of vehicle, so it’s always a primary concern. This table shows how much individuals of differing credit ratings can borrow, given an income of $1,186 monthly, the average for Lynchburg residents. Don’t forget, these are only estimates.

Credit Income Factor Sum
Excellent Credit 10 $11,860
Decent Credit 9 $10,674
Slow Credit 8 $9,488
Poor Credit 7 $8,302
Very Bad Credit 6 $8,302

To determine your own loan amount, multiply how much money you get paid on a monthly basis by the appropriate income factor.

No Money Down Car Loans?

Don’t have a down payment? Often, this won’t be a problem. However, providing a down payment is recommended because it decreases your payment amount, the amount of interest paid, and problems with negative equity. Here are the suggested down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

That said, today’s lenders and dealers realize that down payments are harder to come by in today’s economic climate. Simply enter your down payment amount when you submit your application, and our platform can often help you find a dealer or lender who can accept your down payment, or lack of one.

In House Financing Car Lots in Lynchburg

If you have really bad credit, then you probably know about buy here pay here sales. Shoppers who cannot secure a loan because of major credit problems like bankruptcy often turn to dealers like these. They work with people with problems like open bankruptcy or repossession in the last year.

Credit and Income: Lynchburg

Credit scores are only part of the equation. Loan companies look at your income, stability, and individual credit history.

Here are average statistics for residents of Lynchburg.

  • Gross Salary: $14,233 Per Annum
  • Average Monthly Payment: $130 (11% of Income)
  • Recommended Car Payment: $95 to $119 (8%-10% of Income)

Next we have an overview of Lynchburg’s population by credit score. These estimations should give you an idea of where you stand in relation to other consumers in your community.

FICO Score % of Population Residents
300-499 2% 1,705
500-549 5% 4,262
550-599 8% 6,820
600-649 12% 10,230
650-699 15% 12,787
700-749 18% 15,344
750-799 27% 23,016
800-850 13% 11,082

Regardless of where you find yourself in this chart, we can help. We help consumers of all credit scores and income levels. That’s our mission.

Let us help you get the Lynchburg bad credit auto loan you need. It’s easy to apply online.