Bad Credit Auto Loans in Manassas (VA)

Here at Virginia Auto Finance, we arrange auto loans for people of all credit types and income brackets. Each and every bank, dealer, or finance company has their own approval requirements, so it’s crucial to find one willing to approve your credit. When you apply online, we will match you to a lending company given where you live, your finances, your down payment, and other factors.

Dealerships in Manassas That Finance Bad Credit

FICO ratings of 620 or less are often considered subprime or poor” credit, but our system is ideally-suited to consumers with below-average credit. If you go from one lender to another, submitting applications, you may be turned down once or twice. Our system is significantly easier: you can apply online, and we’ll find a lender who can get you in the driver’s seat. Income is their first concern, not credit rating. Generally, loan providers want borrowers with below-average credit to provide a down payment; however, most people who apply through us are approved the same day they apply. If you have bad credit, you’ll typically be matched with a bad credit car dealer or subprime auto finance company. These companies will report your installments to the credit reporting agencies, which is a prerequisite for rebuilding your credit. Apply Now!

Naturally, the loan amount has a tremendous impact on your choice of vehicle, so it’s always top of mind for consumers. The following table shows how much applicants of various credit scores can finance, given the average monthly income in Manassas, $3,791. Please know that these are only estimations.

Credit Income Factor Loan Amount
Good Credit 10 $37,910
Fair Credit 9 $34,119
Temporary Bad Credit 8 $30,328
Poor Credit 7 $26,537
Really Bad Credit 6 $26,537

To work out your own loan amount, multiply your pre-tax monthly income by the corresponding income factor.

Down payments refer to payments made at the time that you sign for your vehicle. They are sometimes required of individuals with a substandard history of debt payment. That’s because lenders are interested in the Loan-to-Value Ratio, often known as the LTV. This is the amount borrowed versus the wholesale value of the vehicle.

Amount Financed Vehicle Value Loan-to-Value
$7500 $10,000 75%
$12,000 $15,000 80%
$15,000 $17,500 86%
$15,000 $20,000 75%
$17,500 $22,000 79%

Most subprime lenders prefer LTV ratios of less than 100%. Because the lender has less tied up in the vehicle, they are in a stronger position if borrower defaults – a legitimate risk when lending to subprime borrowers. Having said that, we get quite a few borrowers the loan they need, despite their lack of down payment.

Our approval platform can often find you a lender or dealer who wants to fund your loan, whether you have a down payment or not.

Virtually all buy here pay here car lots will want you to provide a down payment, often a significant one. These dealerships specialize in helping consumers who have been rejected by other loan companies. Sure, the rates are high, but there aren’t many obstacles to approval.

Manassas-Specific Income, Credit Statistics

A consumer’s FICO score is just part of the picture. Loan companies look at your income, history of employment and residence, and history of repayment.

Below are some average stats for residents of Manassas.

  • Average Earnings: $3,791 Per Month
  • Average Car Payment: $417 (11% of Income)
  • Suggested Monthly Payment: $303 to $379 (8%-10% of Income)

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

FICO Score % of Population Residents
300-499 2% 2,240
500-549 5% 5,601
550-599 8% 8,961
600-649 12% 13,442
650-699 15% 16,803
700-749 18% 20,163
750-799 27% 30,245
800-850 13% 14,562