Bad Credit Auto Loans in Mechanicsville (VA)

At Virginia Auto Finance, we arrange auto loans for people of all credit scores and incomes. Our loan-finding system takes the headache out of getting approved. When you apply online, your loan application will enter our advanced placement platform. There we’ll find you a lender based on your location, finances, credit profile, and other factors.

FICO rating of 640 or less? This is typically deemed subprime or “poor” credit, but our service is a great option for applicants with less-than-perfect credit. There are several principal credit tiers in the auto finance industry, and we have lenders that support each of them. A down payment, as well as proof of income will often be considered necessary. Fortunately, people who apply through us get approved within minutes. Allow us to find you a dealer who funds auto loans for people with bad credit – today!

Estimating how much you can borrow is pretty easy. Simply multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included a sample, based on the average income of Mechanicsville residents, $5,406.

Credit Income Factor Loan Amount
Great Credit 10 $54,060
Average Credit 9 $48,654
Subprime Credit 8 $43,248
Bad Credit 7 $37,842
Very Bad Credit 6 $37,842

Simply because you’re able to borrow a particular amount, doesn’t mean it’s a good idea. A smaller loan is advised, because you’ll be able to repay it faster.

No Money Down Car Loans?

Quite a few of our dealers approve people who don’t have a down payment. That said, a down payment affords you considerable benefits:

  • Reduces the length of the loan, meaning less paid in interest.
  • Lowers payment per month.
  • Protects you against the risks of an underwater loan.

With that said, most of our lenders and dealers understand that down payments are harder to come by in today’s economic climate. We get clients into a new car all the time, even with credit and down payment issues. Get approved now!

Buy Here Pay Here Dealerships in Mechanicsville

If you have a very low credit score, then you most likely know about buy here pay here financing. Dealers like these make credit decisions on site, instead of outsourcing this to banks or finance companies. The rates of interest are typically high, but they typically offer guaranteed credit acceptance.

Mechanicsville-Specific Financial Profile

Dealers and lending companies are concerned with more than just your FICO score. Lenders check the following:

  • Ability
  • Employment History
  • History of Credit

Listed below are average statistics for residents of Mechanicsville.

  • Average Earnings: $5,406 Monthly
  • Average Car Payment: $595 (11% of Income)
  • Ideal Monthly Payment: $432 to $541 (8%-10% of Income)

If you have below-average credit, you’re not the only one. This table depicts how many people in Mechanicsville are in each credit level.

FICO Score % of Population Residents
300-499 2% 1,071
500-549 5% 2,677
550-599 8% 4,283
600-649 12% 6,424
650-699 15% 8,030
700-749 18% 9,636
750-799 27% 14,454
800-850 13% 6,960