Bad Credit Auto Loans in Midlothian (VA)

We understand that auto financing can be a headache, and we’re here to help. The advantages of our system are numerous:

  • One application, multiple lenders
  • Quick approval for most applicants
  • Bad credit seldomly a major issue

The application itself takes under three minutes to complete, and there isn’t any fee or obligation.

Do you have a credit score of 620 or lower? That’s ok. Subprime credit isn’t a deal-breaker. There are several primary credit tiers when it comes to auto financing, and we work with lenders that accept applicants in each of them. A down payment and monthly income of $1500 per month will typically be expected. Fortunately, people who apply through us get approved right away. You’ll typically be approved by a bad credit dealership or auto finance company. Fortunately, they submit payment data to the credit reporting agencies. This is imperative if you want to improve your credit. It’s easy. Go here to submit your online credit application.

The amount you’ll be eligible to borrow is based on your income and history of credit. Below, we’ve displayed how much applicants of differing credit ratings can borrow, given the average monthly income in Midlothian, $4,111. Bear in mind, these are only estimations.

Credit Income Factor Loan Amount
Excellent Credit 10 $41,110
Decent Credit 9 $36,999
Slow Credit 8 $32,888
Poor Credit 7 $28,777
Very Bad Credit 6 $28,777

Just because it’s possible to borrow this amount, doesn’t mean it’s a good idea. A smaller loan is highly recommended, because you will pay less interest, and your payment per month will be reduced.

Midlothian Car Loans, No Down Payment?

No down payment? In many instances, this won’t prevent you from being approved. However, a down payment is a smart choice because it lowers your payment per month, the amount of interest paid, and problems with being underwater. Listed below are the ideal down payments for new and pre-owned vehicles.

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

Still, you don’t need a down payment to submit an application. We help consumers get into a new car all the time, even with issues such as lack of credit or down payment. Apply today!

Buy Here Pay Here Car Dealers in Midlothian

Have you seen car lots in Midlothian that advertise buy here pay here services? Dealers like these finance consumers whose credit has been turned down by traditional loan providers. The annual percentage rates are always high, but approval will likely be guaranteed.

Credit and Income: Midlothian

Truth be told, there’s more to auto financing than just your credit score. Loan companies evaluate your ability to pay (income), stability, and history of repayment.

Listed here are average stats for residents of Midlothian.

  • Pre-Tax Earnings: $49,326 Annually
  • Average Car Payment: $452 (11% of Income)
  • Suggested Car Payment: $329 to $411 (8%-10% of Income)

Subprime credit is quite pervasive nowadays in Midlothian and across Virginia. The chart below depicts the estimated number of Midlothian residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,395
500-549 5% 3,488
550-599 8% 5,580
600-649 12% 8,370
650-699 15% 10,463
700-749 18% 12,556
750-799 27% 18,834
800-850 13% 9,068

If you’re in one of the lower ranges, don’t be concerned. We have lenders who serve each of these credit tiers.

Why not apply for an auto loan in Midlothian? Click here to apply online.