Bad Credit Auto Loans in Newport News (VA)

How would you like to arrange your financing before setting foot on the dealer lot? We can help. We have relationships with dealers and lenders in Newport News who want to approve you for financing – today! This is how the process works:

  1. Apply for your car loan online.
  2. Log in to your email for your approval status.
  3. If your application has been placed, speak with your finance specialist to complete your paperwork.
  4. Go select your vehicle.

Sounds simple, right? It is! To get started, just submit your online application.

Bad Credit Car Dealerships in Newport News

Newport-NewsPoor credit? Don’t worry. We make it easier to find a car loan in Newport News, even if your credit history is less than perfect. Many major dealerships now have whole sales teams dedicated to something known as “special financing.” These are often called Newport News bad credit car dealerships, and we have relationships with many of them. Generally, loan providers do require people with below-average credit to provide a down payment; however, most applicants receive their approval the same day they apply. Let us get you approved from a dealer in your area – today! Applying is simple, fast, and hassle-free. Go here to submit your secure application.

How Much Am I Eligible to Finance?

The chart below shows an array of loan amounts, given a monthly income of $1,939, the average in Newport News. These figures are just approximations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan Amount
Great Credit 10 $19,390
Decent Credit 9 $17,451
Temporary Bad Credit 8 $15,512
Poor Credit 7 $13,573
Horrible Credit 6 $13,573

Remember, the numbers above are estimates. For an exact quote, you must submit your application.

Will I Have to Put Money Down on My Loan?

auto loan Newport NewsGood credit? If so, you might not have to worry too much about a down payment. Purchasers with subprime credit, however, may not have it so easy. After all, financing consumers with problematic credit is a much riskier process, and a down payment ensures that some percentage of the vehicle’s value has already been secured. The good news is that, as the auto market recovers, more and more dealers and lenders will be offering auto loans in Newport News with no down payment. Apply online. We will place your application with a dealer or lender willing to fund your loan, zero down payment necessary.

Newport News Buy Here Pay Here Car Lots

In Newport News, buy here pay here financing is sometimes known as:

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

Shoppers who cannot secure financing due to seriously bad credit often wind up at car lots like these. They specialize in helping people with issues like bankruptcy or repossession on their record. Unfortunately, they charge interest rates that are borderline predatory, and they often require down payments that cover their own initial investment in the vehicle. Who wants to put $2500 down on a $2500 car, only to begin making monthly payments on it? For this reason, you might want to consider applying through us, as our dealers and lenders work with bad credit, without resorting to such tactics.

Newport News Consumer Profile

Your FICO score is only part of the picture. Loan companies check the following:

  • Income
  • Stability
  • Payment History

Here are some average stats for Newport News residents.

  • Pre-Tax Income: $23,267 Per Year
  • Average Car Payment: $213 (11% of Income)
  • Recommended Monthly Payment: $155 to $194 (8%-10% of Income)

Have you ever wondered about the credit ratings of your friends and neighbors? We have estimated how many Newport News residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 3,675
500-549 5% 9,188
550-599 8% 14,701
600-649 12% 22,052
650-699 15% 27,565
700-749 18% 33,078
750-799 27% 49,616
800-850 13% 23,889

As you can tell, 25 percent of Newport News residents have a credit score lower than 649, generally classified as subprime. If you’re in one of the lower ranges, don’t fret. We have lenders who serve each of these credit tiers. If you need an auto loan in Hampton Roads, we also serve the nearby Norfolk and Virginia Beach communities, including military personnel.