Bad Credit Auto Loans in Norfolk (VA)

Here at Virginia Auto Finance, we’ve streamlined the approval process in Norfolk and throughout Hampton Roads. Many lenders and dealers now have whole departments committed to web-based approvals, and we can get you approved straight from your own home. Here is how it all works:

  1. Take a minute to fill out your loan application.
  2. Check the status of your application through our approval center.
  3. When Next, get in touch with your dealer or lender to complete your documentation.
  4. Now you can purchase your vehicle.

Join the many other Norfolk residents who’ve financed a vehicle through us!

Norfolk VA

The Special Finance Experts in Norfolk

A bad credit score is rarely a problem when you finance through us. A large number of large lenders and dealers now have entire sales teams devoted to “special finance.” These are sometimes called Norfolk bad credit car dealers. Of course, we work with a great many of them. Given your credit, your rate of interest might be higher, but that just comes with the territory. Let us get you approved for financing by a bad credit car dealer in your area – and since we’re compensated by the dealers themselves, it’s free! Apply Now!

Auto Loans for Military Personnel Stationed in Norfolk

Norfolk is, of course, home to the world’s largest naval base, of Naval Station Norfolk, which includes headquarters for the Atlantic Fleet, as well as NATO and the US Joint Forces Command.  To say the city is a military powerhouse would be understatement. Of course, we have many clients in the area who are either active-duty military, retired, or affiliated as civilian contractors with the military establishment. Auto loans for military personnel in Norfolk – and across the nation – do present unique challenges. As a military serviceman or woman, job security is typically much better than in the civilian world. However, military life can be difficult on one’s credit, considering the frequency of deployment and change of station.

Fortunately, we work with many dealers and lenders who have been serving the Norfolk military community for years. They understand the challenges presented by the military lifestyle, and they incorporate this understanding into their financing decisions.  Simply go here to submit your application, and we’ll get to work finding you an auto loan that fits your unique needs as a member of our nation’s armed forces.

How Much Do I Qualify to Borrow?

Good question. That depends largely on your credit and income. The chart below shows multiple loan amounts, based on a monthly income of $1,434, the average in Norfolk. These numbers are just approximations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Rating Income Factor Loan
Excellent Credit 10 $14,340
Fair Credit 9 $12,906
Temporary Bad Credit 8 $11,472
Bad Credit 7 $10,038
Really Bad Credit 6 $10,038

To work out how much you can borrow, multiply your monthly income by the applicable income factor. Keep in mind, this is only an approximation. For an actual quote, submit your online application – it’s easy, and takes less than 3 minutes.

Getting Approved with No Down Payment

Buyers with good credit can usually buy a car without a down payment. Purchasers with credit problems, however, may need to furnish a down payment. The reason is simple: such loans pose a much greater risk to the lending company. Failure to pay is much more likely, and a down payment ensures that at least a percentage of the loan has already been secured. With that being said, we get many borrowers the loan they need, even with their lack of down payment.

We help people get financed everyday, despite issues with their credit and down payment.

In House Financing Dealerships in Norfolk

buy here pay here car lots norfolkHave you seen car lots in Norfolk promoting buy here pay here loans? Dealers like these make credit decisions on the lot, rather than relying on banks or lenders. Everything is paid to the dealership, sometimes at the lot, and the vehicles they sell are normally $10,000 or less. Typically, they do not perform credit checks. Although this may sounds appealing, there are serious drawbacks. Down payments and APR rates are notoriously high, and payments must be made on the lot, often weekly. More importantly, since most of the dealers do not report to credit agencies like Transunion and Equifax, the payments you make will not show up on your credit report, meaning you’ll enjoy no boost to your FICO score. Why finance a vehicle with bad credit, when you don’t have the ability to repair your credit?

Norfolk Consumer Profile

Banks, dealers, and car loan lenders are concerned with much more than just your credit rating. Creditors review such things as:

  • Income
  • Employment History
  • History of Payments

Listed below are some average statistics for Norfolk residents.

  • Pre-Tax Income: $17,207 Annually
  • Average Monthly Payment: $158 (11% of Income)
  • Recommended Monthly Payment: $115 to $143 (8%-10% of Income)

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

FICO Score % of Population Residents
300-499 2% 4,767
500-549 5% 11,917
550-599 8% 19,067
600-649 12% 28,600
650-699 15% 35,751
700-749 18% 42,901
750-799 27% 64,351
800-850 13% 30,984

Please note that we provide our services throughout the Hampton Roads area, serving consumers in both Virginia Beach and Newport News. Refer your friends!