Bad Credit Auto Loans in Petersburg (VA)

Petersburg-VADon’t waste your time driving from one lender to the next, submitting credit applications. We can get you the approval you need faster, with fewer headaches along the way. Many dealerships, banks, and other lenders have whole departments devoted to online applications, and we can help you put together your loan without leaving your computer.

The application itself is simple to understand, and many applicants are approved within a day. You will work with a dedicated specialist to determine every aspect of your loan – interest rate, lender, down payment, etc – then schedule a time to sign your loan and choose your vehicle.

Petersburg, the “Cockade City,” has long been an industrial powerhouse in the state of Virginia. However, many such towns have experienced financial hardships in recent years as more jobs are outsourced overseas, and this tends, statistically, to lead to higher rates of credit problems. Do you have a FICO rating of 620 or less? That is generally considered subprime or “poor” credit, but our system is a great choice for applicants with weak credit. If you just went from lender to lender, submitting applications, you would almost certainly face a few denials. However, here at Virginia Auto Finance, you can submit just one application, and we’ll find a bad credit car dealership in Petersburg who wants to get you behind the wheel. Income is their primary concern, not credit rating. A down payment and income verification will often be required. Fortunately, users are approved nearly instantly. We can find a dealer in Petersburg who can work with your credit – today!

How Much Do I Qualify to Borrow?

The table that follows depicts multiple loan amounts, derived from a monthly income of $1,835, the average in Petersburg. These sums are simply approximations. You may be entitled to a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount
Good Credit 10 $18,350
Decent Credit 9 $16,515
Slow Credit 8 $14,680
Poor Credit 7 $12,845
Terrible Credit 6 $11,010

Just because you can borrow this amount, doesn’t mean you ought to. A smaller loan is advised, because it will be less of a budgetary burden.

Petersburg Car Loans, No Money Down?

Plenty of our dealers approve people with no down payment. Having said that, supplying a down payment affords you significant benefits:

  • Shortens loan, meaning you pay less in interest.
  • Decreases monthly payment.
  • Minimizes negative equity.

Even so, you don’t need a down payment to apply. We help people get into a new car all the time, even with credit and down payment issues. If you are thinking of working with a buy here pay here car lot in Petersburg, thanks to credit problems, keep in mind that a down payment will probably be required. These dealerships approve people for financing directly, instead of outsourcing this to banks or lenders. Without a doubt, the rates are high, but there are fewer obstacles to getting approved.

Credit and Income: Petersburg

Petersburg is and has been home to many large manufacturing companies, as well as tobacco companies and one of the nation’s largest pharma companies. This has helped to anchor the economy through the turbulent times of the past decade, which translates to better financial well-being for the average Joe consumer. This is important, because lenders are interested in a lot more than just your FICO score. Lenders evaluate your income, history of employment and residence, and credit history.

Listed here are average statistics for residents of Petersburg.

  • Gross Earnings: $1,835 Per Month
  • Average Car Payment: $202 (11% of Income)
  • Ideal Car Payment: $147 to $184 (8%-10% of Income)

If you have poor credit, you’re not the only one. This chart depicts how many people in Petersburg are in each credit level.

FICO Score % of Population Residents
300-499 2% 1,332
500-549 5% 3,330
550-599 8% 5,327
600-649 12% 7,991
650-699 15% 9,989
700-749 18% 11,986
750-799 27% 17,979
800-850 13% 8,657