Bad Credit Auto Loans in Portsmouth (VA)

Here at Virginia Auto Finance, we arrange auto loans in Portsmouth for people of all credit types and budgets. Our application placement platform takes the headache out of getting a loan. When you apply online, your credit application will enter our placement system. There we will find you a car loan that fits your credit and income.

Financing a Car with Credit Problems

Subprime financing is our specialty. A lot of large dealerships now have whole sales teams committed to something known as “special financing.” These are commonly called Portsmouth bad credit car dealers. Of course, we have quite a lot of them in our network. If your credit score is low, your rate of interest might be higher, but that’s just how the lending industry works. Let us help you find a bad credit car dealer or lender in Portsmouth ready to approve you for a loan – today! It’s a simple process. Go here to submit your application online.

How Much Can I Borrow?

Loan providers decide how much to lend you by looking at your income and credit score. This chart displays how much people of differing credit scores can borrow, based on the average monthly income in Portsmouth, $1,724. Please bear in mind that these are only estimations.

Credit Income Factor Loan Amount
Good Credit 10 $17,240
Average Credit 9 $15,516
Temporary Bad Credit 8 $13,792
Poor Credit 7 $12,068
Terrible Credit 6 $12,068

As we stated before, the numbers above are approximations. For a definitive quote, you must submit your application.

Can I Finance a Car with No Down Payment?

Excellent credit? If so, you might not need to offer up a down payment. If you have bad credit, however, your dealer may want you to offer a down payment. Obviously, lending to customers with poor credit is a much riskier proposition, and a down payment makes certain that some percentage of the loan has already been secured. Don’t have a down payment? We’re able to get quite a few loan-seekers an approval, even with their lack of down payment.

We get clients approved all the time, even with no money down. Get approved today!

What About Buy Here Pay Here Financing in Portsmouth?

This type of financing is sometimes known as:

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

Consumers who cannot get approved for a loan due to seriously bad credit often end up at car lots like these. The annual percentage rates are typically steep, but approval will likely be guaranteed.

Portsmouth-Specific Income, Credit Statistics

Lenders are worried about much more than just your FICO score. Loan companies review the following:

  • Ability
  • Employment History
  • History of Credit

Here are some average statistics for residents of Portsmouth.

  • Pre-Tax Earnings: $1,724 Per Month
  • Average Monthly Payment: $190 (11% of Income)
  • Suggested Car Payment: $138 to $172 (8%-10% of Income)

Curious about the credit scores of your neighbors? We’ve estimated how many Portsmouth consumers fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 2,011
500-549 5% 5,028
550-599 8% 8,045
600-649 12% 12,068
650-699 15% 15,085
700-749 18% 18,102
750-799 27% 27,153
800-850 13% 13,073

Not where you would like to be when it comes to credit? Don’t worry, we can help virtually any consumer, as long as they have an income of $1500 per month or more, regardless of what their credit score is.