Bad Credit Auto Loans in Roanoke (VA)

You need to get approved for financing, and we’re here to help. We have relationships with lenders and dealers in Roanoke and across Virginia who want to approve you for financing – today! Apply online, and the dealers and lenders in our network compete against each other to fund your loan.

Dealerships in Roanoke That Take Bad Credit

Subprime financing is our primary focus. A large number of larger dealerships now have entire sales teams committed to something known as “special finance.” Such establishments are often known as Roanoke bad credit dealerships, and we work with a great many of them. Sure, your APR would be lower if you had a FICO score of 700 plus, so it’s crucial for you to opt for an economical car or truck with easily-affordable payments. You’ll probably have your application placed with a bad credit dealership or subprime auto finance company. Fortunately, they will submit payment data to the credit bureaus, which is crucial to rebuilding your credit. It’s easy. Simply submit your application online.

It’s easy to estimate the amount you can borrow. All you have to do is multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included one such example, based on Roanoke’s average per capita income, $517.

Credit Rating Income Factor Loan Amount
Great Credit 10 $5,170
Average Credit 9 $4,653
Slow Credit 8 $4,136
Bad Credit 7 $3,619
Really Bad Credit 6 $3,619

Keep in mind, these are estimations. For an exact quote, you must submit your application.

Buyers with good credit can usually get a car loan with no down payment. But if your credit is a problem, your dealer may want you to furnish a down payment. The reason is simple: loans to such consumers represent a much greater risk for the lender. Failure to pay is much more likely, and a down payment ensures that some percentage of the vehicle’s value is not at risk. The good news is, as the economy improves, more lenders and dealers should be able to approve auto loans with no money down.

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

Roanoke Buy Here Pay Here Car Lots

In House financing is commonly known as:

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

Dealers like these finance people that cannot get approved by a traditional lender. They work with people with issues like bankruptcy or repossession on their record.

Credit and Income: Roanoke

Credit ratings are just part of the equation. Creditors evaluate your income, employment history, and credit history.

Below are some average stats for residents of Roanoke.

  • Gross Salary: $6,205 Annually
  • Average Car Payment: $57 (11% of Income)
  • Ideal Car Payment: $41 to $52 (8%-10% of Income)

Subprime credit. It’s fairly pervasive in Roanoke and across Virginia. The table below depicts the estimated number of Roanoke residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 3,197
500-549 5% 7,992
550-599 8% 12,787
600-649 12% 19,181
650-699 15% 23,976
700-749 18% 28,771
750-799 27% 43,157
800-850 13% 20,779

Let us help you get Roanoke bad credit auto loan you need. Click here to submit your application.