Bad Credit Auto Loans in Springfield (VA)

At Virginia Auto Finance, we arrange auto loans for people of all credit scores and budgets. A growing number of dealerships, banks, and other lenders have whole departments dedicated to web-based applications, and we can help you arrange your financing right from your computer. Simply submit your application, and we’ll work to get you the car loan you need.

Auto Loans with Bad Credit

Subprime financing is our specialty. We have lenders and dealers who help people with FICO scores of 620 and lower, and they want to fund your loan. A down payment and monthly income of $1500 per month may be considered necessary. Fortunately, applicants receive their approval the same day they apply. If you have less-than-perfect credit, you’ll probably be approved by a lender or dealer in Springfield that specializes in special finance scenarios. Both of these types of companies will report to the credit reporting agencies. This is great when you need to improve your credit. Apply Now!

How Much Am I Eligible to Finance?

The chart that follows shows you various loan amounts, given a monthly income of $2,859, the average in Springfield. These figures are simply estimations. You may be entitled to more or less, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount Borrowed
Good Credit 10 $28,590
Decent Credit 9 $25,731
Slow Credit 8 $22,872
Poor Credit 7 $20,013
Horrible Credit 6 $20,013

Just because you’re able to borrow this amount, doesn’t mean you ought to. A smaller loan is recommended, because it will lower the risk of non-payment.

Getting Approved with No Money Down

Down payments can be offered in cash or via trade-in, and typically cover anything from 5-20% of the vehicle’s price. They are frequently required of individuals who have a substandard history of debt payment. As you can imagine, loans to such consumers represent more risk to the lender. Going into default is more of a concern, and a down payment makes sure that some percentage of the vehicle’s value is not at stake. That isn’t to say dealers don’t ever finance people with no money down.

Our approval platform can often find you a dealer or lender who wants to get you in the driver’s seat, regardless of whether you can put money down or not.

Buy Here Pay Here Car Dealers in Springfield

Have you wondered about dealerships in Springfield that advertise buy here pay here sales? Dealers like these finance people who have been rejected by other creditors. They work with people with problems like open bankruptcy, foreclosure, or repossession within the last 12 months.

Springfield-Specific Financial Profile

Credit scores are only part of the picture. Loan companies consider such things as:

  • Ability
  • Employment History
  • History of Credit

Listed here are average statistics for residents of Springfield.

  • Gross Salary: $2,859 Monthly
  • Average Monthly Payment: $314 (11% of Income)
  • Ideal Monthly Payment: $229 to $286 (8%-10% of Income)

Curious about the credit ratings of your community as a whole? We have calculated how many Springfield consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 2,863
500-549 5% 7,157
550-599 8% 11,452
600-649 12% 17,178
650-699 15% 21,472
700-749 18% 25,766
750-799 27% 38,649
800-850 13% 18,609