Bad Credit Auto Loans in Suffolk (VA)

Would you like to pre-arrange your financing? You’ve come to the right place. We have relationships with dealers and lenders in Suffolk who want to fund your loan – today! Just submit your application, and we’ll work to get you the loan you need.

What About Subprime Credit?

Below-average credit can be a roadblock to financing, but not with us.

In fact, we work with with Virginia banks, dealers, and auto finance companies who are experts in bad credit auto loans. To be sure, your APR won’t be as low as someone with a credit score of 700 or higher, but at least we can get you behind the wheel of a new car. Don’t delay. Allow us to find you a lender or dealership who finances bad credit – online! Apply Now!

Auto Loan Pre-Approval in Suffolk: How Much?

Things like credit and income have an impact on how much you’ll be approved to borrow. This chart details loan amounts for people of various credit scores, given an income of $3,635 a month, which is the average in Suffolk. Bear in mind, these are only estimates.

Credit Score Income Factor Amount
Great Credit 10 $36,350
Fair Credit 9 $32,715
Temporary Bad Credit 8 $29,080
Bad Credit 7 $25,445
Horrible Credit 6 $25,445

Of course, the numbers above are approximations. For an exact quote, you must submit your application.

Do I Have to Offer a Down Payment?

We do work with lenders who offer auto loans with no money down, even for people with bad credit. However, supplying a down payment is recommended because it reduces your payment amount, the amount of total interest, and problems with being underwater. The optimal down payment is 20% for a new vehicle, and 10% for a pre-owned one. That being said, you don’t need a down payment to get pre-approved. Just indicate your down payment amount on your application, and our platform will probably be able to find you a dealer or lender who can accept you, even if you can’t put any money down.

If you are thinking of working with a buy here pay here car lot in Suffolk, on account of poor credit, bear in mind that they will most likely require you to provide a large down payment. Customers who cannot secure financing because of major credit problems like bankruptcy often find themselves at these types of car lots. They specialize in helping people with issues like open bankruptcy, foreclosure, or repossession on their record.

Credit and Income: Suffolk

There’s more to auto financing than just your credit score. Creditors consider your ability to pay (income), employment history, and debt repayment history.

Listed below are some average stats for Suffolk residents.

  • Average Salary: $43,623 Per Year
  • Average Monthly Payment: $400 (11% of Income)
  • Ideal Monthly Payment: $291 to $364 (8%-10% of Income)

If you have a bad credit score, you aren’t the only one. This chart depicts how many people in Suffolk are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,274
500-549 5% 3,184
550-599 8% 5,094
600-649 12% 7,641
650-699 15% 9,552
700-749 18% 11,462
750-799 27% 17,193
800-850 13% 8,278

Your credit score will have a significant impact on your annual percentage rate, but provided that you have sufficient income, we can typically find a lender for you, even when you need an auto loan in Suffolk for bad credit.