Bad Credit Auto Loans in Virginia Beach (VA)

We understand that auto financing can be a headache. That’s why we launched our application placement platform. We work with lenders and dealers in Virginia Beach who want to approve you for financing – right now! Apply online, and your loan application will enter our placement system. There we’ll find you a car loan in Virginia Beach that’s right for you.

Our system is uniquely beneficial for people with credit problems. We have dealers and lenders who help people with subprime credit, and they are standing by, ready to fund your loan.

Virginia Beach Interest Rates and Loan Amounts

Virginia-BeachThe lower your credit score, the higher your rate of interest. In general, if your credit score is 650 or less, you can expect to pay in excess of 10% APR on your loan. This could swing all the way up to 15-18%, depending on how low your score is. So, if you’re in the market for a car loan with bad credit, it’s vital that you opt for an inexpensive car or truck with affordable payments – no more than 8-10% of your monthly income. By keeping your payments low, you make it easier and less stressful to keep your payments current. This is important, because, as you may know, a paid-as-agreed auto loan is one of the most powerful ways to increase your credit score.

Factors like credit and income determine how much you’re eligible to borrow. In the table that follows, we’ve quoted how much individuals of varying credit scores can borrow, given the average monthly income in Virginia Beach, $1,971. Please be aware that these are only estimates.

Credit Income Factor Loan Amount
Great Credit 10 $19,710
Fair Credit 9 $17,739
Slow Credit 8 $15,768
Bad Credit 7 $13,797
Really Bad Credit 6 $13,797

Just because it’s possible to borrow a particular amount, doesn’t mean you should. A smaller loan is a good option, because you will pay less interest, and your monthly payment will be reduced.

Ready to get started? Great! The application takes less than 3 minutes. We’ll find you a dealership in Virginia Beach that finances bad credit – apply today!

No Money Down Car Loans in Virginia Beach?

auto loan Virginia BeachNo down payment? In many cases, this won’t keep you from getting approved. However, a down payment gives you considerable benefits:

  • Shortens loan, meaning less is paid in interest.
  • Decreases payment amount.
  • Protects you against the risks of an upside down loan.

With that being said, we understand that down payments take a lot more time and effort in this economy. Our approval platform will probably be able to find you a lender or dealer who can accept you, even if you can’t offer them a down payment.

The majority of buy here pay here car lots in Virginia Beach consider down payments obligatory. Dealers like these specialize in helping people who can’t get approved anywhere else. Without a doubt, the rates are inflated, but there are fewer obstacles to getting approved.

Virginia Beach Consumer Profile

There is more to auto financing than just your credit score. Loan companies check such things as:

  • Debt to Income Ratio
  • Stability
  • Payment History

Here are some average statistics for residents of Virginia Beach.

  • Gross Salary: $1,971 Monthly
  • Average Car Payment: $217 (11% of Income)
  • Recommended Car Payment: $158 to $197 (8%-10% of Income)

Next we have divided up Virginia Beach’s population by credit score. These estimations should give you a general idea of where you stand in relation to other consumers in your community.

FICO Score % of Population Residents
300-499 2% 8,426
500-549 5% 21,066
550-599 8% 33,706
600-649 12% 50,559
650-699 15% 63,198
700-749 18% 75,838
750-799 27% 113,757
800-850 13% 54,772

We also serve clients throughout the entire Tidewater region, including Norfolk and Newport News.  If you have friends in these areas, please don’t hesitate to refer us!