Bad Credit Auto Loans in Williamsburg (VA)

You need to get approved for financing, and we can help. Each bank, dealer, or finance company has their own approval criteria, so it’s crucial that you find one willing to approve your credit. The actual application is easy to understand, and many applicants get a loan within a day.

Bad credit is often a serious setback when it comes to financing, but not with us. There’s no minimum credit score for applying, and we can help consumers in each of the lower credit tiers. Given your credit, your rate of interest might be higher, meaning it’s vital that you choose a budget friendly car or truck with affordable payments. Allow us to find you a dealer that approves loans for people with subprime credit.

Financing Pre-Approval in Williamsburg: How Much?

The table below shows you various loan amounts, derived from a monthly income of $1,796, the average in Williamsburg. These figures are merely estimations. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan
Great Credit 10 $17,960
Average Credit 9 $16,164
Temporary Bad Credit 8 $14,368
Poor Credit 7 $12,572
Very Bad Credit 6 $12,572

Simply because you’re able to borrow such an amount, doesn’t mean you ought to. A smaller loan is a good option, because it will put less stress on you from a financial standpoint.

Down payments refer to payments made at the time that you sign for your vehicle. They are often required of individuals who have a poor history of debt payment. That’s because consumers with credit problems are much more risky for the lender. Default is much more likely, and a down payment helps to ensure that at least a percentage of the vehicle has already been paid for in advance. That being said, we get quite a few applicants approved for financing anyway.

Submit your application, and indicate that you don’t have a down payment. We’ll place your application with a dealer or lender who can finance your purchase, no down payment needed.

If you are thinking of working with one of the buy here pay here dealers in Williamsburg, thanks to poor credit, then keep in mind that they will most likely require you to provide a good sized down payment. Dealers like these specialize in helping people who have been turned down by conventional firms. The rates of interest are typically steep, but acceptance will likely be guaranteed.

Williamsburg-Specific Credit, Income Numbers

There’s more to auto financing than just your credit score. Creditors consider such things as:

  • Debt to Income Ratio
  • Stability
  • History of Payments

Listed below are average statistics for Williamsburg residents.

  • Gross Income: $21,546 Annually
  • Average Car Payment: $198 (11% of Income)
  • Recommended Car Payment: $144 to $180 (8%-10% of Income)

Below-average credit. It’s fairly common in Williamsburg and across Virginia. This table depicts the estimated number of Williamsburg residents at each credit level.

FICO Score % of Population Residents
300-499 2% 1,279
500-549 5% 3,199
550-599 8% 5,118
600-649 12% 7,677
650-699 15% 9,596
700-749 18% 11,515
750-799 27% 17,273
800-850 13% 8,316