Bad Credit Auto Loans in Winchester (VA)

Winchester-VAWhy waste your time driving all over Northern Virginia, going from one lender to another, trying to get the loan you need? Good credit or bad, we can get you financed in less time. Our application placement system takes the headache out of getting a loan. Simply apply online, and we’ll start working to get you approved from a lender or dealer who suits your needs.

We have an extensive network of lenders and dealers who arrange and approve auto loans in Winchester, Virginia, and the surrounding area. Apply with us, and you’ll be amazed at the ease and convenience of having a finance professional take you through the auto lending process one step at a time, culminating in an appointment to sign your loan and choose your vehicle from a lot in your area.

Dealerships in Winchester That Take Bad Credit

Has your credit been through the ringer in recent years? Bad credit is rarely a deal-breaker when you utilize our service, although it most certainly would be if you attempted to get financed through a bank, even some credit unions. The truth is, many of these financial institutions automatically decline anyone who doesn’t meet their minimum lending criteria, which tend to be quite high. Fortunately, we have lenders and dealers in our network who specialize in bad credit car loans. There are additional requirements, however. For instance, a down payment and proof of income will often be expected. Fortunately, users get approved within minutes. You’ll be put in touch with a local finance professional who can get your loan approved by an auto lender that specializes in subprime credit. This company will submit information to the credit agencies, which is great when you need to rebuild your credit.

First-Time Buyers and People with Limited Credit History

Are you a student at Shenandoah University, or a first-time car buyer? Many people buying their first car just don’t have the credit history to get approved through a bank or other “old-school” lender. This is largely true of consumers aged 18-25 or so. Fortunately, most of our dealer partners will be willing to work with you as long as you have one of two things:

  • Income of $1500 per month. Must be verifiable via pay stubs or tax returns.
  • Cosigner with solid credit. Typically this is a parent, older sibling, or spouse.

If you are able to meet either of these provisions, you have a good shot at approval.

Lending Amounts Based on Credit

The chart that follows depicts various loan amounts, derived from a monthly income of $2,654, the average in Winchester. These figures are only approximations. You may qualify for a larger or smaller sum, depending on other factors. Speak with your vehicle finance specialist for more information.

Credit Income Factor Loan Amount
Great Credit 10 $26,540
Average Credit 9 $23,886
Temporary Bad Credit 8 $21,232
Bad Credit 7 $18,578
Really Bad Credit 6 $15,924

Again, these are just estimations. For a definitive quote, you must submit your application.

Financing a Car with No Money Down

Credit rating of 700 or better? Then you might not have to offer up a down payment. However, it’s somewhat more difficult for people with less-than-perfect credit. The reason is simple: such loans are much more risky for the lending company. Default is more of a concern, and a down payment makes certain that at least a percentage of the vehicle has been paid for in advance. Having said that, we have companies that offer financing with no money down.

Our application placement system will probably help you find a dealer or lender who wants your business, whether or not you have a down payment.

Winchester, VA Buy Here Pay Here Financing

Have you considered going to a “buy here, pay here” car lot in Winchester? This might not be such a good idea. In house financing is often referred to as:

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

These dealers finance consumers who have been turned down by traditional loan companies. They approve people with issues like open bankruptcy or repossession in the last 12 months. The problem is, the rates are stupendously high, as are the down payments, and the vehicles are worth thousands less than you’ll end up paying for them. Plus, you won’t have the opportunity rebuild your credit through this type of financing.

Credit and Income: Winchester

Lenders are worried about more than just your credit score. Loan companies check your ability to pay (income), history of employment and residence, and credit profile.

Listed here are average stats for residents of Winchester.

  • Average Income: $31,844 Per Year
  • Average Car Payment: $292 (11% of Income)
  • Ideal Monthly Payment: $212 to $265 (8%-10% of Income)

Have you ever wondered about the credit scores of your neighbors? We’ve estimated how many Winchester consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 1,142
500-549 5% 2,855
550-599 8% 4,568
600-649 12% 6,852
650-699 15% 8,565
700-749 18% 10,277
750-799 27% 15,416
800-850 13% 7,423