If you’re in the market for a new car, you probably need a car loan to complete your purchase. As opposed to waiting until you’re in a high-pressure situation at the dealership, we allow you to get approved for financing ahead of time. Let us match you with a lending specialist who can help you obtain the loan required for the vehicle you prefer.
Reasons Richmond Car-Shoppers Choose us
- No reason to be concerned over credit acceptance.
- Scheduled appointment to buy your vehicle.
- No credit minimum to apply.
- Comprehensive array of used and new vehicles.
Bad Credit Car Loans in Richmond
Banks and credit unions typically approve those with prime or super prime credit scores. That is, scores of 700 or more. There’s good news, though: there are finance companies and dealerships in Richmond that welcome people who have credit problems. In all likelihood, we can place your application with a lender or dealer in our network who wants to finance your credit.
Richmond Bad Credit Car Dealerships
You want to purchase a vehicle which fits your car loan, not the other way around, so a conversation about financing usually comes first and foremost.
In order to fulfill the lender’s requirements, you will ordinarily need to present documentation that confirms:
- How much you earn.
- Your place of residence.
- Whether you have insurance.
No matter your credit, there has to be a vehicle you can finance. It’s best if the payments are between 5 to 10% of what you earn per month before taxes. If you make $1,925 per month, this is a payment of $96 (5%) to $193 (10%).
Richmond Buy Here Pay Here Financing
If you have been through bankruptcy or repossession, a buy here pay here dealer might appear to be a good plan. Most dealer financing is sourced elsewhere, as dealers go through banks and lenders with whom they have relationships to provide the loans, but buy here pay here dealers don’t. They behave as both the lender and the dealer.. Disadvantages include inflated annual percentage rates that frequently match the state’s usury laws, as well as high rates of repossession Worst of all, these car lots rarely report back to the credit bureaus, and that means you could make each and every payment punctually without any boost to your credit score.
Richmond Consumer Profile
- Per-Year Income: $23,097
- Monthly Income: $1,925
- Suggested Monthly Payment: $154 (8% of monthly income)
How Much Car Can You Afford?
To sum up, the ideal funding arrangement is as follows: down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. With an income of $1,925 each month, let’s find out the amount you could spend based upon your credit.
|Prime Credit||Decent Credit||Poor Credit|
|Number of Years||5||5||5|