Regardless of your credit history, getting an auto loan in Virginia for the new or used car of your dreams is easier than you think. There are numerous banks that maintain relationships with local new and used car dealerships to assist potential buyers obtain bad credit auto loans. Many consumers look online and apply for an auto loan at one of their local banks. While this method may work out, it’s hard to determine which bank would be willing to issue bad credit auto loans in Virginia. The easiest way to obtain a bad credit auto loan is to head down to a local dealership, apply for a loan and test drive the car. Dealerships usually maintain relationships with multiple banks that underwrite bad credit auto loans, making it easier for you to qualify.
Requirements for Buying a Car in Virginia
There are various requirements that must be completed in the state of Virginia when purchasing a car from a dealership. These include paying a number of fees and filling out the proper paperwork.
If you’re purchasing a new vehicle, a title must be issued by the state of Virginia. A title application will be filled out at the time of the purchase with the dealership. Other relevant paperwork you’ll need include a registration application, bill of sale and proof of insurance. Virginia allows car owners to pay a $500 uninsured motorist fee in lieu of obtaining insurance however, banks that offer auto financing will require you to obtain it prior to leaving the dealership.
Used vehicles that are bought at dealerships require a similar amount of paperwork. When the title is transferred from the dealership to the buyer, the information of both parties must be written on the title. For those who seek a bad credit auto loan, the financing company must be listed on the back of the title as the official “lien holder”.
Some of the basic fees that need to be paid when purchasing a car in Virginia include an inspection fee, new title fee, transfer fee and sales taxes. The amounts vary and will depend on the location of the purchase, the type of vehicle and the total purchase price.
Driving Conditions in the State of Virginia
Located just south of Washington, D.C., Virginia is home to many people who commute to the nation’s capital on a daily basis.
Alexandria, located just across the river from D.C., is always a busy place for motorists. Regardless of the time of day, car owners are faced with crowded streets, and stop and go traffic along Interstate 395. When federal workers head to their respective states over the holidays, Alexandria is noticeably less busy.
Richmond, the capital of Virginia, is another busy hub for politics and business. With a population of over 200,000 individuals, Richmond residents are used to crowded streets with little to no street parking. The busiest time of day is during the morning, when commuters drive into the city on Interstate 95 and Interstate 64.
Virginia Beach is the largest city in Virginia with an estimated population of over 440,000 people. With a sprawling boardwalk and a number of nightlife and historical activities, Virginia Beach becomes extremely crowded during the summer months. Motorists should be careful of tourists who are unaware of their surroundings or who are having difficulty finding their destination.
If you have bad credit, in Virginia, the car of your dreams is not out of reach. There are a number of companies and dealerships that are willing to work with all types of credit.