Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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Dealership financing is convenient — but it likely won't be the most competitive option. Start with local Virginian banks and credit unions, along with national lenders, to find the best rates.
To browse lenders you could qualify for, select your credit score range and Virginia. Then click Show me my personalized options.
Virginia doesn't have specific laws or guidelines for lenders or borrowers. In most cases, you can start the application process online, over the phone or at a lender's office. But the exact options will depend on the lender you choose to work with.
You'll then need to submit some basic personal information about yourself so a lender can run a credit check and determine if you're eligible. If you're approved for financing, you'll most likely have up to 30 days to shop for a car at a dealership. Review your loan documents carefully and note the full cost of your loan.
If you aren't approved, the lender should provide details about why it rejected your application.
Advertisements for auto title loans frequently come up when you search for car loans, but they're very different products.
Auto title loans are a costly option that should only be used as a last resort. Failing to repay your loan could result in your car being repossessed.
That being said, Virginia recently put in place new regulations on the interest an auto title loan lender can charge. As of January 2021, lenders will only be able to charge monthly interest rates between 15% to 22%.
While local banks and credit unions typically offer the best rates for car loans, many require you to be a member or have an account to borrow. And they often don't disclose terms until after you apply, which can make it hard to compare them to other lenders.
Virginia Credit Union
New and used vehicles, loan refinancing
As low as 1.99%
New and used vehicles
1st Advantage Federal Credit Union
New and used vehicles, loan refinancing, recreational vehicles
As low as 2.19%
Larger banks like Bank of America and online lenders like RoadLoans also offer car loans to Virginia residents. Before you visit the dealership, explore the full range of car loan options available to you so you can get the best deal on financing for your next ride.
Lenders with less than $1 billion can submit applications to this COVID-19 assistance program before it fully reopens Tuesday.
A standard connection service that works with lenders that offer large loans.
A lender who primarily offers loans to underserved small business owners.
Shopify merchants may be able to get funding without a credit check.
You only have until the end of March to get your next application in.
First Draw loans are now available through nonprofit lenders, with Second Draw loans following shortly behind.
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Wise Loan may be an expensive choice, but it’s upfront about its costs.
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