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Car loans in Virginia
Three local lenders to explore before heading to the dealership.
Compare car loans available in Virginia
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.
Getting approved for an auto-loan in Virginia
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.
Car loans vs. auto title loans
Advertisements for auto title loans frequently come up when you search for car loans, but they're very different products.
- Car loans are used to purchase a new or used vehicle from a dealership or individual.
- Auto title loans use your vehicle's title as collateral for a short-term loan.
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%.
Banks and credit unions in Virginia that offer auto loans
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% |
First Bank | New and used vehicles | Not stated |
1st Advantage Federal Credit Union | New and used vehicles, loan refinancing, recreational vehicles | As low as 2.19% |
Bottom line
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.
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