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Car loans in Virginia

Three local lenders to explore before heading to the dealership.

Editor's choice: Carvana

Carvana logo
  • Most credit types welcome
  • 45-day preapproval
  • Seven-day guarantee
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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.

Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
Varies
Starting at 1.79%
Up to 10 years
Active membership with PenFed
Low APR car loans from a well-known credit union.
Carvana
No minimum credit score
3.9% to 27.9%
Varies
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
car.Loan.com Car Loans
300
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
SuperMoney Auto Purchase Loans Marketplace
600
Varies by lender
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
Auto Credit Express Car Loans
300
Varies
Varies
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
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Compare up to 4 providers

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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