My Car Lender

Home / Finance / Virginia Auto Finance / Norfolk (VA) Auto Loans


In today’s world, you will find it quite tricky to buy a new car if you can’t get approved for a vehicle loan. Unfortunately, securing financing can be a major aggravation, especially if your credit isn’t exceptional. We make it possible to secure financing today, at an economical interest rate, even when your credit isn’t optimal.

A finance professional can walk you step by step through the process, ensuring you get the car loan package you need from a company that won’t charge you a fortune.

Car Loan Rates in Norfolk

The majority of loan companies only show you the lowest rate available, limited to people with ideal credit. In point of fact, your interest rate varies greatly based on your credit score, not to mention other factors. The rates shown below are only for informational purposes. They aren’t advertisements, and your precise rate could deviate greatly from what you see below.

Credit Rating New Car Pre-owned Car
Excellent 3.3% 3.5%
Good 4.7% 4.8%
Average 6.9% 7.3%
Subprime 9.8% 10.5%
Bad 13.3% 14.4%
Very Bad 13.8% 15.5%

Used Car Financing in Norfolk

The rates of interest are increased for pre-owned cars, because they introduce a higher risk of maintenance issues. Savvy consumers, however, always buy used cars. Take a look at the chart below, which illustrates the different costs of car loans for new versus used vehicles.

Years Old Price APR Months Payment Interest Total Cost
New $28,200 6.00% 60 $545.19 $4,511 $32,711
1 Year $22,560 7.50% 60 $452.06 $4,563 $27,123
2 Years $19,176 7.50% 60 $384.25 $3,879 $23,055
3 Years $16,300 7.50% 60 $326.61 $3,297 $19,597

As you can see, the car financed new for $28,200 is worth only $16,300 after 36 months of ownership. Companies charge higher rates of interest for used cars and trucks, but in most cases, you only need 10% down, and the insurance premiums are cheaper.

Poor Credit Auto Loans in Norfolk

Less-than-perfect credit can make it tricky to finance a car, but it isn’t hopeless. Many of us are hesitant to check our credit ratings, as we’re afraid of how bad they may be. Unfortunately, this can be damaging. Although below-average credit always leads to an increased annual percentage rate, you can now request quotes from a variety of loan creditors online.

A lot of buyers with bad credit wind up at one of Norfolk’s buy here pay here car lots. These dealers grant car loans in house, sans credit check. No credit checks come at a price: excessive annual percentage rates, lots of terms and conditions, and overpriced vehicles.

Almost always, it’s better to deal with a local bank or loan provider. There are lots of benefits: cheaper rates of interest, improved service, and if you make your payments when they’re due, an improvement to your credit score.

Contact an auto finance professional in your area today.

No Money Down Auto Loans in Norfolk

Generally, you’ll still need a good bit of hard cash to get the car you want, as a down payment of 10-20% is often necessary.

The down payment reduces lender investment in the vehicle, and it makes up for the immediate devaluation faced with any new car purchase. By applying online, you may increase your odds of obtaining such a deal. Loan providers and dealers are able to see your preferred down payment in advance. If you leave the down payment field blank, the financing consultant will understand.

Norfolk Resources

Credit Unions


[tboot_column size=”15″]

[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip,Telephone” data=”ABNB,9155 Seabee Rd,23505,(757) 489-0064,ABNB,985 Denison Ave,23513,(757) 852-3942,Chartway,7865 Tidewater Dr,23505,(757) 552-1000,Chartway,9325 3rd Ave,23511,(757) 552-1000,Chartway,1200 N Military Hwy,23502,(757) 552-1000,Chartway,4702 Hampton Blvd,23508,(757) 552-1000,Chartway,223 E City Hall Ave,23510,(757) 552-1000,Chartway,730 W 21st St,23517,(757) 552-1000,Chartway,750 W Berkley Avenue,23523,(757) 552-1000,HRT Employees,P.O. BOX 3187,23514,(757) 222-6070,HRT Employees,1304 Monticello Ave,23510,(757) 222-6070,Kingdom,5755 Poplar Hall Dr,23502,(757) 466-7900,Navy Federal Credit Union,1530 International Blvd,23513,(888) 842-6328,Navy Federal Credit Union,1140 N Military Hwy #820,23502,(888) 842-6328,Navy Federal Credit Union,6370 Newtown Rd,23502,(888) 842-6328,Navy Federal Credit Union,Ingram St,23551,(888) 842-6328,Navy Federal Credit Union,7979 Hampton Blvd,23505,(888) 842-6328,Navy Public Works Center Norva FCU,140 Norfolk Southern Rlwy,23505,(757) 497-4500,Ncp Community Development,530 S Main St,23523,(757) 523-5392,Norfolk,P O BOX 83,23501,(757) 627-0845,Norfolk,1701 Church St,23504,(757) 627-0845,Norfolk Fire Department,4100 E Virginia Beach Blvd,23502,(757) 857-5389,Norfolk Municipal Employees,810 Union St #176,23510,(757) 664-4273,Norfolk Municipal Employees,810 Union St,23510,(757) 664-4273,Norfolk Schools,Janaf Pl,23502,(757) 461-0300,Norfolk Va Postal Credit Union Inc,P O Box 781,23501,(757) 622-7772,Norfolk Va Postal Credit Union Inc,600 Church St Rm 111,23510,(757) 622-7772,Old Dominion University Cu Inc.,2701 Hampton Blvd,23508,(757) 533-9309,Old Dominion University Cu Inc.,4901 Hampton Blvd,23508,(757) 683-0530,Port Of Hampton Roads Ila,1355 International Terminal Blvd S,23505,(757) 423-2185,Port Of Hampton Roads Ila,1355 International Terminal Blvd,23505,(757) 423-2185,Portalliance,P.O. Box 12719,23541,(757) 461-1796,Portalliance,1968 Gilbert St,23511,(757) 423-6857,Portalliance,5670 Raby Rd,23502,(757) 461-1796,Prime Care Incorporated,600 Gresham Dr,23507,(757) 388-3834,Summit Hampton Roads,P O Box 9609,23505,(757) 889-5330,Summit Hampton Roads,150 Kingsley Ln,23505,(757) 889-5330,Tidewater Dominion Employees,2700 Cromwell Dr,23509,(757) 857-2699″][/tboot_table]