Subprime Credit Approval

Covina Volkswagen Works With The Best Subprime Auto Lenders

Are you worried about buying new cars because you have challenged credit or no credit? Our financial teams at Covina Volkswagen are ready to consult with you. Share your budget with us, and we will help you find the best-personalized loan. Our staff members will help you every step of the way, assisting you in getting a decent auto loan and affordable car based on your current financial circumstances. We have been working with many financial institutions and lending sources in the Covina area to provide the best solutions for auto loans, including subprime auto loans for those with no credit or challenged credit. We partner with the best subprime auto lenders to ensure you get the best rates and terms available.

Get PRE-APPROVED

What is a Subprime Auto Loan?

Having challenged credit or no credit doesn’t mean that you can’t get an approved loan to buy your new vehicle. Covina Volkswagen understands that many people may have challenged credit but would still like to invest in a car. So, we are here to help you rebuild your credit and get your dream car. A subprime auto loan is a car loan offering people with low credit scores or limited credit histories, meaning they are not as “prime” as candidates with excellent credit. We ensure you receive favorable terms despite your credit challenges. We work with the best subprime auto lenders to significantly impact the terms and conditions of your loan.

How to Apply for a Subprime Auto Loan

It is essential to review your credit score report for any possible errors or imprecisions before you apply for a subprime auto loan. Additionally, you must plan your budget to estimate how much you can afford. Our financial team at Covina Volkswagen can help you estimate your down payment, total loan amount, monthly payments, and fill out our secure finance application online. We will connect you with the best lenders to ensure you get the best deal.

Advantages and Disadvantages of Subprime Auto Loans

Advantages:

  • Access to Financing: Enables individuals with poor credit to finance a vehicle.
  • Credit Building: Making timely payments can help improve your credit score.
  • Flexible Terms: Lenders may offer more flexible terms tailored to your financial situation. The best subprime auto lenders are known for their willingness to work with challenging credit situations.

Disadvantages:

  • Higher Interest Rates: Subprime loans typically come with higher interest rates compared to prime loans.
  • Longer Loan Terms: May result in longer loan terms, leading to more interest paid over the life of the loan.
  • Potential for Negative Equity: Higher interest rates and longer terms can lead to owing more on the loan than the vehicle’s worth.

Frequently Asked Questions

What credit score is considered subprime?

  • A credit score below 670 is generally considered subprime.

Can I get a subprime auto loan if I have no credit history?

  • Yes, many lenders offer subprime auto loans to individuals with no credit history. Lenders will work with you to understand your situation and provide suitable options.

How can I improve my chances of getting approved?

  • Improving your credit score, providing a substantial down payment, and demonstrating stable income can improve your chances of approval. Working with experienced lenders can also increase your chances of getting favorable terms.

Covina Volkswagen Vehicle Inventory

After getting approved for a subprime car loan, it’s time to start browsing for your Volkswagen. At Covina Volkswagen, we offer a vast selection of new Volkswagen sedans, SUVs, crossovers, hatchbacks, hybrid and electric vehicles, and more, as well as Certified Pre-owned, used, late-model Volkswagen vehicles and other quality autos from different brands.

Visit our Covina Volkswagen showroom today, or check our Covina EZ Deals, making it easy to shop for your next Volkswagen online. View our new cars certified pre-owned and used Volkswagen cars online, call us at (626) 593-9010. No matter what your credit score or financial history may look like, our professional teams are looking forward to helping you get your new vehicle!