Richmond, VA (PRWEB) March 16, 2013
Virginia Auto Finance, a company that helps clients arranged financing for new and used vehicles, has announced new technology designed to improve the financing process for subprime applicants. Although the average credit score among Virginia residents is 689, more than one quarter of the population is thought to suffer from bad credit, typically defined by a credit score of less than 620. These consumers often face a very difficult approval process, as many banks and lenders simply don't cater to this demographic, while others tightened their lending criteria in the wake of the 2008 recession.
In order to better serve these clients, Virginia Auto Finance worked with leading programmers to develop a secure online approval platform. It allows applicants to submit a single paperless application, which is then matched to a willing lender or dealer through the company's vast network of relationships. Since each lender has its own criteria for evaluating applicants, this system makes the entire process much more efficient. Lenders and dealers can enter their approval parameters - including factors such as location, income, and down payment - and only work with borrowers whose loans they can truly fund.
"This process virtually eliminates the frustration that comes with filing paper applications at a multitude of banks and local lenders," said one senior VP. "Now our clients can get approved for financing from the comfort of their very own home." He went on to remark that many clients had expressed the anxieties they faced entering a bank or dealership with bad credit. The new process takes these troubles out of the equation, empowering consumers in Virginia to find the auto loans they need, even with credit problems.
About the company:
Virginia Auto Finance, based out of Richmond, serves the entire of Virginia, assisting customers get approved for the auto loans they need, even if they have bad credit from bankruptcies, repossessions, foreclosures, medical bills, or simply slow payments on a variety of bills.