See real rates from Virginia borrowers, updated daily. Jump to the section that matches your situation, new or used car, then see what rates look like right now for your credit score. When ready, the Virginia Best Car Lenders finding (from community survey) can also help.
Virginia New Car Loan Rates –
| Credit Score | |||||
| 750+ | 700–749 | 650–699 | 600–649 | ||
| Nationally | 5.88% | 7.26% | 6.43% | 7.58% | |
| Virginia | 4.95% | 5.28% | 5.53% | 6.71% | |
| Credit Unions | 4.55% | 4.88% | 5.18% | 6.41% | |
| Online lenders | 4.65% | 4.98% | 5.28% | 6.51% | |
| Banks | 4.95% | 5.28% | 5.53% | 6.71% | |
| Dealers | 3.93% | 5.28% | 7.03% | 9.71% | |
| Under $30,000 | 48 months | 3.84% | 4.09% | 4.34% | 5.09% |
| 66 months | 4.26% | 4.52% | 4.77% | 5.53% | |
| 78 months | 4.76% | 5.03% | 5.28% | 6.05% | |
| 84 months | 4.09% | 4.37% | 4.62% | 5.40% | |
| $30,000–$60,000 | 48 months | 4.71% | 5.01% | 5.26% | 6.41% |
| 66 months | 4.13% | 4.44% | 4.69% | 5.85% | |
| 78 months | 4.58% | 4.90% | 5.15% | 6.32% | |
| 84 months | 4.95% | 5.28% | 5.53% | 6.71% | |
| Over $60,000 | 48 months | 3.88% | 4.23% | 4.48% | 5.98% |
| 66 months | 4.24% | 4.60% | 4.85% | 6.36% | |
| 78 months | 4.76% | 5.13% | 5.38% | 6.90% | |
| 84 months | 5.10% | 5.48% | 5.73% | 7.26% |
Source: MFP’s Community Car Loan Rates Survey from the last 30 days.
New Car Loan in Virginia
Virginia's new car rates are below the national average across most credit scores. If you have excellent credit (750+), rates start around 3.84% for affordable cars on shorter loans. Credit scores in the 600s push rates into the 5.09%-7.26% range, and they climb higher for expensive vehicles or longer loan terms.
Your Credit Score Makes the Biggest Difference
A borrower with a 750+ credit score financing a $40,000 car over 48 months pays around 4.71%. Someone with a score between 600-649 on the same loan pays 6.41%—a 1.70% percentage point gap.
That difference grows on longer loans. Stretch that same loan to 84 months and the rate jumps to 4.95% for excellent credit and 6.71% for fair credit.
More Expensive Cars Mean Higher Rates
Virginia lenders charge less for cheaper cars. A borrower with excellent credit gets 3.84% on a 48-month loan for a car under $30,000. That same person pays 4.71% for a car in the $30,000-$60,000 range, and 3.88% for cars over $60,000.
The pattern holds across all credit scores. A car priced over $60,000 on an 84-month loan costs 5.10% for excellent credit and 7.26% for fair credit.
Longer loans cost more, but Virginia's rate penalties are smaller than many states. Extending from 48 months to 84 months adds 0.24%-0.30% percentage points.
Dealers Win on Rates for Excellent Credit
Virginia auto dealers have the lowest rates if you have a 750+ credit score with a 3.69% average, they're using manufacturer incentives to beat credit unions (4.31%) and banks (4.71%).
That advantage vanishes quickly. With a score in the 700s dealer rates match bank rates at 5.01%. Drop into the 600s and dealers become the most expensive option at 9.41%—nearly 3.30% percentage points higher than credit unions.
MFP Tip: Credit unions in Virginia offer the most consistent rates across all credit scores.
Curious about car insurance price in Virginia? See real Virginia car insurance rates shared by our community.
Who are recommended car lenders? See Virginia best car loan lenders shared by our community.
Virginia Used Car Loan Rates –
| Credit Score | |||||
| 750+ | 700–749 | 650–699 | 600–649 | ||
| Nationally | 8.29% | 9.46% | 11.23% | 11.23% | |
| Virginia | 9.42% | 10.50% | 12.46% | 13.50% | |
| Credit Unions | 9.02% | 10.10% | 12.11% | 13.20% | |
| Online lenders | 9.12% | 10.20% | 12.21% | 13.30% | |
| Banks | 9.42% | 10.50% | 12.46% | 13.50% | |
| Dealers | 8.40% | 10.50% | 13.96% | 16.50% | |
| Under $15,000 | 48 months | 7.34% | 8.30% | 10.26% | 11.29% |
| 66 months | 8.23% | 9.21% | 11.17% | 12.19% | |
| 78 months | 8.74% | 9.73% | 11.69% | 12.71% | |
| 84 months | 9.36% | 10.36% | 12.32% | 13.34% | |
| $15,000–$25,000 | 48 months | 7.29% | 8.30% | 10.26% | 11.28% |
| 66 months | 8.03% | 9.05% | 11.01% | 12.03% | |
| 78 months | 8.80% | 9.83% | 11.79% | 12.81% | |
| 84 months | 9.24% | 10.28% | 12.24% | 13.26% | |
| $25,000–$40,000 | 48 months | 7.47% | 8.52% | 10.48% | 11.51% |
| 66 months | 8.08% | 9.14% | 11.10% | 12.13% | |
| 78 months | 8.75% | 9.82% | 11.78% | 12.82% | |
| 84 months | 9.42% | 10.50% | 12.46% | 13.50% | |
| Over $40,000 | 48 months | 8.19% | 9.28% | 11.24% | 12.27% |
| 66 months | 8.76% | 9.86% | 11.82% | 12.85% | |
| 78 months | 9.18% | 10.29% | 12.25% | 14.18% | |
| 84 months | 7.38% | 8.50% | 10.46% | 12.39% |
Source: MFP’s Community Car Loan Rates Survey from the last 30 days.
Used Car Loan in Virginia
Used car financing in Virginia costs more than new car loans but runs below the national average. Rates start around 7.34% for excellent credit on cheaper cars with short loans, but climb into the low teens for lower credit scores on longer terms.
Credit Scores Hit Harder on Used Car Loans
Lenders charge more as your credit drops, and that penalty shows up clearly in used car rates. Finance a used car under $15,000 over 48 months with excellent credit (750+) and you'll pay 7.34%. A score in the 600-649 range on that same loan costs 11.29%.
Buy something pricier—say, a used car in the $25,000-$40,000 range—and stretch it to 84 months, and you're looking at 9.42% for excellent credit or 13.50% with a score in the 600s.
Virginia's Used Car Rates Beat Most States
Here's good news for Virginia buyers: used car rates here run below the national average. A used car under $15,000 on a 48-month loan with excellent credit costs 7.34% in Virginia compared to 7.72% nationally.
Even with fair credit, Virginia borrowers see better rates. That same loan with a 600-649 score costs 11.29% in Virginia versus 10.66% nationally —a significant difference that saves Virginia buyers thousands.
Long Loans Cost You More on Used Cars
Stretching a used car loan adds to your rate. Take a used car under $15,000 with excellent credit. A 48-month loan costs 7.34%. Push that to 84 months and you're paying 9.36%—a 2.02% percentage point jump.
For cars in the $25,000-$40,000 range, the penalty is even steeper. Excellent credit on a 48-month loan costs 7.47%, but an 84-month loan pushes it to 9.42%.
Credit Unions Lead on Used Car Rates
Dealers compete only at the top. With excellent credit, dealer rates average 8.40%—the best in the market. But drop into fair credit territory and dealers charge 16.50%, making them the most expensive option by far.
Credit unions offer the best rates on used cars in Virginia for most borrowers. At 9.02% for excellent credit, they beat online lenders (9.12%) and banks (9.42%), and they stay competitive at 13.20% for fair credit—far better than dealers.
MFP Tip: Virginia's used car market is competitive. If you have excellent credit, get a dealer quote first. Otherwise, credit unions offer your best rates.
What Affects Your Car Loan Rate in Virginia?
Lenders look at more than just the rate tables when they set your rate. Here’s what else matters for both new and used car loans.
- Credit score. This is the biggest factor in your rate.
- Loan length. Longer loans mean higher rates.
- Down payment. A larger down payment can get you a better rate.
- Vehicle age and mileage. Newer cars often have lower rates than used cars.
- Income vs. debts. Lenders check that you can afford the payment.
- Loan-to-value. This compares your loan amount to the car’s price.
How to Get the Best Car Loan Rate in Virginia
Follow these steps to find the lowest rate for your next car loan in Virginia.
Check your credit score. Know your score before you apply so you can see which rates you might get.
Get quotes from different lenders. Check with credit unions, banks, and online lenders to compare their offers.
Get preapproved. A preapproval gives you a rate to use when you talk to dealers.
Take the shortest loan you can afford. A 48-month loan has a lower rate than an 84-month loan.
Put down as much as you can. A down payment of 20% or more can help you get a better rate.
Shop for rates in a short window. Try to get all your quotes within 14 days to limit the effect on your credit score.
MFP Tip: Start with a credit union. They often have the lowest rates for both new and used cars, especially for borrowers with good credit scores.
FAQs – Virginia Car Loan
Do credit unions offer better rates than banks in Virginia?
Yes, credit unions usually have lower rates than banks in Virginia. For a new car loan with excellent credit, credit unions average 5.70% compared to 6.10% at banks. The difference is also there for used cars, with credit unions at 8.85% and banks at 9.25% for top-tier borrowers.
How much does my credit score affect my rate?
Your credit score makes a big difference. For a new car loan in Virginia, the rate for excellent credit (750+) is 6.10%, but for fair credit (600–649) it’s 7.86%. On a $40,000 loan, that’s about $40 more per month. For used cars, the gap is larger, from 9.25% to 11.33%.
Should I get a 48-month or 72-month loan?
A 48-month loan almost always has a lower rate than a 72-month loan. For a new car under $30,000 with excellent credit, the rate is 5.10% for 48 months and 5.81% for 66 months. The shorter term saves you money on interest and gets you out of debt faster.
Why are Virginia’s rates lower than the national average?
Virginia’s rates are often lower due to strong competition between lenders and a healthy local economy. For used car loans with fair credit, Virginia’s average of 11.33% is much lower than the national average of 14.37%. This makes the state a good place to finance a car.
Can I get a car loan with bad credit in Virginia?
Yes, but you will pay higher rates. Lenders in Virginia offer loans to borrowers with scores down to 600, with used car rates around 11.33%. You might need a larger down payment or a co-signer. Improving your score before you apply can save you money.
When should I refinance my car loan?
Refinance when rates drop or your credit score improves. If your current rate is above 7% and you see offers for 5%, it’s worth checking. Refinancing can lower your payment, but check for fees from your current lender first.
Next Steps for Virginia Car Buyers
Car loan rates change every month. The rates shown here are a guide, but your actual rate will depend on your credit and the lender you choose.
Check your credit report for free before you apply. Then get preapproved with at least two different types of lenders, like a credit union and an online lender.
Compare the loan terms, not just the monthly payment. Look at the total interest you will pay over the life of the loan.
For more help, read our full guide to car loans. It covers how to negotiate with dealers and what to watch for in your loan contract.