Car Loans After A Repossession?

If you haven't made your car payment for three to four consecutive months, your auto loan lender will most likely repossess your automobile. Whatever the reason, a car repossession will damage your credit rating and make it harder for you to get approved for future credit. Still, there are ways to obtain a Car Loan
You can approach an Auto Dealer who offers in house financing. The dealer will most likely require money down and will carry you for the balance. Some Dealers do charge higher than normal interest, however beggars can't be choosers. Sometimes you need to look at dealer financing as a gift as you well know no Bank will touch you!
Get a No Credit Check Car Lease? Yes some Private Leasing Companies offer once again equity leasing with reasonable interest rates. When acquiring an equity lease you will most likely be asked to put down 20-25% of the vehicle cost! One thing to remember is a lot of these lease companies don't report your lease to Equifax or Trans Union. They are in house and they take your payments directly from your Bank Account.


Please note that applying for a Car Loan after Repossession will be difficult as many in house lenders worry that you since you didn't pay your last car loan, why or will you pay a new one?

If you can provide good reason for your repossession, like illness, divorce or some other reasonable answer many in house finance companies will take the chance and extend you credit. Having a secure Job with long tenure does help!

So the answer to your question of can I get a car loan after repossession is yes!

Auto Source Financial also works with people with past repossessions and has many in house sources to help you obtain New Vehicle Financing!


Share:
1

About the Author

Auto Source Financial

Auto Source Financial is a Canadian Financial Firm that assits people with No credit or Bad Credit Obtain Vehicle Finanicng. We Specialize... (show bio)