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Getting a Car Loan After a Repossession
If you do not pay on a car loan consecutively for 3 months the lender has all rights to
the vehicle and repossession can take place. There can multiple reasons why you, the
consumer, could have fallen behind on a loan. For example, loss of employment would
make it very difficult if the consumer did not have a savings plan to stay caught up on
bills in case of an emergency. Or the consumer bought a vehicle that was not in their
budget and got in over their heads, missed the payments and no the bank wants the
vehicle. Whatever the reason is that you, the consumer have, it will damage your credit
history and make it very difficult to buy another vehicle. Here are some steps to take to
get a vehicle loan after repossession.
Five Steps to How to get a car after Repossession
1. Repay any fees owed from your repossession. There will most likely be a
transportation and storage fee on the car that was repossessed. If you wait too long to
contact the lender you may also have a interest fee.
2. Have a note added to your credit explaining the repossession. Contact
TransUnion, Equifax, and /or, Experian to add the note, usually it can only be about
100 words.
3. Keep up on the rest on your bills. Pay on time! A repossession of a vehicle will
stay on your credit history for 10 years.
4. Plan to wait 6 months to a year before you try to get another car loan. Be
prepared to prove to the lender you have a bank account and you are employed.
5. Fill out our online credit application. We will submit it to hundreds of lenders and
we may be able to get you approved today.
So let us at Illinois Used Car Center help you get back on your feet and drive away in a
new vehicle today. Just fill out our simple credit application, we will call you back to
verify the information and then set an appointment for you to come in and drive off in
new vehicle.
If you do not pay on a car loan consecutively for 3 months the lender has all rights to
the vehicle and repossession can take place. There can multiple reasons why you, the
consumer, could have fallen behind on a loan. For example, loss of employment would
make it very difficult if the consumer did not have a savings plan to stay caught up on
bills in case of an emergency. Or the consumer bought a vehicle that was not in their
budget and got in over their heads, missed the payments and no the bank wants the
vehicle. Whatever the reason is that you, the consumer have, it will damage your credit
history and make it very difficult to buy another vehicle. Here are some steps to take to
get a vehicle loan after repossession.
Five Steps to How to get a car after Repossession
1. Repay any fees owed from your repossession. There will most likely be a
transportation and storage fee on the car that was repossessed. If you wait too long to
contact the lender you may also have a interest fee.
2. Have a note added to your credit explaining the repossession. Contact
TransUnion, Equifax, and /or, Experian to add the note, usually it can only be about
100 words.
3. Keep up on the rest on your bills. Pay on time! A repossession of a vehicle will
stay on your credit history for 10 years.
4. Plan to wait 6 months to a year before you try to get another car loan. Be
prepared to prove to the lender you have a bank account and you are employed.
5. Fill out our online credit application. We will submit it to hundreds of lenders and
we may be able to get you approved today.
So let us at Illinois Used Car Center help you get back on your feet and drive away in a
new vehicle today. Just fill out our simple credit application, we will call you back to
verify the information and then set an appointment for you to come in and drive off in
new vehicle.