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 Peoria Bloomington Used Cars 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 Peoria Bloomington Used Cars 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.
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