Have you been recently turned down for an auto loan due to a repo showing on your credit history? You may be wondering, how to get a car loan with a repo on your credit report. I'll fill you in on how you can do just that.
If you have a repo on your credit report, you just can't rely on a car lot to give you the best financing options. Especially if you've had other late payments, collection accounts and an overall bad credit rating.
You have a few options available to you, if you want to get a car loan after a repo.
Buy Here Pay Here Dealers...
The first option, is one that you probably won't like. It is that you can go to a buy here pay here car lot, put down a couple thousand dollars on a used car and pay incredibly high interest rates. You'll end up paying the same payments for a 5 year old car, as someone with good credit will pay for a new car. Not a good option, is it?
Online Car Loans for Bad Credit...
The second option, and most favorable to most, is to use an online lending service that will work directly with you to help you get approved. These services are free and easy to use. You simply provide a little basic information about your situation and the service will match you up with lenders that help people with repo's on their credit report. Most people can get approved and with a decent interest rate, so long as they have regular job.
You can get an approval much easier by arranging your car loan online after a repossession than you can at a dealership.
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