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Can I still get a car loan if I defaulted on a loan last year?
Last year, I had some expenses I didn't expect. I defaulted on my loan, but I eventually paid back the money on my own. Now I want to get a new vehicle. Can I still get a loan even if I defaulted 12 months ago?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your added expenses, but you made the right move by paying back your
car loan
. Since you paid in full, you effectively minimized the negative consequences to your credit report.However, the extent to which the default will impact your candidacy for new loans is dependent on how fast you paid back what you owed.
Some lenders only report defaults if you’re more than 60 or 90 days past payment. Others have stricter stipulations that could impact your score if you’re only 30 days late.
The only way to know for sure is to check your credit report. You’ll be able to see if you have a derogatory mark for lack of payment or defaulting on your loan. Your best bet is to hop on
Credit Karma
or one of the credit bureau websites.So, it’s not impossible for you to get another loan, but you may have to get a
cosigner
or sign a loan with a higher interest rate
as a result of your past default.Want to save money on your car insurance? Check out the
Jerry
app. In just minutes, you can sign up and compare rates to ensure you’re getting the most bang for your buck.View full answer
- Gregory R.
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