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Can you still get a car loan with a repossession on your record?
A couple of months ago I was in a tough financial situation and my car was repossessed. I’m back to a more stable place now, though. Can you still get a car loan with a repossession on your record?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that happened, but I’m glad you bounced back! I have some good news for you: you can still get a loan with a repossession in your history.
The longer you wait to get a loan after your repossession, the easier it is to get a loan. That said, there’s nothing legally holding you back from getting a loan now.
It’s very important to shop around and find the best deal for it though because lenders typically won’t give good rates to people with things like a repossession in their history. You can help get lower rates by doing the following:
If you do end up getting a car loan with higher rates than you’d like, you can
refinance
your loan to get lower rates as your financial situation improves. Jerry
is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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