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How long does a car repo stay on your credit?
When I was 20, I got my first car. I wasn't responsible, and it ended up getting repossessed. I'm 24 now and much more financially stable. I'd like to get another car, but I'm not sure if I'd qualify for a loan. How long does a repo stay on your credit?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your first car! I’m sure that was upsetting and not something anyone would want to happen. Repossessions stay on your credit report for seven years. You’ll also see marks for your late payments and the defaulted loan, which will also stay on your record for seven years.
Every lender is different, so having a repossession on your credit report doesn’t mean you won’t qualify for a loan. Lenders look at your credit history as a whole, so you have a better chance of finding financing if:
- You’ve worked to improve your credit score over the last four years
- You have a steady income
- You’ve remained current on your other accounts for the last four years
Once you’re able to secure a car loan, be sure to get the right
car insurance
to protect you and your vehicle. To find a great policy, you can shop around with Jerry
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