How Long Until I Can Buy A Car After A Repo?

Your car has been repossessed and you have been getting around town the best way you can. The day comes where you are back on your feet again. The repossession might feel like a setback, but don't worry, your goal of getting behind another car is still possible. Even if traditional lenders are hesitant, there are still paths to securing a car loan. Let’s explore your options for getting back behind the wheel after a repossession.

Can I still get a loan after a repossession?

You might be wondering if it's even possible to get a new car loan after a repossession. Time is your ally, while a repossession can stay on your credit report for up to seven years, its impact lessens over time. In as little as 12 months, some auto lenders may be willing to consider you if you've been managing your finances responsibly and maintaining a decent credit score since the repossession.

Buy Here Pay Here (BHPH)

A second option to consider is a Buy Here, Pay Here dealership. These dealerships offer in-house financing, often without the need for extensive credit checks. Buy here pay here dealerships base your approval on your income, how long you’ve held a job, and other factors. To keep costs down, consider making a larger down payment and opting for a shorter loan term.

Things to consider:

• Make sure to rebuild your credit: The best way to improve your chances of securing a car loan in the future is to focus on rebuilding your credit. Make sure to pay all of your bills on time, even ones that aren't automatically reported to the credit bureaus. Services like Experian Boost can also help by adding a positive payment history to your credit report. Buy here pay here options help with rebuilding your credit as well.
• Transparency is Key: When speaking with potential car loan lenders, be upfront about your repossession. Explain the circumstances that led to it and demonstrate your commitment to responsible borrowing. Honesty can go a long way in building trust with lenders.

Bonus Tip: Consider looking into used vehicles. These cars often come with added reliability and may even have some remaining warranty coverage, providing you with peace of mind on the road. Ask your dealership if they provide any warranties as well.

Getting back on the road after a repossession may seem hard, but it's not impossible. By exploring alternative lending options (through buy here pay here dealerships), rebuilding your credit, and being transparent with lenders, you can increase your chances of securing a car loan and getting back behind the wheel. Don't let repossession derail your goal of owning a car—there are still plenty of paths forward. If you are in Orlando, FL and are looking to get behind the wheel after a repossession, visit Credit Cars! We specialize in working with good people with bad credit or no credit.