Auto Loans After Repossession

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What is Reposession?

 

Those facing repossession can be left in a tough position; not only will they be left without a vehicle, but stand to suffer a negative impact on their credit score. If your vehicle has been repossessed there are a few things you should know. “Repossession is the term used to describe the taking back of property after a borrower has defaulted on payments. The lender either repossesses the collateral or pays a third-party service to do so.”-BankrateIn terms of auto loans, a repossession is when a lender takes back the vehicle, voluntarily or otherwise. Repossession is most often due to non-payment but can happen for some other reasons, such as false information on loan documents.

How does repossession affect my credit?

 

According to the TransUnion Credit Report User Guide, a repossession will show up on your credit history report under “Manner of Payment” either as a code 08 for repossession or a code 08a for a voluntary repossession.

 

Repossession will undoubtedly leave a serious blemish on your credit history but the extent of the change will largely depend on your credit score before the repo. A great credit score could see a significant drop, while a poor score may not drop so drastically in number. Payment History accounts for 35% of your FICO score. However, regardless of your score after a repossession, the negative report itself will affect your buying power. Learn How to get your free credit score here.

 

A repossession will stay on your credit report for seven (7) years.

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Can I get an auto loan after repossession? 

The short answer is yes, you can obtain an auto loan after repossession. Depending on how long ago it was reported to the credit bureaus, you may qualify for credit amnesty and forgiveness programs through traditional lenders. If your repo was very recent or you have poor credit you may be charged higher rates due to the increased risk associated with your credit.

 

Alternatively, one can turn to Buy-here pay-here lots. These dealerships have in-house financing and can help people who do not qualify for traditional bank loans. A buy-here-pay-here could be a good option for building credit if they report your payments to the bureau, Otherwise, some dealers will approve you with no credit check, however, your on-time payments will not contribute to building your credit. This can be a good option for people who do not want to deal with credit checks or banks. You can get pre-qualified for a loan online with our 3-minute application.

Repossesion Auto Loans
Auto loans after repossession - Buckeye Auto Finance

How It Works

1. Start from home by completing our 3-minute application.

 

2. After completing your application we will personally match you with a local dealer that best suits you.

 

3. Your consultant will call you to set your appointment, and inform you of any needed documentation

 

4. Once the best terms for you are determined, simply visit your local dealer and select your vehicle!

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Even with Poor Credit

 

Everyone Deserves a Second Chance

Buckeye Car Loan is a leading provider of online auto approvals, connecting our clients with qualified and reputable dealers.  If you have bad credit, low credit, no credit or have been turned down in the past due to bankruptcy, we can help you get a car loan through a special finance lender.

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Affordable Loans for All Credit

Our simple and fast online process is the easiest way to get pre-qualified online, regardless of past credit mistakes.
 

Stop the hassle and embarrassment of dealing with showrooms and salesmen. Our simple and secure application takes minutes. Some even drive the same day. 

With our network of hundreds of dealers, we match you to the perfect vehicle close to home. A local consultant will guide you through the loan process.

All Credit is accepted. We have access to special finance programs for any situation including Bankrkruptcy, Reposession and low-income

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Car loans with repossession