Can I still get a car loan with a repossession?
My car was repossessed when I was younger. I’ve been borrowing a friend's car and doing those rental rides and leasing. But it’s all adding up, and I’d like to have my own car now. My credit’s still pretty bad, though—it’s under 660. Can I get a car loan? What are my options?
- Subprime lenders (aka bad credit lenders). These lenders will work with people who have a repo on their application if it’s over a year old.
- Finding a cosigner for a loan from a traditional lender (banks and credit unions).
- Seeing if your current bank or credit union would offer you favorable rates
- Building up your credit some more before you take out an auto loan