PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How do I get a car loan after a repossession?
I had my car repossessed about three years ago. Since then, I've been using public transit. I've saved up a good amount of money for a down payment. Can I get a car loan now?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a
car loan
if you’ve had a repossession in the past seven years will be pretty tough, but there are certainly ways to increase your chances of getting approval. Actions to take include:- Check your credit report: make sure that everything is paid on time and that you don’t have any other derogatory marks
- Build your credit as much as possible before applying
- Don’t buy a more expensive car than you can afford
- Get a cosigner or co-borrower for the loan (usually a parent or spouse)
- Have a good down payment ready, ideally around 20%
You may also want to choose a lender with whom you can meet in-person to discuss the details of your repossession. Building rapport with your lender can only help your chances of getting a loan!
If you’re looking to save money for your new car, make sure to use
Jerry
when it’s time to purchase car insurance. Jerry can help you compare quotes from the nation’s top providers to find the best rates for your coverage needs.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
.jpg&w=64&q=75){kind=avatar}
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
