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 you get a car loan with a repossession on your record?
I had my car repossessed about six months ago, but I believe I’m ready for a new one. How do I get a car loan with a repossession on my record?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that happened! I have some good news for you: You might be able to get a car loan right now.
Repossession doesn’t look great, but it doesn’t automatically disqualify you from signing a loan with all lenders. That said, you will likely face higher rates, but know that lenders will still likely work with you.
To get the best deal on a car loan after a repossession, be sure to:
- Be honest with yourself about your financial situation. Don’t enter into something you won’t be able to afford in a month or two.
- Build your credit as much as possible before applying.
- Shop around for the right lender. These companies will try and use your history against you, so shop around to find the best rates possible.
Once you do find a good loan, be sure to shop around for car insurance using the number-one-rated car insurance app,
Jerry
. Lenders will require you to carry full coverage on your financed vehicle, and Jerry can help you find the lowest rates. It takes less than a minute to sign up and you’ll be presented with competitive rates from more than 50 top providers. The average Jerry driver saves $879 a year on car insurance! 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
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
