How long does a car repo stay on your credit?

When I was 20, I got my first car. I wasn't responsible, and it ended up getting repossessed. I'm 24 now and much more financially stable. I'd like to get another car, but I'm not sure if I'd qualify for a loan. How long does a repo stay on your credit?

Answer
I’m sorry to hear about your first car! I’m sure that was upsetting and not something anyone would want to happen. Repossessions stay on your credit report for seven years. You’ll also see marks for your late payments and the defaulted loan, which will also stay on your record for seven years.
Every lender is different, so having a repossession on your credit report doesn’t mean you won’t qualify for a loan. Lenders look at your credit history as a whole, so you have a better chance of finding financing if:
  • You’ve worked to improve your credit score over the last four years
  • You have a steady income
  • You’ve remained current on your other accounts for the last four years
Once you’re able to secure a car loan, be sure to get the right car insurance to protect you and your vehicle. To find a great policy, you can shop around with Jerry. Jerry is an app that finds the best car insurance policies from top providers in seconds!
Emily Maracle
Answered on Nov 17, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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