Vehicle repossession is never a good thing and a black mark like this can linger on a credit report for seven years or longer. Multiple repossessions are even worse and, for the most part, consumers must wait until just one appears in their credit file.
Consumers with damaged credit need to know that they’re really not alone and that there are lenders out there willing to work with them – they just have to know where to find them – which is where we come in.
The current lending climate for consumers with problem credit is the best it’s been since before the great recession. But while now is a good time to buy a car, buyers need to realize that using a large down payment and picking an affordable vehicle will maximize their chances of successfully reestablishing their credit.
There are several factors that could possibly cause you to be denied for auto financing; the good news though, is you can often correct these issues.
In as little as six months to a year, you can build your credit history; however, do you want a good credit history? That is going to take a little more time.
We previously looked at finding a lender as well as the income guidelines the majority of lenders follow, while today we’re going to go over the bane of people applying with no credit history: time in the bureau.