Repossession

It’s very possible to get a car loan after repossession, but you may run into some challenges if you need one immediately following a repossession.

It’s not always easy to get your car back if it's been repossessed, and you may find yourself in trouble if you don’t have the financial means to deal with it.

Regardless of whether you voluntarily surrender your car or it’s repossessed, it still affects your credit score. But, there are ways you can avoid repossession and save your credit.

When you fall behind on your car loan payment, it’s a good bet that repossession is in your future. But, because laws on this vary by state, this may not be the case in every situation.

There’s no set amount of time that dictates when repossession can take place, so it’s difficult to say how long you’ll have your car after missing a loan payment. But, if you fear repossession, talk to your lender. Rather than hoping the repo man won’t find your vehicle, do what you can to make the process easier on yourself.

Because you'll likely need financing through a bad credit lender, the max car loan you can get after repossession depends on several factors, such as your income and credit profile.

If your car was repo'd and you need another one, how should you go about getting financed after a repossession?

You may still owe after a repossession, but it depends on how much the vehicle sells for at auction compared to what you owe on it.

A car repossession stays on your credit reports for up to seven years beginning the day the account was originally reported as delinquent.

The car repossession process can really take a toll on you if your credit is already suffering. Fortunately, there are options for getting a repossessed car back. Be aware though, that keeping your vehicle may not be the best option for you. But if you feel it is, your options are time sensitive – so make sure you act fast.