Returning your car, also known as a voluntary repossession, is possible. Although like the name suggest, the effects can be just as painful as repossession to your credit
Continue ReadingReturning your car, also known as a voluntary repossession, is possible. Although like the name suggest, the effects can be just as painful as repossession to your credit
Continue ReadingHaving a vehicle repossessed is never a good thing. In fact, having one appear on a credit is one of the worst things that can happen to any borrower. But it is especially bad if the auto loan in question belongs to a consumer with problem credit.
Continue ReadingBorrowers having problems paying their car loans should call the lender and explain their situation. Not only is repossession is a black mark on their credit reports – often preventing them from getting a car loan for at least a year, it could end up costing them hundreds if not thousands of dollars in taxes owed to the government.
Continue ReadingVehicle 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.
Continue ReadingFor those unfamiliar with what the phrase buy here pay here means, it refers to a car dealer where you can not only purchase a car, but a dealership where you can finance it, right there, as well. In this case financing is arranged with money that is borrowed from the dealer instead of a bank, credit union or finance company.
Continue ReadingHaving your car repossessed usually makes for a very bad experience. Most people rely on their vehicles to get them to work, school and countless other places. If your car has been repossessed, it's important to know what your rights are and what actions you should take.
Continue ReadingHaving your car repossessed can seem like a total nightmare. It leaves you owing money on a vehicle that you can no longer drive, and it leaves you in position where it can seem unlikely that you can get a new car anytime soon. But, believe it or not, you can recover from repossession. It just takes time and a plan.
Continue ReadingIn most cases, consumers who have had a vehicle repossessed will need to wait at least a year until they can expect to get approved for a car loan with a subprime lender. While there are exceptions to this rule and buyers should still give it a try, the number of lenders willing to do this is so small that most borrowers should be prepared for a high interest rate and with the large down payment BHPH dealers will require, if they need a vehicle right away.
Continue ReadingBecause 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.
Continue ReadingIf your car was repo'd and you need another one, how should you go about getting financed after a repossession?
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