Is it absolutely impossible to get an auto loan with a repo on your credit?

there has to be alternatives if one was looking to purchase a car off of a car lot...

Is it absolutely impossible to get an auto loan with a repo on your credit?
depends on how long it's been, if it was last week, forget it. If it's been a couple years, you'll be able to get a loan, but the interest will be quite high.





I've found some good information here too...





http://auto.deal4-you.com





Hope that helps.
Reply:It's not impossible, just really, really difficult. How long ago was the repo? You'll have to look into dealerships in your area that deal with "credit challenged" people. I used to sell used cars, and I've seen credit of all sorts. Your interest will probably be incredibly high, and you may not have a lot of options for terms and what not. But there are options out there. Best of luck in your car search!
Reply:Auto finance is what I do for a living and yes it is possible just hard.





You will need a large down payment so your loan will have equity and your interest rate will be very high but it can be done I know I get it done every month.





Find a large dealer that advertises Special Finance and talk to the Manager they will be able to help you.
Reply:Wow, what a sense of entitlement. Sorry, have you seen a news report of how those defaults (your repo) are causing financial problems and banks are not doing any lending?


I know repos happen, people lose jobs, get ill without insurance, etc, but you can't expect to just get another loan.


The best idea is to pay cash for what you can afford.


a%26gt;
Reply:Are you aware there's a credit crunch right now? Unless you have pretty good credit, you probably won't qualify for a loan. A repo on your credit file, even if it a couple years old, would definitely get a no from me.





You may have to save up and pay cash for a car.
Reply:No, it is not impossible but it generally requires more of a down payment and a higher interest rate.
Reply:Try a lease . but any loan will cost big time because of the risk Best get a bus pass clean up your record