Car Loans For People With a Repossession – Getting Approved For a Car Loan With Very Bad Credit

Car Loans For People With a Repossession – Getting Approved For a Car Loan With Very Bad Credit

This article will look at the possibilities of getting approved after you have had a repossession. There are a couple different stipulations that are involved in getting this type of approval and one of them has to do with bankruptcy. If you have had a bankruptcy then that can make a difference in getting approved for auto finance with a repossession.

Was your repossession within the last 12 months?

If it was, then it needs to have been included as a part of a bankruptcy. Whether this is a chapter 7 or chapter 13 bankruptcy, it does not matter. But that repossession needs to have been included in a bankruptcy. Your bankruptcy also needs to have been discharged completely. This means that the meeting of creditors needs to have been completed and there should be no further court dates or obligations relating to your bankruptcy that are still outstanding. Everything regarding the bankruptcy needs to have been completed and satisfied in the eyes of the courts and your creditors.

If this is the case and you’re repossession was included within a bankruptcy, then you will be able to obtain decent auto finance that will help you to rebuild your credit. Of course, the interest rates will be higher but if you get the numbers worked out right, you can drive away with a really nice car without having payments that are too high. Being able to afford the payments on this next car that you are about to get, is very important in making sure that repossession does not recur.