our car was repossessed.and we cannot pay for the whole amount.instead of paying it,we are planning to used the money for down payment for a brand new car.can i still be eligible for a car loan?we really need a car.
2007-03-05 11:52:05 · 6 answers · asked by Gwen 1 in Cars & Transportation ➔ Buying & Selling
No you can't!!!!!!!!!!!!
And why would you? You will need that money to pay off the repossessed vehicle which was sold at auction for pennies on the dollar which means you are responsible for the difference. They will sue you!!!!!!!
2007-03-05 14:24:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Yes you can. There are a lot of dealers that will do just about anything to sell you a new car, regardless of your credit or present financial situation. However, be prepared to pay a higher interest rate for the vehicle. They will look at your credit history, and determine if you are a high risk. It will probably be very high to say the least. Then it will be up to you to decide if you can stand the higher interest payments.
2007-03-05 12:03:40 · answer #2 · answered by J P 2 · 0⤊ 0⤋
NO! The best you can do is use what ever money you have to buy what ever it will buy without a loan. drive it until you can afford to buy someting better and do that until you can afford to buy a new one if that is what you want. Be advise that you may still be liable for some expenses following the reposession, so be careful.
2007-03-08 04:03:59 · answer #3 · answered by al b 5 · 0⤊ 0⤋
Yes you can! Before the creditor reports the repo to the credit bureau(s) (approxametely a month time frame), get another car ASAP! Lie lie lie as to whether you ever had a repossession!
2007-03-05 12:22:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would first address the issue of the original loan or you will find yourself in alot of trouble and debt.
2007-03-05 15:09:57 · answer #5 · answered by Lucky 2 · 0⤊ 0⤋
try http://www.barnone.com hope it helps.
2007-03-05 12:02:34 · answer #6 · answered by Anonymous · 1⤊ 0⤋