I am looking to buy another car soon. Does anyone know how difficult it will be to get someone to finance me for another car loan? is it a lost cause or what?
2007-08-30 07:37:53 · 6 answers · asked by Aja 5 in Cars & Transportation ➔ Buying & Selling
It will be very hard and you will most likely need a co-signer with good credit. If you happen to find someone that will finance you it will probably be extremely high interest and not so good cars.
Im sorry.
2007-08-30 07:46:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Honestly, it will be very hard. It does not matter that the repossession was voluntary. All that matters is that you promised to pay the bank back and were not able to do so. You are going to have a difficult time getting financing in the future until you show that you manage debt effectively. It may take a while to reflect on your credit report.
2007-08-30 08:29:17 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
Even though it was a voluntary repo it still shows on your credit report as a repo. You may have a tougher time getting approved and watch out for the interest rates. A lot of loan companies think since you have a repo on your record that you are a high risk and charge a higher interest rate than they really should.
2007-08-30 07:44:14 · answer #3 · answered by Pat 5 · 0⤊ 0⤋
a voluntary repo is the same as a repo. it just saves the bank about $200 from having the repo guy find ur car. and u will have lots of problems gettin financed again. at least for maybe another yr to 2.
2007-08-30 09:16:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
lets see.
if you have a bad credit rating ,
you will have to get a loan with a giant interest rate.
then you have huge payments , most of which is interest.
save your money and buy a nice used car for $3000 (or more)
get a 1997 or newer.
have a plan , stick to it and take charge of your life.
You will never barrow your way out of debt.
it is folly.
dont be a pawn of the banks and jerk dealers.
revolt. !
2007-08-30 07:52:54 · answer #5 · answered by gearhead 2 · 0⤊ 0⤋
It won't be difficult to find a lender, but it will be difficult to find loan terms that are reasonable.
Expect huge interest rates, long terms and big down payments.
2007-08-30 09:57:44 · answer #6 · answered by mccoyblues 7 · 0⤊ 0⤋