What dealerships provide car loans to people with a history of a car repo & credit score around 550?

Question

Is that possible to do if there is a down-payment of $2,000-3,000 on a $20,000 car?

musicbrain5 · Accepted Answer

It’s going to be difficult. Lots of dealerships and banks may not finance someone with a history of repossession paired with a credit score on the low side like that. At best, you will need a primary co-signer who’s name will be on the title along with yours, and the interest rate will be fairly high. Repossession records stay on your credit score history for 7 years on average. Can’t do anything about that.

However, what you can do in the meantime is yes, save up a decent down payment. Don’t max out credit cards or take out any new loans. Focus on repaying debts, especially if there is still money owed on the car that was repossessed - try and pay that off before you try and get another car loan. When you’re ready to get another car, stick to something affordable - used cars will be the most affordable, generally.

dustybiker · Accepted Answer

Not without a co-signer. And even then it might not be approved.

abc3643 · Accepted Answer

None.
Unless it is a very used car.

If possible, keep whatever transport you have going (*) and build up credit. In a few years, your credit rating should be good if you keep your nose clean.

(*) I realize that an old car may be costly in maintenance. So, if that's the case, drive it as little as possible and that even includes the number of times you start and stop the car. Learn about what the hypermilers do, but use caution. As long as you can keep a paid-off car running, you don't have car payments and can thus pay off other bills, lower debt, and build up credit. It takes a while, but is worth it.

jshm2 · Accepted Answer

Why the fuck would you want to?

Just get a motorbike or electric bike instead. Cheaper, less cost and maintenance too.

Nearly any used car in your price range is going to be shit and just put a mechanics kids through college.

MementoMori777 · Answer

Buy a used car, finances just enslaves you to that car, you don't even get the title of the car until you fully pay it

Redstang88 · Answer

Even the places that charge astronomical interest probably aren’t gonna consider someone with that record without a massive down payment

Anonymous · Answer

The car lots you see on corners with around 20 cars do this. Be careful though, that's expensive money.

Anonymous · Answer

Maybe used car dealerships would but the interest would be high

What dealerships provide car loans to people with a history of a car repo & credit score around 550?

Most Helpful Opinions

What Girls & Guys Said

Do car dealerships help their employees get a car?

What dealerships provide car loans to people with a history of a car repo & credit score around 550?

Most Helpful Opinions

What Girls & Guys Said

Do car dealerships help their employees get a car?

We're glad to see you liked this post.