Repossession on Credit? You Can STILL Get a Car Loan!

Getting a Car Loan with a Repossession on Your Credit: A Car Salesman's Advice New Jersey car salesman Joseph Rodriguez offers a realistic perspective on obtaining car financing with a repossession on your credit history. While acknowledging the difficulty, he clarifies that approval is still possible. However, potential borrowers should be prepared for significant hurdles. "The terms that you get approved on will not be in your favor at all," Rodriguez explains in his video, emphasizing the lower loan amounts typically offered in such cases. He cites examples where a $20,000 loan might be reduced to $12,000 or $13,000. Furthermore, he warns of drastically increased interest rates, estimating them to be in the 20-25% range. This, coupled with the need for a larger down payment to compensate for the smaller loan, creates a significant financial challenge. Rodriguez advises prospective buyers to be prepared for a longer process, as dealerships may need to contact multiple banks to secure approval. Despite the difficulties, Rodriguez's video offers a message of hope and practical guidance, empowering consumers to navigate the complexities of car financing even with less-than-perfect credit.