Can I Get a Car Loan with a Repo on my Credit Report

K

Kylee Bowman

New member
So I had a car repossessed a while back and it's been sitting on my credit report ever since. The debt from it finally dropped off recently but the repo itself still shows under closed accounts. I’m trying to figure out if I have any realistic shot at getting approved for a car loan now. I’m tired of getting stuck with high interest rates from shady dealers or places like drive time. Has anyone here been through something similar and managed to get financing from a legit lender?
 
Yeah man, been there. Had a repo in 2018, it tanked my credit but i worked my way back up. The repo stayed, but I paid off other stuff, kept my utilization low, and after a year or so, i got approved through Capital One Auto Navigator. Not the best rate, but way better than those buy here pay here joints. You’ll get there.
 
I dunno, lenders say they consider the whole picture, but let’s be real. A repo screams high risk to them. Unless your score’s like 700+ otherwise, they’ll either ghost you or offer 18% APR with a smile. Not trying to discourage you, just be prepared.
 
If the debt is gone and the repo is just a notation, some credit unions might still give you a chance. Mine did. I brought in pay stubs, showed consistent income, and wrote a short letter explaining the repo. Human underwriters > automated declines.
 
LMAO I swear DriveTime is the automotive equivalent of a payday loan. I was quoted $505/month for a 2015 Altima. I ended up walking out and taking the bus till I cleaned up my credit.
 
Hey, just so you know, if the balance on the repo is $0 and it’s been a couple years, some subprime lenders will approve you with a decent down payment (think 20%). Might not be ideal, but it’s a way in.
 
Have you tried looking into auto lenders that specialize in second-chance financing? Not the sketchy ones, but actual banks like Westlake or RoadLoans. They still charge high rates, but they're legit and report to the bureaus.
 
Check your FICO Auto Score specifically not the general FICO 8. A repo hits those extra hard. If you’ve been rebuilding, even a few secured cards and on-time rent payments can help bump it.
 
Same here, repo in 2020. What helped me was becoming an authorized user on my mom’s old Amex. That gave my profile a boost, and within 6 months I got a 9% rate from a local credit union. Totally shocked me.
 
As someone who used to underwrite auto loans, we did approve people with repos but only if it was 2+ years old and the rest of the credit report had signs of recovery. Strong income, stable job, lower DTI all help.
 
I financed a car with a repo on my record, but had to put $3k down on a $10k ride and still got a 16% rate. Paid that off in 18 months and refinanced through PenFed at 7%. There's light at the end.
 
Not all heroes drive Teslas. Some drive 2009 Corollas with 180K miles that they paid cash for after getting screwed by subprime lenders. Ask me how I know
 
My repo dropped off last year too, but I used that time to build other tradelines. Got a secured card, did Experian Boost, and now I’m prequalified with Carvana. Not saying they’re saints, but they beat J.D. Byrider.
 
Honestly if they judged me on every mistake I made in my 20s, I’d still be single and riding a bike. Repo isn't a death sentence. Just means you gotta be more strategic.
 
It’s all about rebuilding trust. Your credit score is a trust score. If you can show recent reliability.....on-time payments, low balances...you’ve got a shot. Just avoid apps like Credit Karma for prequals. Go direct to lenders.
 
Don’t forget to freeze secondary bureaus like SageStream and LexisNexis if you're shopping around. A lot of auto lenders pull from those too and any repo record there can mess up approvals.
 
Been 3 years since my repo, and I'm STILL driving the beater I bought off Craigslist. But hey, it's paid for, and I’m stacking savings to put a real down payment next time. Patience > predatory loans.
 
Got my first post-repo loan through CarMax. Interest was meh (13%), but the process was smooth and didn’t feel scammy. Paid it early to avoid the bulk of the interest. Worth considering.
 
Your situation sounds rough, but not hopeless. Credit is resilient. You just need 1-2 positive accounts and some time. I recommend Credit Strong or Self to build that back up fast.
 
I work at a mid-size dealership. We partner with lenders like Santander and AmeriCredit who will finance after a repo if your job/income is stable. Just be honest upfront and bring proof of residence and job history.
 
You must log in or register to reply here.
Back
Top