Auto Loans after Repossessions in St. Louis / St. Louis County

October 23, 2015  

Having your vehicle repossessed is not only traumatic, it leaves you without the transportation you need to travel to and from work and for family obligations. There is hope, however. Many lenders and dealerships are pleased to offer auto loans after repossessions in St. Louis / St. Louis County. Selecting a dealer who specializes not only in pre-owned SUVs, trucks, cars and mini-vans but also a variety of financing options is highly beneficial as it provides the convenience of “one-stop shopping.”

Auto Loans after Repossessions in St. Louis / St. Louis County

Ideally, you should plan ahead before purchasing your “new to you” auto.

  1. If at all possible, wait as long as you can after your repo to buy a used car. A year or more is optimal. This allows your credit time to begin repairs and improvement.
  2. Begin to rebuild your credit by acquiring a low balance credit card. Be sure to pay off your balance each month.
  3. Even after your vehicle has been repossessed, pay off the remaining debt. This will be a tremendous positive on your credit report.
  4. On your new car loan application, write an explanation of the circumstances surrounding your repossession. Dealers appreciate your being honest and up-front about your past financial issues.
  5. Get a copy of your credit report and review it carefully.
  6. Reduce your debts by paying off the smaller ones first.

Consult an experienced sales professional at 5 Star Auto Plaza today at (636)940-7600 to elaborate on your particular vehicle requirements and learn details about our auto loans after repossessions in St. Louis / St. Louis County.

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