Auto Loans after Repossessions n O’Fallon / St. Charles County
December 3, 2015
Even if you surrender your vehicle voluntarily, a repossession is generally not a positive experience. Regardless of the origin of the repo, it is important evaluate your finances. It is likely that you will need reliable transportation at some point and you must determine how you will pay for it. Believe it or not, it is possible to finance a car after having one repossessed. There are available auto loans after repossessions in O’Fallon / St. Charles County.
If at all possible, you should continue to pay the balance on the car that was repossessed. Even if your auto has been repossessed, you should make every effort to pay the balance due on it. Disregarding the debt can lead to issues with big expenditures in the future. Nonpayment of a debt together with a repossession are quite challenging to overcome.
Sending a letter explaining the situation leading to your repo to the credit bureaus can sometimes help, as well. If this is the only bad mark on your credit report, the credit bureaus may look at your credit requests more favorably. Obtaining a copy of your credit report from AnnualCreditReport.com will aid you in realizing exactly where you are situated financially before making a large purchase.
Ideally, it is best to wait as long as possible after your repo before trying to finance another car. The longer you can wait, the better chance you have to increase your credit score.
Talk with a sales person at 5 Star Auto Plaza about your credit and transportation requirements at (636)940-7600. We proudly offer auto loans after repossessions in O’Fallon / St. Charles County.