How to Buy Used Cars in Wentzville after a Repo
October 4, 2017
You may think that it is impossible to purchase one of the numerous used cars in Wentzville if your credit is poor but that is actually not the case. While it can be challenging, there are steps that you can take to secure a car loan.
It is even a likelihood that you can acquire auto financing after repossession. While it is in your best interest to wait at least 6 months to a year following your repo to apply for a loan, it is possible to do it earlier.
- Be certain that you completely understand your credit situation.
- Know exactly what effects a repo has on your credit.
- Request copies of your credit reports. Examine them closely to determine their accuracy. Take the necessary strides to repair any errors, as this can raise your credit score.
- Understand how your credit report and score can affect your ability to get a car loan. Get a pro to explain it to you if there is any confusion.
- Begin to repair your credit by decreasing your debts. Start paying off your highest debt first.
- Although it is tempting and may seem like the right thing to do, avoid closing credit card accounts. A lender looks at your available credit and eliminating one or more cards, reduces your existing credit.
- Be willing to speak with lenders about negotiating rates or terms on your debts. Many companies are willing to help you, particularly if you are a long-standing customer. It never hurts to ask.
- Start fresh by becoming a responsible payer on your debt. Make at least the minimum payments by posted due dates.
- Be sure to pay off the current debt on the car that was repossessed and do it as quickly as possible.
It can take time, but by putting forth some effort, you can buy from the many used cars in Wentzville from a reputable dealer like 5 Star Auto Plaza. Call us today at (636)940-7600 to learn how we can work together to get you the transportation you need.