Can anyone help?
Can I get a bad credit car loan after I voluntarily surrendered my vehicle?
- Anonymous6 months agoFavorite Answer
A repo is a repo, whether you surrender it or they come get it. The hit on your credit is the same. You might get an extremely high interest car loan from a scheister car lot for a piece of junk but you'll pay more than twice what it's worth and will be so far under water on the loan right from the get-go you'll probably end up in the same sinking financial boat you got yourself into before. The problem you're probably facing is that you still owe money on the other vehicle and until that is paid off you won't be able to borrow any more money even at an absurdly high interest rate. Buy a cheap car for cash or go without.
- STEPHENLv 76 months ago
There will always be someone that is willing to lend money. If you're in such bad shape that you already surrendered your vehicle you seriously do not want to be dealing with that kind of people. They don't send letters when you get behind with payments. They break kneecaps.
- KY-ClayLv 76 months ago
The worst thing you can do is have your car repossessed. They will sell the car and you will still be responsible for the difference in what the car sells for and the balance on the loan. Do not make a bad situation worse by a repossession. Figure out how to keep the car you have. Get a new loan at a lower interest rate. Get a new loan with a longer payoff which drops the monthly payment amount. Talk to a financial advisor and work something out.
- MichaelLv 76 months ago
Sure, there's definitely some sleazeball out there who will be willing to take advantage of your stupidity and/or desperation to put you in yet another loan that you can't afford.
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- Trump 2020Lv 76 months ago
How will you make payments on the OLD car plus payments on ANOTHER one? DUH.
(You may have let them take your car, but you still owe them money)
- NeverLv 76 months ago
Of course. You'd need a large down payment, you'd get a subpar car at a massively high price and a high interest rate. And if & when it quits running, you still owe.
Sounds like you have learned absolutely nothing from the ordeal.
- AlCaponeLv 76 months ago
Why won't anyone give you a new loan when you couldn't pay your last one ???
- USAFisnumber1Lv 76 months ago
Yes. There is always someone willing to loan you money at a very high interest rate. Such as 24%. Be late with one payment and they grab the car.
- A.J.Lv 76 months ago
You can probably get ripped off from someone with an outrageous interest rate on a bad car, but not likely from reputable credit unions and banks. Your entire credit history and income and any down payment determines approval of a car loan. You may wish to consider alternative transportation for a while.
- Mark IXLv 76 months ago
Yes, of course. You failed to make the payments, handing the car back doesn't change that.