Buying after repo

[ysiad]

Unbeknownst to me, my husband quit making payments on my car and it was repossessed this month. He has told me he is in contact with our lender and they said if we caught up payments we could get it back. Well, I finally called myself and they said that was not the case and never was and they are putting the car up for auction. My credit is low 500’s now and I recently got a job with a 50% increase in pay and I have to have a car. Do I have any options at all?

[Brian_Earl_Spilner]

Unfortunately, unless you have a sizable down payment, you probably won't be able to qualify for a loan with a repo that new. I would recommend getting a beater in the meantime until you can save up some cash. I'm not saying you can't get one, but you want to avoid getting a loan just to get a loan. 18% would be the norm if you can get approved. Honda civics are a good choice, but you could also get an older Lexus. 97-05 GS 300 go for between $2-6k here with about 150k miles. They're fairly reliable as it has one of the strongest motors Toyota has ever built. Other than seals and maybe a ball joint, it could last you to 300k miles pretty easily. Good luck.

[Anonymous]

There are some dealerships who may be able to help but the interest will be awful. 

If possible, get a beater. 

Congrats on the new job. I’d take over paying the bills going forward. 

[Anonymous]

Another +1 on getting a cheap beater. You can get a loan but itll be with an absolutely rediculous interest rate. Put together $1200-$1500 and get an older Accord/Civic/Corolla/Camry and drive that for a year while rebuilding the credit. Youll be glad you did.