You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
The repossession stays on your credit report for 7 years.
Yes. They can! The car is their equity basically!
repossession
Defaulting on a personal loan can effect your credit in a negative way. The lower your credit rating, the harder it is to get a loan in the future. Loan default is a civil matter, not criminal, so there is no need to worry about any jail time being served because of it. If you take out a personal loan to purchase a car and then default on the payments, the bank can take the car from you. Which will then leave a repossession on your credit report.
yes you can
You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.
You'll receive a notice if you fail to make payment, and they will come pick up your car. If what you owe is more than the car is worth, you will owe the difference.
personal loan have a higher interest rate than car loans beacause they are unsecured loans . In car loan the loan is used for only purchase car .In a car loan, the loan is only used to buy a car, but you can use it as personal items in a personal loan. Interest rates start at just 8.50 percent for a car loan, but can rise 16 percent based on one's credit score and credit history. Find out more, please click https://www.indialoanservices.in
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Pay it off, voluntary repossession, sell the car and pay it off.
If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.