My Car Was Repossessed, Now What?! – Valley Auto Loans

100% Bad Credit Car Loan Application Acceptance My Car Was Repossessed, Now What?!

Having one’s car repossessed can be very devastating. It can leave one ashamed and without any form of transportation. Though having a car repossessed may seem like the end of the world, there are options one can take in order to drive again.

Pay the loan company

One can opt to get the repossessed vehicle back by contacting the Loan Company or bank. This can be a costly option. The grand total due in order to retrieve one’s car will possibly be higher than expected. The bill may consist of the number of months one is behind. In most cases this number will be three or probably more. The company will then charge a repossession fee that can include charges for the vehicle being towed, storing the vehicle, and the cost of filed paperwork. In addition the bank can also add on additional months to the amount owed. Some banks or loan companies may even decide to charge the full amount due on the car. For example, if a person has 12 more months due at $250 per month, the bank can choose to charge the full $3,000.

A new loan may be the answer to paying the high amount due in order to retrieve the repossessed can. Though a loan may be seen as the easy way out, it may be impossible to obtain. Defaulting on one loan may prevent the bank or loan company from approving a loan. A co-signer may be needed in order to get the loan approved. This could possibly be a bad idea for both the applicant and the co-signer. If the loan goes through with the help of the co-signer, the applicant will be responsible for two loans. This can produce an even tougher financial struggle for the applicant. If the loan of one car was hard to keep up with and afford, then the second loan will add an additional burden. The applicant will more than likely find their car repossessed once more down the line and their loan defaulted on. The responsibility of the loan will go to the co-signer if the applicant is not able to pay.

Get a new car

Though this idea may seem farfetched, it is a great option. Receiving a new car can save a great deal of money. No repossession fees will be charged and they are no back payments to pay. If one is worried their bad credit will cause their new car journey to be rejected, don’t be. Apply with confidence at Valley Auto Loans. We work with individuals with bad credit in order to get them driving again. We have a 100% acceptance rate and can help out an individual that has had their car repossessed. Get the second chance that is deserved. Use the new car to be a fresh start. Understand what went wrong with the previous vehicle loan and vow not to go down that same road again. A repossession of a can cause one to feel ashamed and overwhelmed. The overwhelmed feeling can come from the amount of money that is due in order to get their repossessed vehicle back. There are a few options that can be chosen during the event of repossession. But the best option is to apply today at Valley Auto Loans.