April 29, 2014

Getting a Used Car in Oklahoma City after a Repossession

Getting a Used Car in Oklahoma City after a Repossession

Many of the people we see have had financial problems in the past, and one of the most common is having a car repossessed after missing payments. Most dealerships make it hard to get financing if you have a repossession on your credit report. At The KEY, however, we’re willing to work with you and get you into a high-quality used car from our OKC buy here pay here car lot.

We understand that sometimes, repossessions aren’t your fault. Car payments are expensive, and sometimes things happen that make it difficult to pay them on time. Whether you missed payments because you lost your job, lost an insurance payout, or were hit with other unanticipated expenses, The KEY can work with you to find a used car and payment plan that works for your life.

To better your chances of getting a lower rate on your Oklahoma City used car, there are a few things you can do. Take a look at our short guide below, or visit our guide on how to repair your credit score for more detailed information.

  1. Get a copy of your credit report. If you want a good rate on your used car loan, you need to make sure that your credit score is as strong as possible. Taking care of issues on your credit report, like missed payments or owed balances, can help you get a better score and better loan rate.
  2. Pay off the balance on the repossessed car. If you still owe money to your car’s title holder, you should pay it off as soon as possible. The repossession will still appear on your credit report, but the loan balance will be gone.
  3. Wait as long as you can. The more time that passes between the repossession and your loan application, the less effect it will have on your loan.
  4. Save for a down payment. By putting down some money up front, you show good faith and give yourself a better chance for getting a loan – as well as reducing the balance you’ll have to pay with interest later on.
  5. Keep your price range low. Don’t overreach on what you can afford. It’s better to have low payments on a car that is reliable but not flashy, rather than a big payment on a nicer car that you can only barely afford.

Even if you have a repossession in your credit history, you can still get a high-quality used car in Oklahoma City from The KEY. We work with customers who, through a variety of circumstances, have landed in financial difficulties but who still need a good car to get their lives back on track. If that sounds like you, come to our Oklahoma City buy here pay here car lot today and see the many superior vehicles we have for sale. You can also follow us on Facebook and Google+ for updates and special offers!