 TITLE: Can You Buy a Car With a Repossession on Your Credit Report? CONTENT: It's possible to secure financing for a vehicle after a repossession, but you'll have a harder time finding lenders. This is primarily because a repossession signals a default on your loan, which is something lenders are likely to consider when determining whether to extend credit.\nYour payment history is one of the most important factors in your creditworthiness and, as a result, many traditional banks and lenders may not work with you if you've previously defaulted. If you do get approved, either through a bank, credit union or an online lender, you can expect the loan to have unfavorable terms, including a high interest rate.\nTo improve your chances of getting a car loan, consider asking a trusted family member to cosign the application with you. The lender will consider the credit histories of both people who signed the loan to make a decision. When someone cosigns a loan, they are agreeing to assume responsibility if the primary borrower stops making payments. So if you think you may end up in the same situation as you were with your past repossession, you could end up risking your cosigner's financial and credit health as well.\nWithout a cosigner, you may be able to increase your chances of getting a car loan by putting more money down and—if you have the time—working on improving other aspects of your credit history. END