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Woodbridge: 571-398-0684
Manassas: 571-719-3715
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Used Car Loans after Repossession in Maryland

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Used Car Loans after Repossession in Maryland

Most of us have several large monthly payments and a number of small ones which when added up, make quite a dent in our wallet. Unfortunately, sometimes we get to a point where we have to choose: do we keep a roof over our heads or do we keep the car? No one wants to make that choice, but we have to, and while some people are ok with sleeping in their cars, if you have to support more than just yourself, that is not an option. Repossession is more common than you think. Obviously, most of us need a vehicle to complete our day to day tasks. If you live in Maryland and were unlucky enough to be in the situation described above, the next step is applying for Used Car Loans after Repossession in Maryland.

Used Car Loans after Repossession


The answer is yes, while the interest rates and monthly payments on your new vehicle will be high, you can still get approved by a number of lenders. If your past credit history is good up until the repossession, and you have a stable monthly income, many lenders will see this as an opportunity to raise interest rates on you. There is an entire category dedicated to lenders who deal with Used Car Loans after Repossession in Maryland, they are referred to as subprime lenders. These companies are willing to take a higher risk approving your loan, but demand a higher payment in return.

Used Car Loans after Repossession in Maryland


While credit is viewed as a major factor among lenders for determining your approval, there are other ways to impress them. If you managed to collect at least 20% of the vehicle cost as down payment, this will improve your chances of getting approved significantly. A monthly income statement and proof of insurance are also something you should have before contacting any lenders. There are a number of subprime lenders willing to approve Used Car Loans after Repossession in Maryland, at Auto Giants we know who they are.

Before you dive into the waters subprime loans, we recommend a quick visit to our store located at 4600 Branch Avenue, Temple Hills, MD, where you can sit down with one of our loan advisers and explore all of your available options. We are also available by phone 888-918-6874 for a more convenient approach. A few minutes on the phone will help you get a better idea of where you stand.

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