Thursday, May 31, 2012

"My car got repo'd! How can I get a car now?"

As I laid out the plans for dealing with a repossession company in my last post, what if you don't want the vehicle back but you still need a car?  What can you do?

Simply, save up cash for a new one.  Now that you don't have any car payments, the last thing you want to do is get another loan.  What I suggest is finding a car for around a grand or two.  Save up for it and pay cash.

The other thing you need to save up for is when the reposession company sells your other vehicle and the bank wants to get paid the difference.  You can possibly settle with them, but you'll also need cash to do this as well.

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