Yes, it is possible to get a car with two repossessions on your credit history, but you should prepare for significant challenges, including higher costs and fewer lender choices. Your approval will heavily depend on factors like your current income, the size of your down payment, and finding a dealership that specializes in working with credit-challenged customers.
A repossession, or "repo," is when a lender takes back your car because you've defaulted on the loan. Each one is a major negative mark that can stay on your credit report for up to seven years. Having two signals to lenders that you are a high-risk borrower, which is why the financing terms offered will be much less favorable than for someone with good credit. You'll likely face a high annual percentage rate (APR), which dramatically increases the total cost of the car.
| Credit Scenario | Estimated APR Range | Monthly Payment on a $20,000 Loan (60 months) | Total Interest Paid |
|---|
| Excellent Credit (720+) | 3.5% - 5.5% | ~$364 | ~$1,840 |
| Fair Credit (580-669) | 8.0% - 15.0% | ~$405 - $475 | ~$4,300 - $8,500 |
| With Two Repos (Subprime) | 18.0% - 29.0% | ~$508 - $583 | ~$10,480 - $14,980 |
To improve your chances, a substantial down payment is your most powerful tool. Aim for at least 20% of the car's value, or more if you can. This reduces the lender's risk. You'll also need to provide proof of stable income and residency. Be prepared for the sales process to focus on finding a car that fits the lender's strict requirements, which often means a newer used car with lower mileage. While "buy here, pay here" lots are an option that may not check your credit, they often come with even higher rates and less protection. The best path is to work on rebuilding your credit over time, even as you secure a vehicle, so your next car purchase will be on better terms.
