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Loan companies aren't in the business of having to sell cars that they repossess. They loathe to have to sell these cars just to get back a fraction of the loan value. What they usually have to face is advertising the sale of the repossessed car. Then they have to find a venue to sell these cars. They then have to find buyers for these cars, and usually they will have to take much less money than what the car might be worth, or for what the loan is worth. This is because when people buy these cars, they know that the loan companies or the banks want to get any amount of money that they can. So again, to avoid all of this expense, and effort, most loan companies will do all that they can to work with you, and to make sure that you can come to terms with them, so that you can make your car payment.Using this information, you can mentor this person toward rebuilding their credit. Evaluate how much money they realistically have for a car loan or house payment. Do they need to lower their standards and take the loan out for less money than they originally thought? Look at all the options before co-signing for someone.In both cases, you will need proof of insurance, name and address, phone number, driver's license, title, registration and personal references. Proof of income will be required also.If you apply for an online loan, you can rest assured that the information that you have given will be kept confidential and safe. You and the one that processes your application will be the only ones who will see and can have access to the information that you have provided online.If go with an FHA "Loan," or Federal Housing Administration loan, they insure the bank by 100 percent for the loan amount you have with the bank. The FHA isn't really the one giving you the loan, but they insure the bank to make the loan out to you. With an FHA, you can pay as little at 3.5 percent down payment of the purchase price of the property you intend on purchasing.There are some VA Jumbo loans that do require a down payment. When the total amount of a VA-eligible borrower's loan is more than the conforming limit for that county, then a down payment is needed. Down payments for Jumbo VA loans can be calculated by taking 25% of the portion of the loan not guaranteed by the VA -- in other words, the amount over the conforming loan limit.Get someone with good credit to co-sign the borrowed funds for you personally. This can be easier than getting friends or family to lend the money themselves. Plus, it will help you re-establish you're a good credit score which might be a good feature to convince them to help you now.

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