Bankruptcy can be very difficult. There's no denying that. But, it is possible to still get a car loan after bankruptcy. There are a few Canadian car loan companies that specialize in bad credit financing for those looking to purchase a car. With Auto Finance Canada, you will be connected with hundreds of dealers and lenders that are ready to help you get a new car.
Once you get your car loan with bad credit, your credit score will begin to improve greatly. Thanks to Auto Finance Canada, all you have to do is complete our 2 minute online credit application from your computer or phone and you can get approved quickly! Once you have your new car loan, you will begin improving your credit score instantly!
Here are some things to keep in mind when you're looking for a car loan after bankruptcy; here they are: Check your credit report to make sure that there are no mistakes. Consider closing any accounts that should be closed so they don't affect your credit score. Also, adding a page that covers your own particular situation can be very helpful.
It’s important that you know what you can afford for payments each month before approaching a Canadian car loan company. Dealerships have special financing departments for those buying a car after a bankruptcy. And you'll want to explore options. Interest rates however, that you can expect after bankruptcy are probably going to be low. But keep in mind that you should be able to refinance your auto loan after a couple years. Just make sure you make payments on time.
Compare any offers before accepting one. Don't jump into an arrangement only to learn that you've been charged a super high interest rate. You can avoid this by using the Auto Finance Canada's car loan application.
If you need a car loan while in bankruptcy, you might find it necessary to work with a bank. Banks might offer you a loan if you agree to directly deposit your paycheck.
Another option for finding a car loan after bankruptcy is a local credit union. You might have to provide a written summary of the situation behind your bankruptcy.
Credit rebuilding programs can also available from large car dealerships. These programs have their own conditions, which might be different from regular Canadian car loan terms. you might have to make weekly payments for example.
Getting a car loan after bankruptcy can be the first step in rebuilding your credit score. After you've received your post bankruptcy auto loan, it's very important that you make payments on time.
Apply online today!