Buying a car after bankruptcy

June 15, 2014, 10:07 am
Buying a car after bankruptcy

Thanks to the economic climate, high unemployment and rising costs, the number of people filing for bankruptcy has grown in recent years.
Many people believe it's impossible to get credit after bankruptcy, but this simply isn't true.

Bankruptcy car loans
At Canada Car Loans, we believe that everyone should have access to quality finance options, regardless of their history.
That's why we have associations with highly regarded car dealerships who are ready and waiting to help you buy your next car, even if you have gone through bankruptcy.
We have helped thousands of people across Canada buy their new car because we are able to approve applications that others can't.
We know that bankruptcy can be a challenging time and that buying a car after bankruptcy can be a daunting experience, so here are our top tips when looking for bankruptcy car loans

1. The first thing you should do is check your credit report to make sure everything is correct and up to date. It's not entirely uncommon for accounts to have balances remaining on them when they shouldn't.

It is also a good idea to contact credit report companies and request to add an explanation that covers your own particular situation and the reason for your bankruptcy. When applying for bankruptcy car loans, most lenders will ask for an explanation surrounding the reasons for bankruptcy as well as any steps you have taken to improve your financial situation.

2. Secondly, work out your budget. Do the sums and figure out exactly how much you can afford in finance repayments each month. This will help you choose the finance package that is right for you.

3. For many people, obtaining bankruptcy car loans can be the first step in rebuilding their credit. So if you are successful and you are accepted for a loan, it is critical that you make every repayment on time. When you pay your car loan month payments on time, your credit score increases. When your credit score increases, you will get access to lower loan rates.

4. Every time you make an application for credit or a loan, it can have a negative effect on your credit rating. This is because credit reporting companies record this information. Canada Car Loans won't send your application to multiple lenders, so we protect your credit rating.

So if you're looking for bankruptcy car loans, follow these tips and also get in touch with Canada Car Loans. Our easy online process will give you instant access to up-to-date information on the best bad deals across Canada. All applications are processed promptly. It's our top priority to help get you back behind the wheel again – which is why we strive to make things as simple as possible.

Sometimes things happen in life that affect our credit negatively. At Canada Car Loans, we believe every person and situation is unique. That's why we can help people in any circumstances, including after bankruptcy.