I’ve been Bankrupt, Can I Get a Loan?
Yes you can! Rebuilding your credit with an auto loan after bankruptcy can start as quickly as the day after you have been discharged. many Auto finance companies in Canada specialize in poor Credit car loans and can put together an auto loan that suits your current financial situation.
Here is what you need to do to qualify for a car loan after bankrutptcy:
- Review your Credit Bureau with a Special Finance advisor. I many cases, there may be some work to do to clean your credit profile before you apply for a bankruptcy auto loan. Make sure that all accounts that should be closed are closed; also ensure that all account records and personal information on the credit bureau are accurate.
- Choose a vehicle that is affordable. Lenders that specialize in bankruptcy auto loans are much more willing to offer this type of loan when they are dealing with an affordable purchase.
- Interest rates are based on risk and can be a lot higher than normal auto loans. Keep in mind though that many lenders have refinance programs that will give you a chance to refinance with a newer vehicle at a lower rate as quickly as 10 months after your original bankruptcy car loan.
- Choose a Special Finance department that you are comfortable with and work closely with your representative at that dealership. Getting approved requires teamwork between you and your credit specialist. Make sure you give your credit specialist as much information as possible so he/she can best present you to their assortment of lenders.
Getting a new car loan after bankruptcy is the first step in rebuilding your credit. After that it’s up to you . Be sure to buy a car that fits well within your means and make all payments on time. If you follow these easy steps, you will be well on the way to rebuilding your credit!
Apply today at Durham Car Loans and experience one of the most personally rewarding experiences of your life, rebuilding your own credit!!