Once you have declared bankruptcy (undischarged bankruptcy), the major banks will not give you a loan until you reestablish your credit. There are very few Canadian loan companies that will approve and finance you for a car loan, but we know a few and we have partnered with them. Because you are considered a high risk client, they will charge you a higher interest rate for the auto loan, but we will get you approved and explain how to reduce interest rates while building credit
After bankruptcy there are many more lenders that will finance your vehicle purchase. At that time we can assist you in rebuilding your credit, increasing your credit score and getting you a lower interest rate.
In many cases driving is not a luxury but rather a necessity. If you are bankrupt or after bankruptcy and need a car loan approved, apply with Car Loan in Canada today!
If you’ve recently filed for bankruptcy, but are still in need of an auto loan in order to purchase a vehicle, then try to take comfort in the fact that Car Loan in Canada specializes in providing safe and reliable transportation for people who’ve gone bankrupt or have a poor credit rating and need a vehicle.
Taking out an auto loan is the first step to reestablishing your credit in Canada (after you apply for a prepaid credit card). The rest is up to you. Make sure you set up a monthly payment plan that is within your budget, and that you always pay your bills on time. If so, your credit will be in back in good shape in no time!