Car Credit Kingston: Securing a Car Loan After Declaring Bankruptcy
If you’ve finally been discharged from your bankruptcy debt, you’ll be ready to get back on the road. A bad credit rating doesn’t have to be the roadblock between you and your next car! With a Car Credit Kingston After Bankrupt Loan, you’ll be revving that engine in no time.
Follow Credit Kingston’s proven After Bankrupt Auto Loan process and you’ll be guaranteed a new car loan
Make Sure You Know The Status Of Your Credit Report
The first step in recovering after bankruptcy is to meet with a Car Credit Kingston adviser and review your credit report.
Each Canadian resident’s credit history is reported with both Equifax and TransUnion. Our loan advisers will request a copy of your report from both bureaus to check for inconsistencies that may require amendment. This no obligation process is free.
Based on this credit report, our Car Credit Kingston advisers will identify open credit files that may have been reported. A review of your credit report will also indicate any debts that your bankruptcy did not cover, such as the Family Responsibility Office.
If there are issues with your credit report, we’ll consult with your trustee in bankruptcy to have the appropriate changes made by previous creditors.
Consider Finding A Cosigner
A friend or relative who is willing to vouch for your financial security, as a cosigner will provide increased credibility during your loan approval process. Your cosigner must be over 21 with a good credit history.
If you’re unable to secure a qualified cosigner, our loan advisers at Car Credit Kingston will suggest other options to help you finalize your car purchase with an After Bankrupt Auto Loan.
Secure A Down Payment
An appropriate down payment can provided added security for a potential financial lender if you can’t find a qualified cosigner. Determining an adequate down depends on the value of the car plan to purchase. As a rule of thumb, the amount would equate to at the tax amount plus an additional 15% of the car’s value.
For example, a $10,000 car would require a down payment of approximately $2500 – $3000.
Speak to our Car Credit Kingston loan advisers to calculate the right amount for your After Bankrupt Auto Loan.
Secure Loan Approval Before Shopping For Your Car
When you’re seeking to secure an After Bankrupt Auto Loan, you need a car to fit your loan rather than a loan to fit your car. Our loan advisers will help you determine a reasonable budget to cover personal and fixed expenses, including your car loan, and leave you with a little in your pocket to live your life.
And then you can choose your car.
Lenders look for the least risk possible when approving After Bankruptcy Auto Loans. The value of your new car is equally as important as your ability to repay the loan. Our credit advisers can even suggest the appropriate car models to submit to lenders to ensure your best chance of car loan approval.
Don’t push your budget – you’ve been this road before and it didn’t end nicely. Just get behind the wheel of a reliable car that will serve you well for the next few years. You can test drive your dream vehicle when the time is right.
Find A Dealership That Works With After Bankruptcy Auto Loans
At Car Credit Kingston we’ve developed relationships with key lenders to work with us in securing special financing for After Bankruptcy Auto Loans.
We treat every client as a long-term customer, helping you to rebuild your credit rating to get you back on your feet.
With our support, you’ll reduce your interest rate as your credit score increases, helping you to pay off your car as quickly as possible.
Talk With An Auto Loans Adviser
Take the first step towards your new life by securing an Auto Bankruptcy Car Loan with Car Credit Kingston.
Book an appointment with an auto loans adviser here online. We’ll discuss your situation, talk you through your credit report and guide you towards loan approval and your next car. Contact us today. You’ll be back on the road in no time.