Going bankrupt or filing for a consumer proposal is never a fun experience. We at Auto Loan Solutions fully understand that life events may have impacted your credit and your ability to get a car loan. Auto Loan Solutions has highly trained and fully certified Finance Managers to help clients all over Ontario to get you approved for a car loan with ease. Don’t let bankruptcy or a consumer proposal stop you from getting an affordable car loan.
Getting a car loan after a bankruptcy or a consumer proposal can be a complicated and time-consuming experience, but here are some helpful tips that can make the process easier:
1. Clarify Your Priorities.
When purchasing a car after a bankruptcy or a consumer proposal, make sure to have a realistic list of what you need in your future vehicle. Think about the practical features that this vehicle will need to have. Understand that getting a car loan with credit challenges limits your vehicle options. Having a list of practical necessities makes it easier for our Finance Managers to help you find an affordable and safe car that meets both your needs and the auto loan approval. Think about the purpose of your vehicle, how many passengers will regularly drive with you, and how much you’re able to spend on gas each month.
2. Identify Your Budget.
It’s important to be aware that after a bankruptcy or a consumer proposal, your car loan approval rates may be higher than average for a period of time. Consider having an estimated budget for monthly car payments, one that allows you to comfortably manage the car loan and other monthly bills.
Having manageable car payments allows you to rebuild your credit while you’re on the road, as long as you’re making those payments on time and consistently. At Auto Loan Solutions, our Finance Managers will work hard to get you approved for a low-interest car loan that fits your monthly budget, even after a bankruptcy or consumer proposal
3. Find The Right Company.
Looking for the right car loan company after filing for a bankruptcy or a consumer proposal can be overwhelming. Many car loan companies online will promise to get you the car of your dreams, but will instead sell your information to an actual dealership. Once in contact with this dealership, you’ll soon find yourself disappointed when there are no sales reps trained to handle applicants with credit challenges, including bankruptcies and consumer proposals.
Auto Loan Solutions has staff specially trained to handle any kind of credit, regardless of bankruptcy or consumer proposal filings.
4. Start Driving While Rebuilding Credit.
Once you get a car loan that fits your needs and your budget, it’s vital to make your monthly payments on time to rebuild your credit. Getting a car loan after a bankruptcy or a consumer proposal can significantly increase your credit score, as it is an installment loan payment. Making payments on time on an installment loan demonstrates to lenders your ability and commitment to repaying your debts. Many customers who make their car loan payments on time, are able to refinance their vehicle at a much lower interest rate in as little as 12 months.
Getting a car loan after a bankruptcy or consumer proposal can be a difficult process, but it doesn’t need to be! An auto loan company who works hard to meet your personal and financial needs can get you back on the road as soon as possible. Here at Auto Loan Solutions, Ontario’s largest specialty auto loan company, we help hundreds of clients just like you get into a reliable vehicle at an affordable rate. Apply with us.
Everything was above my expectations. Alex was amazing, helpful and very professional. It was a true pleasure working with you guys!
Made it easy to do and stress free.
Service was very fast and friendly, very professional and maintained great communication. Drop off went well and vehicle was just expected. Thank you!...
I applied on Tuesday and by Thursday it was approved. It was quick and I am very happy with the interest rate. Sanjeev was really helpful with the pro...
The process went very smooth. Absolutely flawless. I appreciate all your teams' effort. Very happy young woman :). Thank you. Blessed.
Great working with Ryan and Shayne. Very polite and well-mannered. Even with Covid-19 going on, they were still able to put a smile on my face. Everyo...
Thanks Auto Loans Solutions for helping. I am so happy
Shayne and Ryan were great! A few hiccups but extremely happy with our purchase. Will definitely be return customers as this was our second experience...
I would gladly to refer my friends and family to Shawna and Ryan. They both worked diligently to get me into a vehicle.
Delivery went Fantastic!
Auto Loans Solutions has been a real life saver by helping me get into a new car and really good monthly payment. Niki has been a god send. She helped me with ev...
My name is Gary Box and I've purchased a vehicle from Auto Loans Solutions and the service I receive was remarkable from Mena, Frank and Adrian. I don't think...