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.
Excellent service and knowledge. Promptly answered all my questions. Great on time delivery. Thanks
Awesome, sooner than expected! Great Service, thank you!
Overall my/our experience has been fantastic. Niki has gone above and beyond to make sure we were satisfied with our purchase.
Fantastic service! Would highly recommend this company
Joyce has been really good with me on the phone and providing me with the information I need. She was friendly
I have no complaints what so ever
Lori was amazing, very helpful. It was a pleasure working with her. Thank you Lori! Oscar, the driver, was very pleasant, very helpful, and very infor...
This is my 2nd vehicle through Auto Loans Solutions and Sanjeev. You guys are amazing professionals. Efficient and very friendly. Plan to be a loyal customer ...
I was looking at trade in my 2015 Chevy Colorado, but because of the negative equity left, most dealership had turned me down. With the cost of gas fr...
Auto Loans Solutions has been great. I am so happy that you were able to work with my credit and get me a car. You went above and beyond to get me the rental ...
Thank you so much for everything. Delivery was great, we love the Nissan. Such amazing shape and clean. Than you so much for all your help!
Jerome was extremely helpful and he made this transition easy for me. I am so thankful for his assistance and kindness. I will use his service next ti...