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How to Find a Simcoe Car Loan after Bankruptcy

How to Find a Simcoe Car Loan after Bankruptcy

Bankruptcy is not something that most of us want to think about, but a significant number of Canadians are facing some tough economic choices.

 

If you're in need of a Simcoe car loan after bankruptcy, there are options available, but you will need help to find them. Which is where our Simcoe car loans team comes in.

 

Credit rebuilding fundamentals 101

 

After being discharged from bankruptcy, your credit score is low, and the bankruptcy will be inside your credit report for the next seven years.

 

If you were not discharged from bankruptcy, then you cannot take any new types of debt by law. Therefore, you should contact your bankruptcy trustee and request the discharge right away.

 

Start by signing up for secured credit cards; you can find them from institutions like CapitalOne, HomeTrust, and a host of other companies.

 

These secured cards work just like a traditional credit card, but you need to deposit funds that work as a guarantee against the card.

 

For example, if you deposited $1,000, then your credit limit would be $1,000.

 

You need to make your payments on time and try to open a few of these accounts, so you have multiple tradelines.

 

The more accounts you open, the faster your credit score should improve, but your work is not done just yet.

 

Reviewing your budget

 

While you are working on improving your credit, now would be an ideal time to review your budget.

 

Since the bankruptcy has wiped out all of your consumer debt, your obligations are just housing and food, so there should be plenty of room in your budget to service a car loan.

 

In Canada, the average car loan is $500 per month, but that does not include gas, insurance, and other running costs.

 

Therefore, you should plan on spending at least $1,000 per month to own a car.

 

If you do not have $1,000 in your budget to spare, then you should consider buying a used car.

 

Picking the right vehicle

 

Canadians need a car to live a normal life, but with fuel prices at epic highs, you should consider getting a more fuel-efficient vehicle.

 

For example, instead of a V8, getting a V6 like those found inside a Jeep Cherokee would be a great option.

 

While electric vehicles may seem like a great option, especially with high gas prices, the technology has room for improvement, so you should get a gas-powered vehicle this time around and opt for an all-electric one in the future.

 

Finding the right car loans after bankruptcy

 

You will not be able to find lenders offering competitive post-bankruptcy car loans online; the lenders do not advertise online.

 

The best way to access these loans is by going through a dealership in your neighbourhood.

 

The dealership has extensive experience helping borrowers like you who went bankrupt, so you need to contact the dealership today.

 

Not only can the dealership get you approved for a car loan today, but they will also show you how to fix your credit, so you never have to deal with a bad credit car loan again.

 

Going bankrupt is a trying experience, and you want to put it behind you; the best way is to buy a new car with the help of your local dealership.

 

We’d love to help you find a Simcoe car loan after Bankruptcy. Simply fill in the form below and we’ll get back to you ASAP! 

 

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