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Car loan after bankruptcy

Car loan after bankruptcy

Did you know that you can still get a car loan after bankruptcy if you know where to look? There are numerous car loan companies that specialize specifically in bad credit financing options for those looking to buy a car


 

When an individual is ready to file for bankruptcy, they must attain the services of a trustee.  There are numerous trustee offices within Canada that can help with this process.  The trustee will notify all creditors of your filing.  In most cases, first time bankrupts are held for nine months.  Once the nine month period is up, the individual is discharged and absolved of all debts.  If an individual has an auto loan, they sometimes have the option of maintaining it outside of the bankruptcy or absolving that debt. 

Applying fora car loan after bankruptcy does not have to be a difficult.  In fact, many people have successfully obtained a car loan the day after being discharged from there bankruptcy.  Re-establishing your credit is the most important step to take after your bankruptcy has been discharged and applying for a car loan is one of the best ways to help build back your credit history


Getting a car loan after bankruptcy is the first step in rebuilding your credit. After that it's up to you. Be sure to buy a car that fits well within your means and make all payments on time. If you follow these easy steps, you will be well on the way to rebuilding your credit!

Last year, more than 110,000 individuals filed for personal bankruptcy in Canada and this number is sure to increase this year.