The decision to go bankrupt or in filing for a consumer proposal is a stressful experience. We here at 360 Approved can fully understand and appreciate that life events can have an impact on your credit and affect your ability to get a car loan. 360 Approved has a highly trained and fully certified Credit Advisor team to help clients all over British Columbia get you approved for a car loan with ease. Don’t let a bankruptcy or a consumer proposal stand in the way of you getting an affordable car loan.
Getting a car or truck loan after a bankruptcy or a consumer proposal can be complicated and a very time-consuming experience, but be we have included some helpful tips that can make the process much easier:
Four Tips for Getting a Car Loan After a Bankruptcy & Consumer Proposal
Define Your Priorities.
When purchasing a car or truck after a bankruptcy or a consumer proposal in BC, be sure to have a realistic list made of what you need in your future vehicle. Think about what practical features this vehicle will NEED to have. You have to understand that when getting a car loan with credit challenges it can place limits on your vehicle options. Having a list of the practical necessities will make it easier for our Credit Advisors to help you select an affordable and safe car that meets both your daily needs and the criteria for auto loan approval. Think about things like the purpose of your vehicle, how many passengers will regularly be in the car with you, what types of drives are you going to make and how much are you’re able to afford to spend on gas every month.
Identify a Budget.
It’s an important point to be aware of that after a bankruptcy or a consumer proposal, and your car loan interest rates may be higher than average for a particular period of time. You should consider having an estimated budget for monthly car payments, a budget that allows you to manage to make payments on the car loan comfortably and manage your other monthly bills.
By having manageable car payments, it will allow you to rebuild your credit while you’re driving, as long as you are making those payments on time and are consistent. At 360 Approved, our Credit Advisors work hard to get you approved for a low-interest car loan. One that fits your monthly budget, even after a bankruptcy or consumer proposal in BC..
Work With The Right Company.
When looking for a car after filing for bankruptcy or a consumer proposal it can be overwhelming. So much uncertainty means you need to pay attention to dealing with the right car loan company. Many online car loan companies will promise to get you into the car or truck of your dreams, but they instead will sell your information to an actual dealership. This is how most of these Bad Credit no credit auto loans websites work. They sell leads. And the trouble is once in contact with this dealership, you’ll soon find yourself disappointed because there won’t be any sales reps or finance managers trained to handle the specifics of applicants with credit challenges, including bankruptcies and consumer proposals.
360 Approved has specially trained staff ready to handle any kind of credit, regardless of a bankruptcy or consumer proposal filing.
Start Rebuilding your Credit while Driving
Once you’ve got a car loan that fits both your needs and your monthly budget, it’s absolutely critical to make your monthly payments on time to start rebuilding your credit. Getting a car loan after a bankruptcy or a consumer proposal can go a long way to significantly increasing your credit score, as it is a payment on an installment loan. Making timely and consistent payments on an installment loan demonstrates to potential lenders your ability and your commitment to repaying your debts. Many customers who continue make their car loan payments on time can even refinance their vehicle at a much lower interest rate sometimes in as little as 12 months.
Getting a car or truck loan after a bankruptcy or consumer proposal can be a difficult process, but it doesn’t have to be! 360 Approved is an auto loan company who will work hard to meet your personal and financial needs and can get you back on the road as soon as possible. Here at 360 Approved, one of British Columbia’s largest specialty auto loan companies, we help hundreds of clients every month just like you get into a reliable vehicle at an affordable rate. Apply with us.