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Getting Approved After Bankruptcy

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Getting Approved After Bankruptcy - PowerPoint PPT Presentation

  • Uploaded on Life after bankruptcy is far from the end of the road. Find out why.

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Going through a bankruptcy can often be a stressful, even traumatic, experience for many individuals. However, life after bankruptcy is far from the end of the road. In fact, for many families who have been hit with job layoffs or other unexpected hardships, it’s truly a brand new beginning. Unfortunately, your credit scores are typically negatively affected for several years after you declare. If you need to buy a new vehicle, you may be worried about your ability to purchase one on credit. You’re not alone—in fact, this is a very common assumption. Thankfully, it’s not always an accurate one. If you’re one of those people who think they will be unable to obtain bankruptcy auto financing, worry not. 


How to Purchase New Vehicle

 Obtain a copy of your credit report. First things first: if you haven’t done so recently, you’ll need to obtain a copy of your credit report. There are two national credit bureaus in Canada, each with its own website where you can request a copy online. Once they arrive, verify the contents of your reports for accuracy—and don’t forget to find out what your credit scores are. Remember, whatever they may be, don’t despair—as long as you pay close attention to your credit going forward, chances are your score will definitely improve over time.


2. Find a bank that will accept car loan applications with a recent bankruptcy. After you’ve reviewed your credit reports, you’ll need to find a bank that will accept car loan applications with a recent bankruptcy. Some banks will not lend to you at all, while others require a minimum time elapse from the date your bankruptcy was discharged. Still others consider each application on a case-by-case basis, regardless of discharge date. Most car dealerships often work with multiple banks on a regular basis. However, it’s very important that you find an honest and reputable car dealership to assist you in this process. Ask for referrals from friends and family, especially if you know that any of these individuals have ever gone through a bankruptcy in the past. It may also prove very helpful to search out car dealerships in your area that specialize in bankruptcy auto financing.