If you have fallen on difficult financial times, then you may very well be considering the option to file for bankruptcy. Perhaps you have already gone through the process of declaring chapter 7 or 11 bankruptcy. Regardless of your specific situation, a bankruptcy may be a person's best bet if they have accumulated more debt than they will possibly be able to pay off in a lifetime. Contrary to popular belief, a bankruptcy does not need to be the end of the world; in fact, it should be viewed as a fresh start for those who have run into difficult financial situations.
There are a number of reasons as to why a person in Ontario may fall into an amount of debt that ultimately requires them to file for bankruptcy. Some of the most common reasons for filing bankruptcy as an individual include:
- Divorce and subsequent divorce terms that leave a person with a large amount of debt
- Unexpected job or employment loss that results in major debt and missed loan or bill payments
- Unexpected major expense such as a medical bill
If one of these or any other situation applies to you, then you may be thinking about applying for bankruptcy or perhaps have already begun the process. However, what if it turns out that you need to apply for a Windsor bad credit car loan in the future?
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After Bankruptcy Auto Loan Difficulties
Unfortunately, any kind of bankruptcy will have a strong negative impact on your credit score. This typically comes into effect as soon as you file your bankruptcy paperwork, so do not be surprised if you see a decrease of 200 points or more on your credit report the next time you look at it. As a result, this can make getting approved for a car loan a lot more difficult than it may have been in the past.
Fortunately, there are always steps you can take to obtain after bankruptcy auto loans with an approval. The key is to find a Windsor based dealership that offers direct financing; this will allow you to avoid applying for a loan through a strict bank or other private lender. To make this easier, you can apply directly through our dealership online where we regularly work with those who have less than perfect credit situations. This way, even if you have a bankruptcy on your record, you can still get approved for the car loan that you need.