Find Car Financing After Bankruptcy

Just because you have filed for bankruptcy does not mean that you cannot get a car loan. You can find Southern Ontario car financing after bankruptcy if you do a few specific things. Don't bother going to a bank or other conventional financial institution. You are most likely wasting your time. You are more likely to get approved at your local car dealership. Here at Ontario Cars On Credit we are experienced with showing people how to get a car loan after bankruptcy to get help get out of situations that are rough financially.

Some Things You Should do Before Applying for a Loan

Check your credit report. If there are any accounts that have not been closed yet, make sure they are closed.

Attach a statement to your credit report explaining why you filed for bankruptcy. (medical problems, job loss, etc?)

Gather some money for a good down payment.

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Key Factors

If you get Ontario auto financing, you will obviously pay a slightly higher interest rate than you would with a good credit history. Purchase a car that is less expensive, even if it is not your dream car. Get a car that is reliable, but maybe has a few more miles on it, because the higher interest rates are going to make your payments quite a bit higher. Just make sure that you can afford the monthly payments. Make your payments on time every month. As you rebuild your credit, you may decide to upgrade to a newer car or even refinance the one you just purchased at a lower rate.

You may want to try to find a co-signer for your ON car loan. If you have a family member that has a good credit rating and would co-sign for you, you are more likely to be approved. Just don't miss any payments and within a period of time your credit can be re-established. With our Southern Ontario based dealership though you should not worry at all since we will match you to what you qualify for.

Once you file for after bankruptcy car loans, you will want to make a larger down payment to get a car loan financed on your own, but it will not be necessary with us. This will help you get a car loan finished quicker though. So, if you can save some money for this or borrow money from someone else for a down payment, use it but when you apply online at OntarioCarsOnCredit.com you will have no problem getting approved.