How to Get a Car Loan After Bankruptcy

Bankruptcy can present some unique problems which can lead many debtors to wonder how to get a car loan after bankruptcy. After a debtor has declared bankruptcy the bankruptcy will stay on their file for at least ten years. Because of this a debtor will find it extremely difficult to successfully get new credit such as loans and credit cards during this time. However, it isn't impossible for a debtor to get a new or used car loan in Lakeshore, Ontario before this period has expired as long as they are determined and willing to try.

How to Get a Car Loan After Bankruptcy

Because bankruptcy affects the borrower's credit score one of the things that they should first do is improve their credit score in every other way that they can before applying for auto financing after bankruptcy. There are many ways that a borrower can improve their credit score without having to make significant financial changes. There are companies that specialize in helping borrowers raise their credit scores but borrowers can also use a few simple tricks to improve their credit scores. Credit scores can be improved by paying down credit cards, paying down loans and removing any incorrect information. When it is absolutely necessary though we here at OntarioCarsOnCredit.com will do our best to get you approved no matter what your circumstance is and that will include having a past bankruptcy.

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Bad Credit and No Credit Loans

There are many lenders that will offer bad credit and no credit loans and those who have a bankruptcy on their file can take advantage of their services. Bad credit and no credit car loans can come in either secured or non-secured forms. Non-secured bad credit loans are usually fairly low such as for a few thousand dollars but they can be used for anything including a vehicle. Secured bad credit loans can be used like traditional Lakeshore car loans and they are secured with the value of the car. Bad credit and no credit loans may have higher interest rates than traditional loans but it is not usually significant.

Dealership Loans

Loans that are direct from the dealership can have many of the benefits of no credit auto loans without having the negative aspects of high interest rates and need down payments. Dealership loans can be received directly through the dealership and all a borrower needs to do is go directly to the car lot and ask them what the best financial options are for them. Luckily for you we offer every single one of these options through our dealership that is available to all Ontario residents. You can apply right here at OntarioCarsOnCredit.com to get in a vehicle in no time.