Car Loan after Bankruptcy in Summerside, Prince Edward Island
Car Loan after Bankruptcy
Financing a vehicle after you've gone through bankruptcy doesn't have to be a stressful process. One of the most common misconceptions is that once an individual has filed for bankruptcy, they will not be able to obtain credit for future purchases like a vehicle or a home. This idea could not be further from the truth. Bankruptcy is an occurrence that will affect 1 in 6 Canadians, something which is more common than many think. Some feel embarrassed about how their relationships with lenders will play out. The idea of rejection is hard for some to accept. Fortunately, at Summerside Chrysler, we are proud to assist automotive consumers from New Glasgow, Montague, Brae, and Prince Edward Island's surrounding areas in obtaining financing for a new or used vehicle regardless of their credit history. We have access to a plethora of lenders that will be able to assess your finance application and work with you to get you into the vehicle you need and want. Applying for a car loan online has never been easier with Summerside Chrysler.
Getting a Car Loan after Bankruptcy
Some consumers ask where can I get a car loan after bankruptcy and how to get a car loan after bankruptcy? Both of these questions are valid and can be dealt with. As an automotive consumer, you need to keep in mind that you may not qualify for the same vehicle loan terms that you would have otherwise once you've filed for bankruptcy. Interest rates will also tend to be a bit higher compared to a person with an average credit history. In the end, a vehicle is an asset that many require for their day to day lives-travelling to work, taking the kids to soccer practice, or going to the cottage for the weekend. A vehicle is an essential part of many people's lives. That's why when you work with Summerside Chrysler and our finance centre, you can be confident that we will try our best to get you financing.
Summerside Chrysler Dodge (1984) Ltd.
3 Water Street
Summerside, PE C1N 4K4
There are many ways to boost your odds of getting a car loan after bankruptcy. The following steps can help:
- Improving your credit score
- Save for a down payment
- Decrease your debt
- Compare rates
- Find the right lender
- Contact us for more information
One issue that many consumers have fallen into bankruptcy face is falling back into debt. When you really need a vehicle because of necessity, don't just buy the first vehicle you see because there are many predatory lenders in the market. Take your time building up your credit score and use the various mechanisms like a secured card. Make sure to always pay down your debt before taking more on; otherwise, you will be in a never-ending cycle. Lastly, always budget for your next car, not just the loan but also the expenses associated with it and decide if you can truly afford it.