What to
Know with Bankruptcy Car Loans
a)
Know your budget and what you can afford.
Sit down by yourself or partner and write everything down
on a piece of paper. Everything
like money coming in and money going out each month needs to be
considered.
b)
Keep copies of your pay stubs & tax documents in a
safe, secure place. These
documents are nearly always required by lenders to prove to them
how much money you are making.
c)
Keep copies of all of your bankruptcy papers for future
reference. Sometimes lenders will want to see these documents.
Your initial bankruptcy papers showing what was included in
your filing and your discharge papers are the most commonly
request documents.
d)
Understand your credit report!
Review your credit report for accuracy.
You can obtain a copy of your credit file through the two
main reporting agencies in Canada:
Equifax Canada (Equifax.ca) and Trans Union (TransUnion.ca).
You should do this periodically to assure that the
information on your credit file is complete and accurate.
e)
Purchase from the right dealership and lender program!
There are two types of non-prime lenders in the Canadian
automotive market: 1)
Standard financial institutions and 2)
In-House leasing companies.
The standard finance companies place a secured lien on your
credit file and show each payment you make.
Showing each payment you make is very important as it
improves your credit rating and other lenders can see it.
The In-House or ‘Buy-Here-Pay-Here’ dealerships place a
secured lien on your credit file however rarely show each payment
you make often due to a lack of resources
At NewRoads Credit we have talented people with automotive special
finance experience working on your
after-bankruptcy car loan.
We have 6 dealerships in our NewRoads Group serving all of
Ontario. That gives
us 500+ new and used vehicles for you to choose from.
You may have had or are just entering a bankruptcy… take
advantage of this opportunity to get your financial future set up
properly.
Good luck!
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