Here are some general guidelines for getting approved for an auto loan while still in Bankruptcy.
With the last 5 years being tough on the economy a lot of citizens have had to make the decision to go into bankruptcy. While going into bankruptcy will certainly affect ones credit rating it isn’t impossible to get approved for a truck loan in Alberta. Obviously getting approved might yield higher interest rates, their are some select companies in Alberta that are approving applications of this type, and usually within 1 hour. It is important to stick to the bankruptcy guidelines and pay your trustee on time, every month. These guidelines set out by the trustee are important to follow, as they will have a direct reflection on the moving forward plan. In most cases the lender looking to approved you for a car loan will want to see a trustee letter filled out by your bankruptcy office. This letter will let the lender know that all your obligations are being met, and that you can afford a vehicle payment, on top of the monthly bankruptcy payment. If you are in arrears to your bankruptcy trustee, the more than likely they will not complete this letter. Their are some exceptions to this letter, and their are some companies that will offer car payment approvals without the letter, but in most cases, one will be required.
It is very important to try to get back on track after claiming bankruptcy. It will be very important to the moving forward plan to attempt to rebuild as soon as you can, after filing. While a car loan is another payment, it can be a very positive tool in the rebuild process. In a lot of cases clients will still need to drive, after claiming bankruptcy, and having a car loan will show a positive step on your bureau.
In my opinion claiming bankruptcy is a shorter term loss for a long term gain. This is the same with a “While in bankruptcy” car loan in Calgary. It is a fact that claiming bankruptcy can stay on a credit bureau for 6 years(14 years for double bankruptcy), but a person might as well show a positive while this is still showing
Here are a list of companies that can approve car loans in Alberta while in Bankruptcy
- Auto Loans Calgary – https://apply.autoloanscalgary.ca/
- Finance Today – http://credit.financetoday.ca/
- Car Loans for Bad Credit – http://www.carloansforbadcredit.ca/
- YYC Auto Loans – http://www.yyccarloans.com/
- YYC Auto Finance – http://www.yycautofinance.com/
If you are looking to get payments on a vehicle prior to applying here is a very reliable loan calculator Canada – http://www.credittalk.ca/2013/03/27/loan-calculators/
Just my 2 Cents