Bankruptcy in Canada | Credit Talk Car Finance Help

To discuss the topic of Bankruptcy in Canada and how it will affect future application for loans, car loans, bad credit auto loan applications, truck loans Calgary, Alberta.

Sometimes a person is stuck between a rock and a hard place and they figure they have no way out but to claim bankruptcy. In a lot of situations I will find myself across the desk from a client that has filed for bankruptcy, for amounts as low as $15000 or even less. We need to look at this amount filed and break it down on how the next lender will look at this when applying for a car loan, auto loan, truck loan, or SUV loan. In my opinion a $15000 bankruptcy is more future risk then a $200,000 bankruptcy. Often we will see clients that are looking to get a bad credit car loan and we see a $15000 bankruptcy on the credit profile. This can sometimes be of a concern to a lender as the lender will be concerned that the client is not concerned with filing for bankruptcy for a smaller amount. This will make a lender think twice about approving a small amount. If we look at a client that has filed for a $200,000 bankruptcy this would lead us to assume that the client will not file for bankruptcy until they reach a significant amount. The lender will see this as a little less risk.

All this being said, bankruptcy is bankruptcy and will remain on the bureau for 6 to 7 years. We don’t want to assume that the credit is good after that time, or rebuilt. It takes time to rebuild credit after filing for bankruptcy. I would always suggest that getting a secured credit card during bankruptcy will help the credit profile rebound once the bankruptcy is discharged. Of course getting a bad credit car loan can assist with this as well. their are lenders that specialize in getting a car loan while In bankruptcy. They will help you get a truck loan, in turn, helping your credit.

For your convenience here are some companies that assist in getting auto loans while in bankruptcy.