Buying a Car during a Consumer Proposal
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Consumer Proposal Car Loan: Is It Possible?
Good credit is one of the most important building blocks to a happy and wholesome lifestyle.
Not only does it impact you financially, but it also plays a role in your overall wellbeing and stress management..
However, far too many individuals or families have had or are now facing the stress of a debt-burden that has affected their lives. So, what credit do you need to get a car loan? If you have had or looking at filing an insolvency in Canada (bankruptcy or consumer proposal), can you still apply for a loan? More specifically, can you get a car loan while in consumer proposal?
The simple answer? Yes! A consumer proposal car loan is an option to consider.
Turning life around from a financial crisis can be one of the hardest things to experience. But a car is a necessity for work and family matters, making it essential to your lifestyle.
Did you know that financing a vehicle is one of the strongest credit rebuilding tools? Debt consolidation via car loan is possible! The stigma attached to poor, or damaged credit unfortunately leads far too many people to accept, or be pressured into high-interest loans with promises of lower rates in 6 to12 months. In reality, you can get a car loan while in a consumer proposal so you can rebuild your credit without worrying how you and your family members will get from point A to point B.
Don’t fall into a trap – there are FAIR options for you to buy a new or used car with bad credit!
Get a Debt Consolidation Car Loan
How to buy a car with bad credit? Bad credit can be turned around with an insolvency, and an auto loan can be a big part of this. It starts with accepting this as a transition period so the right vehicle for the individual or family should address meeting the needs, but equally important as the vehicle is that the payment is not a stretch to the budget.
Many of the major banks and auto lenders offer fair rates that present the best opportunity to rebuild credit, in addition to providing a loyalty program that rewards perfect payment history with lowered rates in the term. This presents the opportunity to upgrade your vehicle with re-established credit.
How to Qualify For Car Financing While in Consumer Proposal?
Can you get a car loan while in a consumer proposal?
hat are options of getting a car after paying a car loan during a consumer proposal?
These are common questions that come with simple answers if you talk to the right professional!
Start by ensuring the information you are provided comes from auto finance brokers experienced with car financing for bankrupt or proposal clients. They will know the best lender(s) to secure an approval for you. Typically, a finance manager in a dealership will “shot-gun” your application to every lender possible – further damaging your credit score, and likely resulting in a decline.
Your current credit profile does NOT define you – bad credit auto loans can be a way to take you from zero to hero and improve your credit-worthiness. Make smart, informed choices not only on your next vehicle, but also your auto finance broker to ensure they care as much about your credit as you do! Contact us for more information on consumer proposal car loans today.