Getting a Car Loan after bankruptcy in Halifax, Nova Scotia

Need a Car Loan After Filing For Bankruptcy? At Steele Mitsubishi, We Can Help You

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; it's 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 Steele Mitsubishi, we are proud to assist automotive consumers in Halifax, Dartmouth, Bedford, Sackville, Truro, and surrounding areas of Nova Scotia, obtain 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 in Halifax, Nova Scotia has never been easier, and with Steele Mitsubishi, your satisfaction is our priority.

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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 usage - traveling 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 Steele Mitsubishi and our finance centre, you can be confident that we'll find you the car loan that suits your needs and budget.

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Frequently Asked Questions

How long do you have to wait to buy a car after Chapter 7?

Getting a car loan after bankruptcy in Halifax, Nova Scotia, is not difficult. However, that being said, Chapter 7 bankruptcy can take anywhere between four to nine months to complete and receive your discharge papers. The majority of lenders usually want the process completed before they accept an application.

Should I buy a car before or after bankruptcy?

In most cases, it is safer to purchase a vehicle after you've filed for bankruptcy because it may be difficult to protect your assets once you have filed. It's best to receive bankruptcy discharge papers before acquiring your next vehicle.

How soon will my credit score improve after bankruptcy?

Typically, it will take approximately six months to see an improvement in your credit score. One of the best ways to slowly increase your credit score is to re-apply for a credit card, spend responsibly, and pay off your full balance at the end of each month. This will help increase your overall score even during the six months after you've received your discharge papers. A poor credit score doesn't mean you won't be able to get financing that it may take some more time.

Will my credit score increase after a bankruptcy discharge?

Unfortunately not. A credit score will only increase after bankruptcy if you are regularly paying debts. This will help to improve it.

How long does it take to recover from bankruptcy?

This question is a bit tricky and has more than one aspect to consider. Someone filing for bankruptcy for the first time and has a modest income can expect it to last up to nine months (discharged). The second part of this question impacts how long bankruptcy lasts on your credit score. A completed bankruptcy will appear on your credit score for approximately six years. However, if you have been bankrupt more than once, it may be reported up to 14 years. A bankruptcy is a path to a fresh start, a new beginning. It is not meant to affect you forever; however, it is best to control spending as failing to deal with your debts may last a lifetime.