FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

car loans after bankruptcy

Hi,

I’m just about to be discharged from bankruptcy. If I went to a car dealer would I be able to get a car loan with little or no down payment? If so what (ballpark) would be the extra interest rate I’d have to pay? I have a good, secure job and still own my house. Since I went bankrupt I’ve been busing to work but this is very time-consuming.

thanks

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “car loans after bankruptcy”

A licensed trustee said...

It is possible to qualify for a car loan even while you remain bankrupt so you should be able to find something after your discharge.

Interest rates vary depending on the market. For instance, in a large market like Toronto you may find a dealer with better rates than you would find in Churchill.

Interest rates for car loans charged by the banks for people with no credit problems range from 5 to 9%. Non-promotional dealer financing ranges from 7 to 11%.

18% is considered high. The folks charging 28 – 32% (primarily finance companies like Wells Fargo and Citi Financial) are really telling you that you shouldn’t be borrowing yet.