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Finding a Burlington Car Loan after Bankruptcy Can be Easy!

Finding a Burlington Car Loan after Bankruptcy Can be Easy!

If you were recently discharged from bankruptcy and want to buy a car, there are some challenges you will need to overcome in order to get a Burlington car loan. We are going to show you the steps that need to be taken; with a shortage of cars in the market, you will need to start implementing these suggestions today.


When were you discharged from bankruptcy?


Unfortunately, if you were not discharged, there is nothing we can do to help you. The law does not let you take on new debts until you are officially discharged from bankruptcy; this is a document you would receive from your bankruptcy trustee.


After you have received that document, you can start implementing these suggestions.


Signing up for secured credit cards as soon as possible


The first step to rebuilding your credit is opening up new accounts and establishing a track record of paying your debts on time.


There is a bankruptcy left on your official credit report, and that will remain there for at least six years, so most creditors will not issue a new credit card.


When you sign up for a secured credit card, you will deposit money into an account; the funds that you deposit are used as your credit limit.


This is not the same thing as a prepaid credit card; with the secured credit card, it will report your activity to TransUnion and Equifax on a monthly basis.


Of course, you need to make your payments on time, but this will help boost your credit score in as little as 30-days.


There are products like credit building loans from companies like Koho. You will make payments on a regular basis for a predetermined amount of time; at the end of the term, you will receive your money back less any fees.


This is a great tool to use in conjunction with secured credit cards when you want to build back up your credit.


These strategies will take 30-60 days to start showing results; you should make it a point to sign up for free accounts with TransUnion and Equifax.


Stay on top of these reports, and once your credit score reaches 600, you will be able to apply for traditional credit cards.


Where to get a Burlington car loan after bankruptcy


You have taken some positive steps in your credit rebuilding path, but you need a car now. Head over to your local car dealership, and they will be able to get you approved for a car loan.


These dealerships have helped people just like you get a new car. The dealership will have access to lenders that provide second chance financing, you may not qualify for a brand-new car loan, but they will be able to get you approved for a used car loan.


There is a substantial shortage of new and used cars in Canada; you should begin implementing all of these suggestions soon before there are no cars left for you to buy.


We’d love to help you find the perfect Burlington car loan after bankruptcy. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership. 


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