How To Get A Car Loan After A Consumer Proposal in Mississauga, Brampton and area

Mississauga Car Loan Financing Tips and Advice

Getting A Car Loan After A Consumer Proposal in Mississauga, Brampton and surrounding area

A consumer proposal involves settling debt through deals with creditors when a person has too much debt and cannot keep up with their monthly payments. Getting a car loan with a consumer proposal is still possible, even though it is possible that some lenders might view it as a bankruptcy. A consumer proposal is not a bankruptcy, but one must make sure they are making current payments on the proposal before attempting to get a car loan.

When a person is in a consumer proposal and needs a car loan, they must make certain that they are making regular monthly payments on their debt. The whole purpose of a consumer proposal is to become current on all debt and settle some of it outright. A person must have a trustee contact everyone they owe money to offer a deal to either settle it or make payments without any more interest added to the debt. A consumer proposal usually involves a few years before all creditors are paid off, but there are lenders that will work with someone in this position who needs a car loan.

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There are major banks and smaller lender companies that offer special financing for those who have recently been discharged from a consumer proposal or who are currently in one. A consumer proposal car loan is not limited only to buying used vehicles. A person can also get a car loan for a new vehicle while they are in the middle of their proposal.

When someone is in a consumer proposal to pay off their debt, they usually have a stable job with good income. The lenders of a car loan will look at one's financial situation because they want to make sure their loan will be repaid in a timely fashion. The car finance companies know that in order to pay off debt in a regular fashion, they must be able to get to work and make the money to make payments. A car is usually needed in order to have transportation to get to a job. This is why many banks and smaller loan companies will work with someone with a consumer proposal. This is a positive approach to one's financial situation.

A person with a consumer proposal either in the works or in the past should take the time to consider their finances and how much they can afford for a car loan in addition to paying off their debt. If one cannot afford both, then it would be unwise to get a car loan. The only way to rebuild credit is to have enough steady income and the ability to make regular payments on their debt and their car loan. If one files for a consumer proposal, they should wait at least six months before attempting to get a car loan. They must be able to prove a steady payment history for those months and have steady income before a lender will consider them for a car loan.

 If you have had a consumer proposal or are currently in one please feel free to fill out our secure online credit application. One of our car loan slecialists will then promptly reply and begin working with you to secure a car loan from one of our large pool of lenders.

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