subject: How do I get approved for a car loan after bankruptcy? [print this page] How do I get approved for a car loan after bankruptcy?
With today's economical turmoil and raising unemployment rate in North America, many Canadians are falling behind on their financial obligations. As the result their credit score is been dragged through the mud and they are having a hard time getting approved for a car loan. There are specific loan service providers out there who is set up to offer you bad credit car loans, these loans will have a much lower requirement compare to the normal bank loans. But if your credit score is so low or your payment history is so poor, you can still get turned down from a bad credit car loan. There is still hope for you in the credit world if this scenario describes your recent visit to a car dealership. Believe it or not there are no credit check car loans available in the Toronto area that will approve you for a car loan without even a credit check. Sounds too good to be true, well its not, here is how you can get approved for these loans.
These so called "No credit checks" car loans mean exactly that, they will approve you for a smaller loan amount without a credit check. The basic requirement can be as simple as you bringing in your most recent phone bill, and prove to the loan provider you have a bank account. These types of loans are designed specifically for the people whom need financial help, and they are mostly private loans from the dealership themselves or a privately funded therefore there is no "red tapes" to overcome like any other bank loans. These loans are designed for people who don't have a T4 if you are working a cash paying job, or if you have recently declared bankruptcy, even if you have just arrived to this country. In comparison to the bad credit car loans they still have a very minimum requirement for a loan approval, but with no credit check car loans you don't have to worry about these minimum guidelines.
Of course if you need a vehicle badly enough whether it is for your family or work, you have very little choice when you have hit financial "rock bottom". These no credit check car loans will normally run at a higher interest rate compare to the bank rates, but the old saying of "You can't have your cake and eat it too" applies perfectly to this scenario. Taking on one of these loans will improve your credit score in the long run; it is almost like a financial intervention where the lender is offering you a chance to prove to the banks you can pay back a loan. With a good track record with repayment you can be on your financial freedom within 12 months. Once you have proven yourself in the eyes of the bank, you can then take a normal car loan at much lower interest rate, so the lesson here is to not to be over concerned with the interest rate before you have recovered from your financial past.
One of the no credit check providers in Toronto is called "Benchmark Automotive Group" they are located in the Toronto area, you can find them online at http://www.benchmarkautomotive.ca and thank you for reading this article it is brought to you by Bad Credit Car Loans Tornto or http://www.badcreditcarloanstoronto.ca for more information on bad credit, or no credit car loans please visit us online.
