Getting a Car Loan after Bankruptcy in Halifax, Nova Scotia

Getting A Car Loan After Bankruptcy

Automotive consumers in Halifax, Nova Scotia, looking to finance a vehicle after bankruptcy, have different needs. The finance specialists at Steele Hyundai are here to help ease the car buying process after bankruptcy. We can provide financing options for people with open, dismissed, or discharged bankruptcies.

If you have filed for bankruptcy, you are not alone. Many people in the Halifax area have been affected by the COVID-19 pandemic, forcing them to either seek Payment Relief or file for bankruptcy. Fortunately, our finance team at Steele Hyundai can help you find your way back to an excellent financial position while helping you get back on the road. The process of getting a car loan after bankruptcy in Halifax, Nova Scotia, can vary depending on which type of bankruptcy filing you made. 

Some commonly asked questions from consumers looking to buy a car after bankruptcy.

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Is it hard to get a car loan after bankruptcy?

Finding a subprime lender that can offer financing to consumers after bankruptcy can be accomplished easier when using a quality and reputable dealer. One of the first things lenders ask when you apply for a car loan after bankruptcy is whether you were discharged or dismissed. If your bankruptcy was discharged, you are more likely to be approved, whereas a dismissal demonstrates that you were not able to fulfill your bankruptcy terms, and may lead to a rejected application.

How soon can I buy a car after bankruptcy?

If you have spoken to your trustee and feel financially stable to purchase a vehicle, then you do not have to wait to buy a car. But, it is important to prepare a financial plan to determine the amount you have available for a down payment and if you need to apply for a car loan. Contact our Finance Centre today for more information.

How long after bankruptcy can you get a loan?

You can apply for a car loan in Halifax, Nova Scotia, anytime during or after your bankruptcy filing. It may require a little more work, but we are confident our skilled team will be able to get you the approval you need.

Should I buy a car before or after bankruptcy?

If you are planning to file for bankruptcy, then it is best to buy a car after filing. If you have bad credit and want to apply for a car loan online in Halifax, Nova Scotia, obtaining approval can help you re-establish your creditworthiness and increase your credit score.