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How to Get a Car Loan During or After Consumer Proposal

May 10, 2018    Bad Credit Car Finance

How to Get a Car Loan During or After Consumer Proposal

Overwhelming debt is unfortunately a fact of life with over 125,000 Canadians filing for bankruptcy or opting for consumer proposal in 2016.

What is Consumer Proposal?

Consumer proposal is a legal agreement created by a bankruptcy trustee with creditors to consolidate debt. This alternative to bankruptcy restructures debt, so it’s more manageable to pay down, which usually leads to completely eliminating it within five years.

Choosing consumer proposal can be a great alternative for individuals with a non-ideal financial situation. Recently, there’s been an increase in Canadians who have chosen this approach to consolidating their debt and working to rebuild their credit. However, it’s advised to thoroughly assess your options before you decide whether consumer proposal is the best option for you.

It’s important to note that opting for consumer proposal may be the right choice if you have a significant income or assets, yet still struggle with a heavy debt load. This isn’t the best case or only scenario. A steady job with a stable income is essential for making monthly instalments and covering the associated fees of your payment plan that’s been developed by your bankruptcy trustee. And in order for many people to continue working, reliable transportation is critical.

Consumer Proposal Car Loans

Whether you’re in the midst of going through a consumer proposal or have just finished the last payment on your plan – it’s possible to receive auto financing. Yes, it’s possible to get a car loan as long as you’ve been consistent and on time with your payments. Your trustee can work in collaboration with Birchwood Credit Solutions to help you discover the options for getting back into the driver’s seat.

At Birchwood Credit Solutions, we understand having reliable transportation is vital to not only getting you to work and ultimately staying employed, but also for getting your family from point A to point B in your everyday life. While you’re going through the process of consumer proposal, your credit may be less than perfect, but your chances at rebuilding your life shouldn’t be.

When looking for a car loan, we can help you find the right car to fit your needs and lifestyle, as well as fitting into your payment plan. We’re here to find the right vehicle that meets your current financial situation and the point you’re at during your journey to rebuilding your credit. Making your car payments on a regular basis may even help repair your credit score!

The process at Birchwood is simple and focused on you, the driver. We’re dedicated to helping get you into a vehicle and back on the road to success.

Apply for your car loan

Applying for a car loan shouldn’t be stressful. We only ask for the information we need and finishing your application takes less than 3 minutes. Get started now!

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Or feel free to give us a call at:
204-509-4231