Vehicle Finance Options – Subprime and Bankruptcy

If you have been through a tough financial time, it can have a significant impact on your ability to access all kinds of credit, including car loans. It might be that your situation, while previously dire or currently far from ideal is steadily getting better but you need a vehicle to move yourself on to the next stage. You should know that there are vehicle finance options out there for you:

Vehicle Finance After Bankruptcy

In Nova Scotia, bankruptcy in and of itself doesn’t necessarily bar you from the possibility of getting a car loan. It will certainly be more challenging and you will have to prepare thoroughly to prove you can make an acceptable downpayment and then keep up with the proposed repayment plan.

There isn’t even a waiting period required by law. You can apply for a car loan in Halifax, for example, anytime after or even during your bankruptcy filing process. The first thing you definitely need to know if your bankruptcy resulted in discharge or dismissal. If it was the former, you will find gaining approval easier. The latter, on the other hand, means that you have been unable to honor the terms of your bankruptcy and so will likely be turned down.

Subprime Vehicle Finance

For subprime candidates (also known as “nonprime”), there is also hope. One dealership alone has been responsible for closing 700 subprime deals in 2018, and then 800 again in 2019. It works by first determining the financials of any deal before you start looking at potential models. This is a good method for avoiding that sense of disappointment or even shame that people can feel when they discover they fail to qualify for the car they want.

The main point here is that both subprime and bankruptcy candidates can and are eligible for vehicle financing, just as long as they can establish what parameters are acceptable and sustainable for them. Working in this way, we can be sure that no Nova Scotian is left behind in their quest to find the perfect family car.