Bankruptcy car loans
Car loans after bankruptcy in London, Ontario
A bankruptcy stays on your credit report for years, but it doesn't have to keep you off the road. We work with lenders across Ontario who finance vehicles for people who are still in bankruptcy or recently discharged.
Still in bankruptcy?
You may still be able to finance a vehicle before you're discharged. Lenders will usually want a letter of permission from your Licensed Insolvency Trustee, so it helps to talk to your trustee before you apply.
Already discharged?
Once you have your discharge papers, more lenders become available. Steady income and a reasonable budget matter more than your past score.
Rebuilding your credit
Making every car payment on time is reported to the credit bureaus and can help rebuild your credit over time. Choosing a payment that fits your budget is the most important step.
What to bring
- ✓Discharge papers, or a letter from your trustee if you're still in bankruptcy
- ✓Recent pay stubs or bank statements
- ✓Valid Ontario driver's licence
- ✓Proof of address
Common questions
Can I get a car loan while I'm still in bankruptcy?
Often yes, with permission from your Licensed Insolvency Trustee. Approval isn't guaranteed, but we'll look for lenders who work with your situation.
How soon after discharge can I get a car loan?
Some lenders will consider you right after discharge. Your income and budget are what matter most.
Will I need a down payment?
It depends on the lender and vehicle. A down payment or trade-in can help, but it isn't always required.
Want to estimate your payment first? Try our payment calculator or read more FAQs.