Consumer proposal car loans
Car loans during a consumer proposal in London, Ontario
Being in a consumer proposal doesn't mean you can't get a vehicle. We work with lenders who finance drivers who are in an active proposal or who have recently paid one off.
In an active proposal
Many lenders will consider your application if your proposal payments are up to date. Bring a copy of your proposal and proof of your payment history.
Finished your proposal
Once your certificate of full performance is issued, more lenders may be open to you. Keep the certificate handy when you apply.
Keeping your payments manageable
Your car payment has to fit alongside your proposal payment. We'll help you find a vehicle and term that work with your monthly budget.
What to bring
- ✓A copy of your consumer proposal
- ✓Proof your proposal payments are up to date, or your certificate of full performance
- ✓Recent pay stubs or bank statements
- ✓Valid Ontario driver's licence
Common questions
Can I get a car loan during a consumer proposal?
Often yes, especially if your proposal payments are up to date. Approval isn't guaranteed, but we'll look for a lender that fits.
Do I need permission from my trustee?
It's a good idea to let your Licensed Insolvency Trustee know before taking on new credit.
Can a car loan help my credit after a proposal?
On-time car payments are reported to the credit bureaus and can help rebuild your credit over time.
Want to estimate your payment first? Try our payment calculator or read more FAQs.