No Credit Car Loans

Overburdened with Debt?

Take control of your financial future with comprehensive, 100% confidential credit and debt management counselling and education from an agency that you can trust.

At CreditSolutions.ca we specialize in helping our clients to deal with Canadian debt!

Solutions Credit Counselling Service Inc.™ (Creditsolutions.ca) is a licensed, bonded, independent credit counselling agency that works for you, not your creditors.  We are 100% Canadian owned and operated, and the only independent agency of our kind in Canada.

Solutions Credit Counselling Service Inc.™ (Creditsolutions.ca) is the Canadian Consumer’s best source for credit education, counselling and debt management solutions in Canada today.

We can eliminate debt collection calls, help you manage your financial commitments without taking out a consolidation loan, and develop acceptable alternatives to bankruptcy, allowing you to keep your assets and manage your debt safely.

Our professional highly-trained Credit Education Specialists™ — government licensed and federally registered insolvency counsellors—will work with you to develop simple, customized programs to reduce your debt, relieve your stress, improve your cash flow and get you back on the road to financial health.

We offer

• Free debt counselling
• Debtors Assistance - learn how to increase your cash flow
• Simple, sound, credit and debt management advice tailored to your needs
• Debt Managment Programs (DMPs)
• Orderly repayment of debts
• Elimination of collection calls from creditors and debt collectors
• Structured repayment programs (DMPs) and no-fee bankruptcy referrals
• Financial literacy workshops and seminars
• Bankruptcy Insolvency Act (BIA) insolvency counselling

We understand the importance of choosing the right credit counsellor; your emotional and financial well-being depends on it. Please take the time to learn more about our services, expertise and code of ethics.

When you’re ready, contact us for a free, no obligation, 100% confidential consultation.You’ll obtain professional credit and debt assistance from the privacy and convenience of your own home.

Car Loans After Bankruptcy

Auto Source Finances Trustees’ can answer a number of questions people often ask relate to credit repair after bankruptcy: I filed for personal bankruptcy in Canada – for how long will it stay on my credit report? Can I somehow repair my credit after filing for bankruptcy? Is it possible to erase bad credit history?

Your credit rating determines whether or not you will be able to get a loan in the future. A bad credit report might mean that you will not be able to get a car loan, mortgage, or debt consolidation loan.

A bad mark on your credit report – such as filing bankruptcy – will (except in very special situations) remain on your credit record a maximum of six years. After that, the information is dropped from your record. Unless it’s a double bankruptcy which will then stay on your credit report for 12 years.

Is credit repair after bankruptcy a possibility or you have to wait the six years to pass for the record to get cleaned? Unfortunately, you can’t totally erase your bad credit,

Because you can’t remove bankruptcy from your report – but there are things that you can do to improve your credit history. Suggestions on how you can repair your bad credit follow.

How to repair bad credit – the six steps plan

1. Get a credit report

First, you need to do a credit check on yourself. In most cases you can obtain your own credit report for free, or for a nominal charge. There are two main credit bureaus in Canada:

1. • Equifax 1-800-465-7166
   • Trans Union  1-800-888-4213

1. Review your credit report

Review your credit report for any errors or negative comments.

An error may include a debt that you have already repaid

A negative comment may result from a department store credit card that you stopped using ten years ago, if it had a $10 balance owing, it may still show up on your credit report.

1. Correct any errors on your credit report

If you find an error, contact the credit bureau and offer proof that you do not owe the money. You may need a letter from the creditor indicating the payments were made, or you may provide cancelled cheques to indicate payments were received.

You may also send a letter to the credit bureau explaining your side of the story; your comments can be attached to your credit report.

1. Repair Information on your credit report

If you owe a creditor $10 and they have filed a negative credit report with the credit bureau, repay the creditor and ask the creditor to note on your credit report that the debt has been paid. If a debt legally owes, the debt must be paid or discharged before it can show on your credit report as being paid or discharged.

1. Pay off your Debt

Even if your credit report indicates that you have made all of your regular monthly payments, a potential lender may look unfavourably on high levels of debt.  The solution is to pay off as much of your existing debt as possible before applying for a new loan.

We recommend that you pay off your highest interest debts first, so pay the 18% interest credit card off first, and then repay the 16% interest credit card.

The lower your debt, the easier it will be to obtain a loan. Your monthly household budgeting plan should include specific repayment amounts for each of your debts.

1. Take Some Action

If you have more debt than you can possibly repay, your credit report will only improve by formally dealing with your debts. You may need to file a formal proposal to your creditors, or consider consumer credit counselling and a debt management plan. For professional advice and further assistance, please contact a debt management consultant or a licensed bankruptcy trustee.

To conclude, you can’t erase a bad credit with a personal bankruptcy note on it, but partial credit repair after bankruptcy and credit improvement in general is possible – and it is in your hands. If you want to obtain a car loan you can actually start rebuilding your credit prior to discharge of your bankruptcy.

Auto Source Finance works with VFC who will grant you a car loan even while you’re in bankruptcy. You can start building your new credit right away. You may have to pay a large interest rate in the beginning but your credit is worth the interest. After you have made 10-12 payments on time Auto Source will help you reduce your interest rate to prime lending rates. So if you think you cannot get a Car because you are bankrupt or have no credit or bad credit talk with Auto Source Financial and start building your credit Now!