Bankruptcy is a difficult experience, but it is also a fresh start. One of the most important steps in rebuilding your financial life after bankruptcy is re-establishing credit — and a car loan is one of the most effective ways to do exactly that.
Ready Ride works with a network of lenders who specialize in post-bankruptcy auto financing in Ontario. These lenders understand that a past bankruptcy does not reflect your current financial situation or your ability to make monthly payments going forward. They evaluate your income, employment stability, and overall financial picture to make a fair lending decision.
Both bankruptcy and consumer proposals are legal processes in Canada that help individuals manage overwhelming debt. A bankruptcy typically results in the discharge of most unsecured debts after a period of 9 to 21 months. A consumer proposal is a formal agreement to repay a portion of your debts over up to 5 years, without declaring bankruptcy.
Ready Ride helps Ontario residents get approved for auto financing in both situations — whether you have been discharged from bankruptcy or are currently in an active consumer proposal. Our lenders are experienced with both scenarios and will find the best available terms for your situation. We serve customers province-wide.
One of the fastest ways to rebuild your credit score after bankruptcy is to take on a manageable credit obligation and make every payment on time. A car loan from Ready Ride is reported to both Equifax and TransUnion each month. Consistent, on-time payments demonstrate responsible credit behaviour and steadily improve your credit score.
Many Ready Ride customers who came to us with post-bankruptcy credit scores in the 400–500 range have seen their scores rise to 650–700 within 18 to 24 months of consistent payments. This opens the door to better interest rates, credit cards, and eventually mortgage financing.