Question 1

Can you get a car loan after bankruptcy in Canada?

Accepted Answer

Yes. You can get a car loan after bankruptcy in Canada, even immediately after discharge. Specialized lenders like Always Approved work with discharged bankruptcies and active consumer proposals. The key factors are steady income, a reasonable down payment, and applying to the right lender.

Question 2

What credit score do you need for a car loan in Canada?

Accepted Answer

Traditional lenders typically require a 650+ credit score. However, bad credit specialists like Always Approved work with credit scores as low as 300. What matters more than your score is your current income, employment stability, and down payment amount.

Question 3

How fast will a car loan rebuild my credit score?

Accepted Answer

Every situation is unique, but most of our clients see an improvement of 30 to 80 points within the first 6 to 12 months, provided they make all their auto loan payments on time and manage their other debts responsibly.

Question 4

Can I refinance for a lower rate later?

Accepted Answer

Yes! This is the core strategy of our Credit Rebuilding Program. You take a subprime rate now, make consistent payments for 10-14 months to aggressively boost your credit score, and then refinance the loan at a much lower standard bank rate.

Credit Rebuilding
Auto Program

The Rebuilding Timeline

Why Installment Loans Fix Credit