Tips for Car Loans if you are involved in a Consumer Proposal

If you are a Canadian involved in a consumer proposal, we can help you get a car loan or truck loan approved. Apply Now

If you are not familiar with consumer proposals, here is a basic understanding of how they work: When a person gets too deeply in debt to keep up with their payments, they may enter into a Consumer Proposal. What this means is that they go to a bankruptcy trustee who contacts all their creditors and he offers them a deal. An example would be to inform everybody that the client could no longer meet his or her financial obligations and that if they want to get paid, they must stop charging interest on the debt. Normally, a proposal is a 3 or 4-year plan to pay everybody off.

In the eyes of a lender, a proposal is the same as a bankruptcy. Many lenders will not deal with a person in a Consumer Proposal unless they are at least half way through or better. The reason for this is that many people involved in a proposal end up going bankrupt during their proposal term because they cannot keep up with the payments. Get all the facts before entering into a consumer proposal.

We have lenders who will approve you if you are in a consumer proposal. Contact us and get all the facts.