Applying for a car loan after a Proposal
Hello. My husband and I have recently finished our 5 year consumer proposal. 5 yrs ago we were in a difficult situation that caused us to get into debt. But in the past 2 years, my husband has been at a secure job making $120,000 plus a year.
Prior to the proposal, he was making $45,000. When we first started our proposal we desperately needed a car. Our trusted helped us find a company who did a leasing program. So for the past 4 years, we have leased a vehicle and just recently paid out the amount owing and it’s paid off.
My question is: we are 4 months out of our proposal. We have a car worth $14,000 In Equity. We would like to go purchase a new car. With my husband’s income being high and the trade in car being $14,000 say, do you think we would have a hard time being approved? Our monthly leasing payments over the past 4 years have been reported to the credit bureau monthly which we were told was great. So we have 4 years of a $500 a month payment in our favor. We haven’t applied for a credit card because we honestly at this point have become accustomed to not having them.
Which is nice! But with all our hard work over the past few years, we would like to treat ourselves to a new car and can definitely afford it. I would appreciate your expertise
There are many companies that will lend to people who have received their bankruptcy discharge or who have successfully completed their consumer proposal.
You should have no problem being approved for a loan after your consumer proposal.