Getting a car loan after a Consumer Proposal.

We work with people in all situations, including those who have filed for a Consumer Proposal. We want to help you understand how this situation happened, and how we can help you improve and build your credit score.

How will a Consumer Proposal affect my credit score?

Consumer Proposals do have a negative impact on your credit score. After you complete a consumer proposal, your credit report will reflect it with an R7 rating. This will remain on your report for three years and will significantly impact your ability to get a new loan during that period.

How can you get a car loan after a Consumer Proposal?

It is difficult to get a loan anywhere when you can't pass a credit check. However, at Ontario Auto Solutions, we work with many private lenders who will give you a loan even after filing for a consumer proposal. Although interest rates have a good chance of being higher, you won't have many other options. These private lenders will require certain criteria in order to approve you for a loan, including;

  • Down payment - the more money you have available to put against the loan, the better chance the lender will approve your loan and possibly offer a better interest rate.
  • A job and verifiable income - providing regular income will show the lender you can handle monthly payments on a car loan.
  • A low debt-to-income ratio - having more money coming in than going out, you will be in a better position to secure a loan.
  • Proof that you are making your proposal payments - this will show the lender that you are being responsible with your money and determined to get out of your current situation.

It is very important to take every loan moving forward very seriously. The end goal is to rebuild your credit, not wind up back where you started. Ontario Auto Solutions will give you options that will give you the very best chance of getting back on your feet again.


Ready to get behind the wheel?

Our 30 second pre-approval application will get you well on your way to getting behind the wheel of a great new vehicle.