Types of Bad Credit

Canadian credit regulations ensure that every type of loan is subject to repayment. This means that every type of loan can, if conditions are not met, can go into default status and be classified as bad credit.

Buying Your First Car

No matter who you are, buying or leasing a new car is a big deal. For most Canadians buying a new car is considered a major purchase and, for many, an exciting one. There is however another group of consumer in Canada with a much stronger connection to the car buying experience – the first time buyer.

Canada’s New Bankruptcy Laws

On September 18th 2009, several new bankruptcy laws took affect in Canada. In the interest of keeping Canadian’s up to date on important consumer credit and bankruptcy news, here is a brief break down of the changes to bankruptcy law in Canada:

Bankruptcy Definition

In Canada bankruptcy is a form of financial protection that both businesses and individuals can use to absolve debt and protect themselves from creditors. Filing bankruptcy in Canada is usually a last resort used to wipe out debt and start over fresh.

Once bankruptcy is complete, all of the debt included in the bankruptcy is considered absolved or wiped. The bad credit history leading up to the bankruptcy and the bankruptcy itself are not wiped and will remain on the individuals credit bureau for 7 years.

Bankruptcy Car Loans

A lot of Canadians think having bad credit or filing bankruptcy means they can’t apply for a loan, get a credit card or finance a car loan. While it is true that having a bad credit history or bankruptcy can make getting a car loan difficult, it does not make it impossible.

If you’ve got a history of not paying your credit on time or you’re  in a bankruptcy, banks and finance institutions will probably consider your credit too high risk and decline you. The same goes for after bankruptcy car loan applications. The truth is that finance companies and banks will not provide financing to bankrupt customers because they stand to lose too much if the loan defaults.

Repair Bad Credit

In Canada bad credit can hurt your credit score, lead to bankruptcy, end your career and in some cases even cost you a marriage. If you think for a second that you have a bad credit history then you have a responsibility to yourself and your creditors to investigate and try to repair the problem.

Often credit problems are self inflicted but there are times when bad credit is cause by external forces, such as the economy or a sudden life changing event. While it might be unfair, you are always obligated to pay your debts and keep your loans up to date, no matter who is at fault.

Welcome to Any Bad Credit Canada

We are a full spectrum online credit resources for Canadians with bad credit, bankruptcy or credit questions. Any Bad Credit Canada is a free service meant to help good people with questions about bad credit in Canada get the answers they need.