Guides for buying your next car

• After a bankruptcy or proposal
• Your first car in Canada
• Getting the most from your budget

Buying a car during or after a bankruptcy or consumer proposal

A bankruptcy or consumer proposal doesn't mean you can't drive. Many of the people we help come to us partway through one, or soon after it ends, and plenty of dealerships will still work with you.

What makes the biggest difference

• Steady income. Three months or more at the same job, or a consistent source of income, matters more than almost anything else.
• A realistic monthly number. Work out what you can comfortably pay each month after rent, insurance and gas, and stick to it.
• Your documents ready. Your last two pay stubs, your driver's licence and three references speed everything up.
• A slightly newer used vehicle. A late-model used car is often easier to arrange and costs less to run than an older one.
• A co-signer, if you have one. Someone co-signing with you can widen your options.

Making every payment on time from here is also one of the best ways to rebuild. Your next vehicle can be part of getting back on track.

Buying your first car, or your first car in Canada

New to Canada, a student, or someone who has always paid cash? Having no history here yet is common, and it's not a dead end.

• Show stable income. An employment letter or recent pay stubs carry a lot of weight.
• Get your licence sorted first. If you're converting a licence from another country, check the Ontario rules before you shop.
• Get an insurance quote early. Insurance for new drivers can cost as much as the car each month, so build it into your budget.
• Start practical. A reliable, affordable first vehicle you can keep up with is a better start than a stretch.

Getting the most from your budget

• Look past the monthly number. A lower monthly payment spread over more years can cost a lot more in total. Ask what you'll pay overall.
• Count the running costs. Insurance, gas and maintenance belong in your monthly budget.
• Use your trade-in. Even an older vehicle can bring the cost of your next one down. Get a trade-in offer.
• Keep your search short and focused. Know the type of vehicle and budget you want before you start, and let one team do the searching for you.

Questions about your situation? Call 289-590-9997 or get started online.