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Even if you don’t often give it much thought, your credit rating is crucial to you. It will dictate what kind of interest you have to pay on your credit cards and it could play a deciding role in your aspirations to someday buy a home. Dealing with a past bankruptcy or consumer proposal is a very common among Canadians and improving your credit rating should be a top priority after a discharge.

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So, when things get back to normal, you have to deal with how to improve your credit rating. Of course, the first thing to do is to make all the payments for anything that is overdue to bring your accounts back into good standing.

But then most people assume the best thing to do is to avoid using credit and wait for your score to come back up. Of course, staying on top of your debt obligations and making all your payments on time will be of primary importance in rebuilding your credit. Getting a car loan and successfully managing the repayment of that loan, along with your other debts, will go a long way towards getting your rating back on track.

The length of your credit history and new credit are also contributing factors to your score. A longer credit history suggests a lower risk because it shows that you have experience successfully managing your credit. Some suggest that you should keep your credit cards active, even if the balance is zero, by making an occasional purchase with it and making sure it is repaid on time, to increase the average age of your accounts. Making several applications over a short period might suggest a desperate need for funds, and therefore a higher risk. Applying for a car loan won’t have a significant negative impact here if you haven’t also made several other credit applications recently.

The last aspect that makes up about 10% of your credit score is the different kinds of credit you use. There are three different types of credit you can have: revolving credit like credit cards or lines of credit; mortgages and car loans. The objective is to have a diversified mix of credit. If your credit is only made up of revolving credit products, it may have a negative impact on your score. Adding a car loan will show a new mix of credit and will help improve your score.

How a car loan can improve your credit score
Creating a new mix of credit on your report is always advisable. Your overall credit score is made up of several different sections, and about 10% of your credit score reflects the type of credit you’ve utilized. Credit cards only represent one type of credit usage; car loans can make up another significant portion. A car loan got with the help of Bankruptcy Canada’s auto loan partner can increase your credit history and increase your credit score.

How an Auto loan through can show Responsible Credit Usage
A car loan can be seen as a building block for your credit history and as a means to access larger purchases.
Using our approved car loans partner, will help build a solid history for chasing bigger dreams later on down the line. Buying a house could become a reality faster if you have an auto loan. If your credit report shows evidence of on-time payments, it will help increase your credit score. Furthermore, paying your monthly payments on time every month may help to get your interest rate lowered after 8 months.

By getting Bankruptcy Canada’s car loans partner to work with lenders to get you a car loan shows a new mix of credit, and if you make payments on time, it shows that you’re less of a risk to loan officers and banks. A car loan also shows your potential creditors that you know how to responsibly handle all kinds of debt.

Having bad credit or a low credit score can be influenced by different factors. You may have bad credit and not even know it until you apply for a car loan. Most lenders approve or deny your car loan application solely based on your credit score. What separates Vin Busters Financing from other car loan providers, and the reason why we have a nearly 100% approval rate, is that we differentiate bad credit car loans based on your specific situation.

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Having a bankruptcy on your credit report will have you automatically labelled as a bad credit car loan risk by most lenders. However, Vin Busters Financing understands that bankruptcy is often a new beginning and a car loan can be the first step in rebuilding bad credit. Vin Busters Financing has a nearly 100% approval rate for bankrupt individuals, even if they have yet to be discharged.

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Subprime means that interest rates are higher than the prime rate, as the risk factor is higher. Someone carrying too much debt is often why car loans are declined by traditional lenders. They view lingering debt, delinquent payments and a low credit score as bad credit. Vin Busters Financing believes that everyone deserves a second chance and views subprime car loans as a great way to repair and rebuild bad credit. We often consolidate existing debts or extend additional cash through our cash back program. Most of the loans Vin Busters Financing makes are subprime loans, which have a nearly 100% approval rate.

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Always paying in cash, never using a credit card and not carrying any debts may seem like a good idea but in reality, no credit history is considered by most lenders as being equivalent to bad credit. This is not the case with Vin Busters Financing. At Vin Busters Financing, we look at no credit car loans as an opportunity for a customer to build their credit. Not only does Vin Busters Financing have a nearly 100% approval rate for individuals with no credit history, credit rebuilding is just one of the benefits of teaming up with us.

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Most lenders look at the self-employed as bad credit risks because of the instability of their income. The amount of paperwork that is involved for the self-employed to obtain a car loan through traditional lenders is absurd. Vin Busters Financing is able to cut through a lot of the red tape and get you approved immediately so you can continue to run your business. Vin Busters Financing gets nearly 100% of the self-employed approved.

One of the best ways to establish credit is by making years of consistent payments towards a car loan. The problem which faces most first time buyers or students is that they usually have no credit history and are automatically deemed to have bad credit by most lenders. Vin Busters Financing specializes in first-time and student car loans and have a nearly 100% approval rate because we look at the big picture, not just your credit score. As long as you make your payments as agreed, Vin Busters Financing reviews first-time car loans in the tenth month and can rewrite the loan at a lower rate.

“Financial Freedom” is a concept that very few Canadians have been able to declare with confidence, but “Bankruptcy” is a term many of them know all too well. Bills keep on filling up the mailbox, collection agency calls increase and the items that you require for everyday living are no longer affordable. Over the past decade, thousands of Canadians have chosen to file for bankruptcy in hopes to decrease their required debt payments. In 2013, 22,731 Ontario residents filed for bankruptcy according to the Office of the Superintendent of Bankruptcy Canada. Unfortunately, along with completing the bankruptcy process and making monthly payments, many people believe that due to their unstable financial history, they are no longer qualified to own a car. Thankfully this is not the case. Vin Busters Financing is giving Canadians the ability to own a car without worry.

Bankruptcy is a process that can affect your future purchases and a company’s trust in you, whether it is purchasing a home, renting an apartment or applying for a car loan. Bankruptcy is a process that no one wants to go through, but it can allow you to eliminate some of the debts that you are just unable to pay. Filing for bankruptcy involves meeting with a trustee who will assess your financial situation, assigning all assets to your trustee, and speaking with the Office of the Superintendent of Bankruptcy Canada. What many do not realize is that the process does not have to end there! By working with a Vin Busters Financing Professional, you will be working together to find a car that fits all of your needs in an easy and timely manner. Meeting with a Vin Busters Financing Professional is the perfect starting point to begin the exciting process of buying a vehicle and rebuilding your credit! Don’t let your financial situation hold you back from the freedom and ease of mind that a car can give you.

Working closely with a Vin Busters Financing Professional, they will:

  • Ensure that your credit report is in order
  • Determine a monthly payment plan that you know you can afford
  • Speak with lenders on your behalf that specialize in bankruptcy car loans to get you the best rate possible


Bankruptcy is a part of life that many people have learned to embrace, but it does not mean that you have to settle for public transit. Vin Busters Financing is an excellent resource that can show you how to proceed if you have filed for bankruptcy and are hoping to own a car. Furthermore, Vin Busters Financing has several programs that are in place to help you rebuild your credit and regain confidence in your financial situation. Bankruptcy does not last for your entire life, so don’t let it affect your future.

Over the past several years, Canada’s economy has fluctuated up and down, creating a strain on the wallets of Canadians across the country. Rising gas prices, insurance rates, food prices and electricity and water bills have left people living from paycheck to paycheck, providing very little wiggle room when unexpected expenses occur. Credit cards have become relied upon as the default form of payment for everyday items. Now many Canadians are left wondering how they are going to afford to drive a car, let alone pay for it.

“Bad credit” has become a term all too familiar to Canadians, and with the transforming financial landscape of the country, people’s ability to receive a car loan with a history of bad credit has changed completely. The great news is that even if you have a bad credit rating, buying a car with the help of Vin Busters Financing is still an option that you can take advantage of. The process does not have to be scary or overwhelming, it can be painless and easy. Vin Busters Financing aims for you to be able to receive a car that best fits your lifestyle and have the freedom that four wheels on an open road can give you.

If you are considering applying for a bad credit car loan with Vin Busters Financing be prepared to answer the following questions:

  • What is your total income each month?
  • How long have you been employed at your current job?
  • How long have you resided at your current address?
  • If required, is there someone who can act as a cosigner?


Due to the stigma around bad credit ratings and car loans, many people believe that the process of obtaining a car loan with bad credit is long and intimidating. It is actually simple, fast and secure as Vin Busters Financing allows you to fill out a car loan application online from the comfort of your own home.

Once your application is received, a Vin Busters Financing Professional will work with you every step of the way until you are behind the wheel of your new car. Utilizing their large network of lenders who specialize in bad credit car loans coupled with their years of expertise is why Vin Busters Financing has a nearly 100% approval rate for bad credit car loans.

At Vin Busters Financing, we believe that everyone deserves to drive and bad credit shouldn’t hold you back.

Private Car Sales
Whether you are a buyer or a seller, Vin Busters Financing offers private sale financing across Ontario.

As a Seller, being able to offer financing on your vehicle will dramatically increase the interest in your listing. Potential buyers who would otherwise be forced to purchase from Registered Dealerships for financing can now buy your private sale and get financed through Vin Busters Financing. For more information on how you can offer financing on your used vehicle listing at no cost to you, please see a Vin Busters Financing Professional near you.

As a buyer, a private sale is a great way to purchase a used vehicle. But unless you have a pocket full of cash or an exceptional credit score, most people who are in the market for a used car are forced to finance through a dealer. With Vin Busters Financing, financing a private car sale is now possible and can save you hundreds, if not thousands of dollars!

Choose your car from any private source and we’ll take care of the rest:

Safety and E-Testing

Private Car Sales Are Time Sensitive
The decision to buy a car is not one that is made lightly and people often find out the hard way that by the time they can arrange financing, the deal is gone. So before you start your search, get pre-approved through Vin Busters Financing. By getting pre-approved before you start shopping, you’ll know exactly what your price range is and when you find the car you want that fits into your budget, you can make an offer and close the deal the same day.

Once you are pre-approved, a Vin Busters Financing Professional will walk you through the simple process and will even give you advice on which makes and models to look for that will fit your needs and your budget.

How to Get Pre-approve with Vin Busters Financing
Our same day approval process for private car sales is simple, fast and secure. We approve nearly 100% of credit applicants and specialize in approving customers with bad or slow credit histories.

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