Before filing I had perfect credit nothing missed, etc... EQ score was around 720. I was unemployed for a few months and decided to get into the trucking business doing expedite deliveries to the USA and back to Canada. I leased a $105,000 truck and had ~3 open credit cards with about $15,000 in credit and a $20,000 LOC all un-secured. Long story short, this was right when the economy began to sink in the US and I was only profiting about $500/mo take home. I filed for BK in Apr 2009 for the lease and all my credit cards which were almost all maxed out.
I got a job after filing so I did not fall within the 9 month auto-discharge. I was discharged in Jan 2011.
As soon as I was discharged, I applied for and received a Peoples Trust Secured MC with $500.00. I have used this card regularly since then. I applied for a Capital One Secured MC in Nov 2012 and was approved for $1000 credit with $75 security.
As of last week my scores are 660 from Equifax(rated good) and 620 from TU(rated poor) although the CapOne has not reported yet but does show under inquiries.
Now my issue is my vehicle is soon going to die. I have had it for 5+yrs throughout my BK but I will need a replacement within the next year.
I am wondering at this point in time, would it be possible to qualify for a new vehicle financing? For used in Kingston there is a company that works with the Dodge dealer called carloanskingston.ca that advertises rates of 7-29%. If I were to finance a vehicle would I be looking at a hefty rate above 20%? Or would I be closer to 10%?
I am not pay-cheque to pay-cheque anymore, have about $6,000 cash available and my vehicle is worth around $3,000 if I sell privately. I am saving for a down payment on a first house with my SO. She works full time as well and we keep our finances separate.
Just wondering what anyone's experience with this has been. I will be trying to keep my vehicle on the road as long as possible but will need a replacement eventually. With 2 secured cards reporting my score should be a fair bit better by year end...
I got a job after filing so I did not fall within the 9 month auto-discharge. I was discharged in Jan 2011.
As soon as I was discharged, I applied for and received a Peoples Trust Secured MC with $500.00. I have used this card regularly since then. I applied for a Capital One Secured MC in Nov 2012 and was approved for $1000 credit with $75 security.
As of last week my scores are 660 from Equifax(rated good) and 620 from TU(rated poor) although the CapOne has not reported yet but does show under inquiries.
Now my issue is my vehicle is soon going to die. I have had it for 5+yrs throughout my BK but I will need a replacement within the next year.
I am wondering at this point in time, would it be possible to qualify for a new vehicle financing? For used in Kingston there is a company that works with the Dodge dealer called carloanskingston.ca that advertises rates of 7-29%. If I were to finance a vehicle would I be looking at a hefty rate above 20%? Or would I be closer to 10%?
I am not pay-cheque to pay-cheque anymore, have about $6,000 cash available and my vehicle is worth around $3,000 if I sell privately. I am saving for a down payment on a first house with my SO. She works full time as well and we keep our finances separate.
Just wondering what anyone's experience with this has been. I will be trying to keep my vehicle on the road as long as possible but will need a replacement eventually. With 2 secured cards reporting my score should be a fair bit better by year end...