Dec

24

After Bankruptcy or Proposal

December 24, 2008 | Leave a Comment

By Tom Brown

After you have been discharged from bankruptcy or completed your proposal, you may be a good credit risk, since you have no debt. Naturally, you will find it a little harder to get credit until you can re-establish a good credit rating.  

 

You can get credit again after a bankruptcy or a proposal. The bankruptcy and proposal laws of Canada are intended to give you a fresh financial start. The ability to rebuild credit is part of that new start.

  

Tips on Rebuilding your Credit Rating:

When a person declares bankruptcy the Office of the Superintendent of Bankruptcy notifies the credit bureau. This information stays on your credit bureau report for 6 years after the date of your discharge. A proposal stays on your credit bureau report for 3 years after your proposal was completed. You can start to re-establish your credit by doing the following:

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of After Bankruptcy or Proposal. Read the full post (425 words, estimated 1:42 mins reading time)

Dec

24

Buying or Your Next Car

December 24, 2008 | Leave a Comment

By Tom Brown

One of the most common questions I get from clients is on the subject of buying or leasing their next car. The simple answer is “it depends”.

 

From an income tax perspective, if you are eligible to deduct automobile expenses from either your business or employment income the deductions available over time are the same.

 

What you spend on the cost of your car is deducted at a rate decided upon by the Canada Revenue Agency (CRA). The deduction is called Capital Cost Allowance or you may know it better as depreciation. So long as you purchase a car, new or used, for $30,000 or less before PST and GST, you can deduct 15% of the cost in the year you buy the car and 30% of the declining balance for every year after that. Based on this formula, eventually, you will claim 100% of the cost of your car. If you purchase a car for more than $30,000 you will not be able to make a claim on any excess amount paid. However, if you have a loan on the car purchased, you will be eligible to deduct the interest paid on the loan to a maximum of $300 per month of interest charges.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of Buying or Your Next Car. Read the full post (829 words, estimated 3:19 mins reading time)

Dec

21

OPD’s Demise in BC

December 21, 2008 | Leave a Comment

By Tom Brown

Doug and Sue are faced with a financial crisis and are determined to do what ever it takes to gain control over their debts.

They want to pay their creditors and are in my office exploring their financial options. The couple has heard of a program called Orderly Payment of Debts (OPD) and want to know how it can be of help to them.

Unfortunately, the OPD program has become a victim of B.C. government cuts.The OPD program has provided more debtors with unbiased financial information than any other financial service to date. The program’s closure will cast thousands of poor individuals and vulnerable families to the yellow pages.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of OPD’s Demise in BC. Read the full post (890 words, 2 images, estimated 3:34 mins reading time)

Dec

21

How can I build good Credit in Canada?

December 21, 2008 | Leave a Comment

By Tom Brown

Question: How can I build good credit in Canada? What steps should I take to get started? I just started a new job and want to start right.

Answer: One of the easiest, most effective ways to start building a credit history is to get a Canadian credit card. If you do not have a credit history, you may benefit from a secured credit card. With these types of cards, you decide how much credit you think you’ll need or can afford, and then deposit that amount with the bank as security. This amount becomes your credit limit.

For most people, all you need to do is bring some personal information and identification into a bank branch, where a bank representative can get you started on your credit card application.
Auto Source Financial can assist you in obtaining new Credit in Canada and direct you on how to build a perfect credit rating without a social insurance number.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of How can I build good Credit in Canada?. Read the full post (511 words, estimated 2:03 mins reading time)

Dec

21

What is a Credit Rating?

December 21, 2008 | Leave a Comment

By Tom Brown

Every piece of credit history information in your credit file is assigned a rating by the credit grantor. The most common ratings are “R” ratings. These are known as North American Standard Account Ratings. The “R” indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates “on time”, “one month late”, “two months late”, etc., into two-digit codes. Take note that now in common use by most credit grantors is a numerical system called FICO or Beacon score. It is not usually included in the free credit report you order. The standard credit ratings are listed below: 

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of What is a Credit Rating?. Read the full post (733 words, estimated 2:56 mins reading time)

Dec

21

Tips and Advice

December 21, 2008 | Leave a Comment

By Tom Brown

Well for whatever reason it’s happened, your bills got out of hand, you missed payments or are carrying a lot of debt and now it’s affected your ability to get financing.

Plain and simple, bad credit affects your credit rating/score (FICO score) and your ability to get financing. The impact of bad credit can range from not getting the loan or credit card to having to pay interest rates well in excess of what you would see if you had good credit.

Tags: , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of Tips and Advice. Read the full post (576 words, estimated 2:18 mins reading time)

Dec

21

No Credit Car Loans BC

December 21, 2008 | Leave a Comment

By Tom Brown

Finding no credit car loan is not impossible. It might be harder to find one because most lenders prefer that a borrower has some credit history to enable them to make a judgment call whether to lend or not. If a stranger comes knocking on your door wanting to borrow $500, would you do it?

Lenders are faced with many borrowers each day and they are virtually strangers. Thankfully, there are companies, called credit bureaus that keep track of how borrowers pay their bills. They record if borrowers are prompt in their payments, if they have late payments, how many loans or credit cards they have, plus information that appear in public records like bankruptcies, foreclosures, suits and others. Lenders may extend a poor credit auto loan to a borrower with a less than perfect credit or an instant auto loan with extremely low rates to a borrower with perfect credit based on the reports of those credit bureaus.

Tags: , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of No Credit Car Loans BC. Read the full post (739 words, estimated 2:57 mins reading time)

Dec

10

No Credit Car Loans British Columbia

December 10, 2008 | Leave a Comment

By Tom Brown

Auto Source Finance’s networks of lenders specialize in providing car loans for people with bad credit. We have carefully designed our application to be easy to understand and fast to complete.  You can be approved in 24 hours or less. Vancouver Auto Finance’s network of lenders will review your application and compete for your business.  At Vancouver Auto Finance, our experts work to get you approved.

Auto Source Finance will approve your; Bad Credit Car loans BC, Car Loans BC, No Credit Loans, or Foreign Students and Foreign Workers

Approved Car Loans

Does your past credit history make you nervous about applying? Regardless of your credit history, you can qualify through Auto Source Finance for an auto loan.  We will focus on you ability to pay and not on your past credit history. Vancouver Auto Finance specializes in those who have experienced financial distress as a result of divorced, lost wages due to illness or disability, the loss of a job or identity fraud.

Tags: , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of No Credit Car Loans British Columbia. Read the full post (373 words, estimated 1:30 mins reading time)

Dec

10

No Credit BC

December 10, 2008 | Leave a Comment

By Tom Brown

Bad Credit Auto Loans - Bad Credit Car Loans 

Same Day Special Finance Auto Loan Approval regardless of your Credit Rating or Car Loan Payment History.  Auto Net Financial specializes in bad credit auto loans and special finance loan options for automotive financing consumers with credit problems.

Our exclusive Province wide network of automotive dealerships that specialize in bad credit auto loan and bad credit car loan financing programs specifically established for bad credit car loan buyers with credit problems and unique non prime auto loan requirements.

Auto Source Financial helps vehicle buyers throughout Western Canada who have been turned away from traditional dealerships pre qualify for bad credit auto loans, bad credit car loans, bad credit truck loan, special finance loan programs, and automotive financing approval regardless of credit problems or car loan payment history.

Tags: , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of No Credit BC. Read the full post (489 words, estimated 1:57 mins reading time)

Dec

10

No Credit Car Loans Canada

December 10, 2008 | Leave a Comment

By Tom Brown

Is bad credit acting as a hurdle in securing finances to purchase a car? Loans have become the chosen option to fulfill our dreams, no matter how small or big they are. But at times, when you require a loan, the lender may reject your loan application because of various types of credit reporting problems. But these presumptions are fast losing ground. The future of obtaining car loans with bad credit is changing fast in Canada. Lending institutions in Canada have tailor made loans for people who have a history of bad credit, bankruptcy, arrears or defaults.

Canadian car loan market is flooded with lending firms. Borrowers can avail better services at a very competitive rate and easy repayment option. High risk borrowers may require the assistance of lending agencies that specialize in bad credit car loans. Increased competition has lead to a significant dip in interest rates. A higher down payment might be required in some cases. But it eventually drives down the rate of interest and monthly repayment amount.

Tags: , , , , , , , , , , , , , , , , , , , , , , ,

Share This

This is a preview of No Credit Car Loans Canada. Read the full post (544 words, estimated 2:11 mins reading time)
keep looking »
Close
E-mail It