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Understanding Personal Loans After Bankruptcy

Loans are an important part of getting a car after bankruptcy. Understanding how loans work is integral when it comes to making those big purchases. Getting comfortable with all things loans will ensure that you feel prepared to take on the extra dues. In addition to this, knowing how to manage your loan will help prevent future financial turmoil. In our credit education centre, we have a section dedicated to all things loans. Here, you’ll find an introduction to what a loan is, how you can acquire a loan and a detailed section about car loans! 

At TransCan Leasing, we know how difficult it can be to get a loan after bankruptcy. One of the first steps to getting back on your feet is building your financial knowledge. In this article, we will be going over a quick recap of our loan section from the credit education centre. Follow along below to learn more!

Loans, loans, loans. 

What is a loan (the basics)?

A loan is given to a borrower in order to help them financially in some way. A lender (the person who gives the money), is usually part of a financial institution, government association, or corporation. The borrower then incurs a debt to the lender that is expected to be repaid over a period of time. Before the lender advances the money to the borrower, the two parties would have to agree on a set of terms. In these terms, would be the repayment date, interest and finance charges, and any other conditions that the lender deems necessary. 


Sometimes, loans require collateral. This is just an insurance policy for the lender in case you don’t pay off your loan. Aside from the basics, it is also important to understand the types of interest that go along with having a loan. Knowing the differences between simple interest and compound interest is essential. Lastly, you’ll want to know about the different types of loans. From secured to unsecured, there is a lot to learn about the types of loans that you can acquire. For more information about the basics of a loan, check out the section titled “What is a Loan?” in our education centre now!

More Information About Loans!

How to get a loan?

Once you understand the basics of a loan, it’s important to know how to get a loan. Acquiring a loan can be a very difficult and time-consuming process. However, if you have the proper documentation and have done your research, things should go a little smoother. Getting a personal loan during bankruptcy involves gathering proper documentation, understanding how it will be received, and ensuring you are in a good financial position. 

When you apply for a loan, you will realize that most lenders require proof of regular income, a bank account, and a permanent address. Furthermore, Before you settle on a personal loan, it is important to shop around and find the best interest rate. The last step in getting a loan, is finding a trustworthy lender. This step is so important in your financial stability! Learn more about getting a personal loan after bankruptcy, now!

All about car loans.

On this page, we went through the details of getting a car loan. Buying a car can be a frustrating and difficult process. However, we hope this section eases some of your stress by providing the answers to your most frequently asked questions. Getting a car loan is much simpler than one might think. Oftentimes, the most difficult part is being approved. Buyers who want to obtain a car loan can do so from a number of lenders. For instance, your bank, the dealership you are buying from, or us at TransCan Leasing! 

When you get a car loan, you’ll need shop around and be wary of interest. Interest on a car loan will vary depending on the customer, the car being financed, and the lender’s prime rate. Learn about car loans in more detail on our car loan page in the credit education centre!

Contact Us Today!

Understanding loans is an important part of maintaining a healthy financial future. Learn more about everything to do with finances after bankruptcy by visiting our credit education centre or contacting us today. We’d be happy to help you get your credit back on track. Feel free to reach out with any questions that you have about car loans. Be sure to inquire about getting a bankruptcy car loan with us today! We look forward to helping you achieve your financial goals.