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In the heart of Kitchener, Ontario, financial challenges can strike anyone unexpectedly. Bankruptcy and bad credit can seem like insurmountable roadblocks to car ownership, but the story of Lisa, a resident of Kitchener, proves that with determination and the right support, you can overcome these hurdles. Join us in this inspiring real-life example of someone who went from bankruptcy to securing a car loan at Lebada Motors.

The Financial Setback: A few years ago, Lisa, a hardworking Kitchener resident, faced a financial crisis. Mounting bills and unexpected job loss left her struggling to make ends meet. Despite her best efforts, Lisa was forced to file for bankruptcy, and her credit score took a severe hit.

The Dream of Car Ownership: Throughout her financial struggles, Lisa never gave up on her dream of owning a car. She knew that a reliable vehicle would provide the freedom and opportunities she needed to rebuild her life.

Rebuilding Credit: [...]

Welcome to Lebada Motors, your trusted partner in helping you get behind the wheel of your dream car, even if you’ve faced financial challenges like bankruptcy. We understand that life’s unexpected twists can lead to financial difficulties, and we’re here to guide you on the path to car ownership, no matter your credit history. In this blog post, we’ll explore how you can still be approved for a car loan after bankruptcy and share a real-life success story to inspire you.

1: Understanding Bankruptcy and its Impact Before we dive into the steps to secure a car loan, it’s essential to understand the basics of bankruptcy and its impact on your financial standing. Bankruptcy is a legal process that helps individuals and businesses restructure or eliminate their debts. While it provides relief, it can have a significant impact on your credit score.

Bankruptcy typically remains on your credit report for seven to ten years, making [...]

Let’s consider a practical example of how refinancing to a newer car and securing a lower interest rate can save a person money, especially when their credit score has improved over the last two years.

Scenario: Meet Emily, who purchased a car two years ago with a less-than-ideal credit score. At that time, her credit score was 600, and she financed a used car with a 7% interest rate for a 60-month loan term. The total loan amount was $20,000, resulting in a monthly payment of approximately $397.

Now, after two years of diligently improving her credit score and boosting it to 700, Emily decides to refinance her car loan to take advantage of her improved creditworthiness and acquire a newer car.

Refinancing Details:

  • Original Loan:
    • Credit Score: 600
    • Interest Rate: 7%
    • Loan Amount: $20,000
    • Loan Term: 60 months
    • Monthly Payment: $397
  • Refinanced Loan:
    • Credit Score: 700
    • Lowered Interest Rate: [...]

When it comes to purchasing a car, the price tag is just one part of the financial equation. For many buyers, securing a car loan is an essential step in the process. If you’re considering a car loan, it’s crucial to understand how your payments are determined and how the choice of a newer car model can potentially save you money and provide numerous other benefits.

At Lebada Motors, we specialize in auto financing solutions for individuals facing credit challenges, and we understand the importance of making informed decisions when it comes to car loans.

How Car Loan Payments are Determined

Car loan payments are determined based on several key factors, including the following:

  1. Principal Amount: This is the total amount you borrow to purchase the car. The higher the principal amount, the larger your monthly payments will be.
  2. Interest Rate: The interest rate is the cost of borrowing the money. It’s expressed as [...]
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Welcome, dear readers, to the mysterious world behind the curtain at a car dealership! As the wheels of curiosity turn, potential buyers, tire kickers, and the occasional nosy neighbor bring forth a barrage of questions that we, the wizards of the car lot, are more than prepared to tackle. So, grab your popcorn, because it’s time to unveil the top hits in the world of FAQs (Frequently Asked Questions) and add a dash of wit to the mix.

  1. “What’s the Best Price You Can Give Me?” Ah, the eternal question! It’s like asking a magician to reveal the secrets of their most cherished trick. The answer is a bit like trying to predict the weather in 10 years. “Well, what’s your budget?” is our favorite way to dodge this one, keeping you guessing like a riddle wrapped in an enigma.
  2. “How Much for That One in Red?” Red, the color of passion! But here’s [...]

October is here, and at Lebada Motors, it’s not just another month – it’s our “October Blow Out” month! We’re excited to bring you unbeatable deals on our wide range of vehicles, but that’s not all. We’re also proud to announce that your car purchase during this special month goes a long way in supporting our local community and vital charitable organizations. Read on to discover what makes this October truly special.

Unbelievable Deals

If you’re looking for the perfect time to upgrade your ride or purchase a new vehicle, look no further. Our “October Blow Out” offers incredible deals and savings that you won’t want to miss. With a vast selection of high-quality cars, trucks, and SUVs, you’re sure to find the vehicle that suits your needs and budget. Don’t miss this opportunity to drive away with a fantastic deal this October.

Community Support

At Lebada Motors, we’ve been a family-run business since 1999, [...]

So, you’ve got dreams of owning a preowned vehicle in Ontario, Canada, but your credit score is giving you more shade than a solar eclipse? Fear not, my dear reader, because we’re about to embark on a journey that’s as wild as a roller coaster and as entertaining as a stand-up comedy show. Buckle up, because we’re about to spill the beans on how to snag that car loan with bad credit in the Great White North!

Step 1: Know Thyself (and Thy Credit Score) First things first, you need to confront the beast known as your credit score. You know, that number that’s lower than your chances of winning the lottery? Take a peek, and if it’s not pretty, don’t panic! Instead, give it a charming nickname like “Creditus Embarrassicus.” Trust us; it makes the whole ordeal way funnier.

Step 2: Get Hilariously Realistic About Your Budget Now, let’s crunch some numbers. Be brutally [...]

Once upon a time in the bustling city of Creditville, there lived a man named Paul. Paul had many talents, but maintaining good credit was not one of them. His credit score was so low that even the bottom of the credit score scale felt sorry for him. It was as if his credit report had taken a stroll through a forest of financial disasters and emerged covered in debt and unpaid bills.

Paul desperately needed a car. His job at the “Punny Pencil Factory” was a 30-minute walk from his apartment, and every day he felt like a contestant on a quirky reality show called “Paul’s Misadventures in Public Transportation.” He decided it was time to embark on a quest to find a car dealership that could help him.

With a stack of rejection letters from banks and car dealerships in hand, Paul set off on his journey. He wandered the streets of Creditville, [...]

Oh, the age-old debate of crossovers vs. SUVs – it’s like arguing whether cats are better than dogs, or pineapple should or shouldn’t be on pizza. Let’s dive headfirst into this vehicular showdown with all the sass and wit we can muster. Buckle up (pun intended) because we’re about to reveal the juicy differences between these two gas-guzzling giants!

  1. Size Matters, Darling: Ah, the size issue – the one thing that separates your Aunt Mildred’s purse from Mary Poppins’ magical carpet bag. Crossovers, my dear readers, are like that pair of jeans you bought online but turned out to be tighter than a corset. They’re compact, sleek, and oh-so-city-friendly. SUVs, on the other hand, are like that walk-in closet you’ve always dreamed of – spacious, roomy, and capable of storing everything but the kitchen sink.

    Imagine trying to park a crossover in the cramped streets of downtown New York City. You’d probably need a [...]