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New to financing with bruised credit? Here's the order to do things in: check where you stand, set a budget, compare offers and read the disclosure.

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If your credit has taken a hit, from missed payments, collections, a consumer proposal or a bankruptcy, buying a vehicle can feel stressful. It goes better if you do things in the right order.

Your five steps

  1. Check where you stand. Get your free credit reports from Equifax and TransUnion. Checking your own report doesn't affect your rating (FCAC).
  2. If you're in a bankruptcy or proposal, talk to your Licensed Insolvency Trustee first. If you're not discharged from a bankruptcy, you must tell potential lenders. More on this.
  3. Set a budget that includes insurance, fuel and maintenance, not just the payment.
  4. Compare more than one offer on the total cost of borrowing. Getting ready to apply.
  5. Read the disclosure statement before you sign, and keep a copy. How to read a loan offer.

Our promise

We'll never tell you approval is guaranteed. It isn't, and in Alberta no one should promise it. Lenders decide based on your credit history, income and other factors. What we can do is help you understand the process, so you can make a decision that works for you.

Guides in this section

Our first in-depth guides for this section are being written and fact-checked now. In the meantime, start with the overview above or browse all guides.