Region served
Bad credit closes some doors in Grand Montréal, not all of them. What each lender tolerates, and what it costs.
Lenders look past the number. When was it settled? Has credit come back? Does the file stand up without that item? Someone discharged from a bankruptcy or proposal two years ago with rebuilt credit isn’t in the same boat as someone who missed a payment last month.
Pull your complete credit report and bring the discharge or release papers for whatever’s been settled, plus proof you’re paying what’s left. Notices of assessment and down payment proof go in too. A solid down payment makes everything else easier to discuss.
A bankruptcy, a proposal, a judgment or a collection account does not close the door for good. The lender wants to know how long ago it was settled and what you have rebuilt since, in Grand Montréal as anywhere in Quebec.
The lender keeps what it can verify on its own: payments made on time for several months, balances going down, credit used without going over the limit. An explanation that leaves no trace on your report does not carry much weight.
An alternative lender costs more than a bank. The real question is what that buys you: time to rebuild, or a bridge to a conventional rate. The exit plan matters more than the rate, in Grand Montréal as anywhere.
A stopgap is only a stopgap if the way out is written down: what has to change, by when, and what the move back to ordinary financing costs. Otherwise the temporary arrangement becomes permanent.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Often two years after discharge, with credit rebuilt and paid on time since. Some lenders say yes sooner if the down payment is bigger. What you have rebuilt counts, not just the time that has passed.
Pick the situation closest to yours.
Contact
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.