I'm going through a divorce and need a car loan, what do I do


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I'm going through a divorce and need a car loan, what do I do?

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Home > Bad Credit Car Loan Help

If you're going through a divorce or even bankruptcy and desperately need a car loan, don't panic. In this article, we'll explain what you need to do to get approved for a car loan, no matter your credit score and no matter your marital status. Even if you've filed for bankruptcy. If you're giving your husband or wife the kiss-off, and worried how it'll impact your chances of getting approved for a car loan or what it'll do to your car insurance rates, we urge you to stop worrying.

Our first tip to you is to learn what you can do to repair your credit following a divorce. Stronger credit will obviously expand your financial opportunities in the future, so it's always a good endeavor to undertake. However, in terms of the matter at hand, you will still be able to find lenders that will approve you for a car loan even if you have bad credit - just know that typically the worse your credit history and score, the higher your loan's interest rates will be.

Another tip: actively explore credit unions and local banks. They'll usually offer better terms with lower interest rates than the typical lender would. If you already have a relationship with a local bank or credit union, now would be a good time to draw on it.

And yet, another tip to getting a car loan approved fast, even after a divorce or bankruptcy. Seriously consider getting a cosigner on your loan. Know that there are usually a number of safeguards that can be put in place which would put a consigner's mind at ease in the event that you default on the loan. Make sure to ask your prospective lender what safeguards might exist for this purpose. One of the great things about having a credit-worthy cosigner on your loan agreement is that you'll be able to absorb some of their good credit, which will have an immediate and positive impact on your own credit score.

Remember how we mentioned it's always a good idea to start rebuilding your credit following a divorce? Know that there are a number of credit cards designed especially for people with damaged credit. These cards are usually secured a credit card, which requires that you pay a deposit that's equal to your credit limit. Essentially, you pay now (the deposit), buy later, then pay again (to bring your balance back up basically). Secured credit cards are very easy to get, but just make sure that the company behind the credit card will report your activity to all three major credit bureaus - otherwise making payments on the secured credit cards won't have any impact on your credit score. Final tip in regards to a secured credit card: once you've had the car for at least six months, you can always consider contacting the credit card company and seeing if they'll upgrade your secured credit card to an unsecured credit card - sometimes they'll even refund the deposit that you made initially!

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