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