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How to Quickly Buy a Car after a Divorce

How to Quickly Buy a Car after a Divorce

Over half of all marriages end in divorce, while no couple plans on divorcing when taking their vows, the odds of them breaking up at some point in time is higher than 50%.


Divorce and auto finance an unfortunately subject to have to discuss but our Freelton car loans team is up to the task.


The challenge that most people face after a divorce is to rebuild themselves both financially and emotionally. While emotional healing takes time, we can provide some insight on how to bounce back financially.


We are going to keep this information easy to follow but it will still provide actionable items that will help you buy a car after a divorce.


Getting your financial affairs in order


The first thing you will need is a vehicle to travel for work and pick up the children if there is a custody arrangement in place.  If the family vehicle has gone to your former spouse, then you will need to buy a car on your own.


Divorces are complicated and very expensive; you will need to take a very detailed look at your credit report to see where you stand. If all of this feels overwhelming, you are not alone.


Something you might consider doing is calling your local dealership and scheduling an in-person meeting. During this meeting, you will be able to explain your situation to the sales professional at the dealership.


These experts have worked on all types of credit profiles, so don’t worry! They will be able to help you buy a car after a divorce.


The dealership is going to look at your credit report and determine how much debt you are carrying. Usually, married couples have joint accounts, and depending on how the divorce is structured, those debts may fall squarely on your shoulders.


One of the challenges of carrying too much debt, it reduces the total amount of Freelton auto financing you can secure. Along with the total debt you are carrying, there may be child support and alimony to add on top of it. Alimony and child support do not show up on your credit report but you need to disclose it to the dealership and potential lenders.


The dealership is going to also review your credit score and based on that, come up with some recommendations.


Since the dealership has existing relationships with various lenders, they can plead your case and help you get approved for a loan and then try to get a more competitive interest rate.  These decisions are not always cut and dry, there may be some back and forth between the dealership and lender.


Documenting your income post-divorce


The majority of married couples file their income taxes together. You will need to provide proof of your income that is not linked to your spouse. This is something that all lenders need to see, they cannot approve a loan until they confirm you have sufficient income to meet all of your financial obligations.


Going through a divorce can be a harrowing experience, but thanks to your local car dealership and some patience on your end, you will be able to get your life back on track by purchasing a new car.


Do not delay reaching out for this important help, the sooner you start rebuilding your credit, the more money you will save in the future.


When you’re ready for a car lease or loan, get in touch with the Freelton auto loan experts at Northway Ford for great deals on auto finance.


For any questions, concerns, or inquiries. Please don’t hesitate to contact us here!


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Categories: Car Loan

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