388 King George Rd, Brantford, ON, N3T 5L8
My Garage

Getting a car loan in Paris after going through a divorce

Getting a car loan in Paris after going through a divorce

The cold hard truth is over half of all marriages will end in divorce, if your marriage is coming to an end or you are just wondering how to buy a car after going through a divorce, our Paris car loans team are going to give you some practical tips to protect yourself financially and emotionally.

Don’t make rash decisions based on emotion

An important thing to bear in mind is to never make a rash buying decision.

Divorce can bring out a lot of emotions and you may be tempted to get yourself into a financial mess. Only to realize the mistake after you had a chance to think things through.

Assessing your finances and credit pre and post-divorce

You should check your credit report to see your current score and current obligations.

Most married couples also have joint credit accounts, so anything that you signed for with your spouse must be repaid even if you did not make the debt.

If there is a divorce settlement, you may be responsible for a portion or all of the debts that were created during the marriage. You may also be on the hook for child support and alimony. It would be prudent to speak with your attorney about this.

After you have discussed your options with your attorney. You can start taking the steps necessary to rebuild your credit and life.

Open a credit card in your name.

This is the first step of establishing credit as a newly single Canadian. It may be time to ask your employer for a raise or take on a new job.

Most of us stay at our current job because of where we live but since you are divorced, there is a world of opportunity at your feet.

How Paris car loans work

We are going to give you a crash course in Paris car loans. The lenders in Canada right now are focusing on two things, they want to know your credit score and verifiable income.

If your credit score and income meet their requirements then you will have no issues buying a new car.

Each lender sets its own internal requirements but the average credit score needed to get a prime interest rate car loan is 680. You will need to have income that can be verified by either providing pay slips or bank statements.

Getting expert advice tailored for you

When it comes to car loans, there is no “one size fits all” solution. You need to speak with an expert who can understand your unique circumstances and come up with the approach that makes the most sense.

Fortunately, you can find these experts at a local car dealership. The dealership has the experts and access to lenders that are willing to work with you as you navigate this new normal.

You can now take a deep breath and reach out to the local dealerships in your area for help. The sooner you begin exploring your options, the faster you can start getting on with your life.

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

Categories: Car Loan

Tags: ,