How to get a car loan after a divorce

Getting a divorce can drastically impact your credit. Not only does does it affect your credit score can affect you just as you’re trying to rebuild your life. You may find it more difficult to qualify for the credit you need to buy home, or even a new car.

Edmunds.com offers advice for divorcees facing difficulty getting a car loan. One article, by Emma Johnson, creator of the blog “WealthySingleMommy,” offers some tips for dealing with this situation.

The first step involves reviewing your credit report and history prior to visiting a dealership. This allows you to identify any negative scores and to begin addressing them with the various credit reporting bureaus. Johnson suggests removing your name from any outstanding debt that your ex-partner is responsible for. This also goes the same for the titles of any vehicles you no longer own.

Other tips include being prepared to prove your post-divorce income and to save enough money to provide a decent down payment.

Also, credit unions are known for their auto loan products, which usually have some of the most competitive rates around. Their employees are good listeners, too. Explain your situation to them and they may be able to help.

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