According to a recent Credit.com survey, over 31 percent of divorced couples report a drop in their credit score following the break up of their marriage. This was especially true for the spouse who was the lesser income earner, making it harder to secure a loan with attractive terms for large purchases like a new or used car. The good news is that the team at All-Star Dodge cars near Arnold has years of experience in helping those who are facing such hardships. Today, our team will start a two part series all about how divorce affects your credit and ways that will help you survive this situation if it is or ever does happen to you. Let’s get started!
Get pre-approved! If you are looking to keep a hurting credit score from dropping any lower than it needs to, you will want to consider getting pre-approved before you start shopping for a car. Local banks won’t shop multiple lending agents like a dealer finance officer will. This matters to you because every time your credit it run by a lender it can affect your score negatively.
Go to someone you know! Visit the dealership and sales agent that sold you your last vehicle. Dealers will give you preferential treatment based solely on being loyal to their dealership. This can help you obtain a great deal when money is tight.
Prove your income! Be prepared to prove to your loan officer that you can afford the payment by proving your income. Bring your most recent paycheck stub plus any proof of spousal or child support. This will help you prove your case when applying for a much needed loan.
Thanks to guaranteed financing programs like those found at All-Star Dodge cars near Arnold, those who have suffered damage to their credit due to divorce can still obtain an affordable loan for the car they need. Contact our auto loan experts today to get your pre-approval process started ASAP and come back next time for more tips on getting an auto loan after a divorce.