Can going through a divorce hurt your chances of getting a car loan?
A divorce can be a highly emotional time for everyone involved. But after the papers have been signed, and you go your separate ways, it's a good idea to make sure your credit ties or financial obligations have also been severed. This includes credit cards, mortgages, and car loans. If you previously had a joint car loan account, and your spouse did not meet his or her monthly obligations, this can and will damage your credit rating.
Angela Krause Ford on Mansell Road in Alpharetta has a team of finance officers who will help you to understand what taking out a tier 3 or 4 auto loan after divorce means to you, and how committing to a bad credit auto loan will affect your life. Our team of auto financing professionals has many years of experience in this area and will walk you through every step of the process.
When you come in to visit our North Georgia Ford dealership off GA 400, be sure to bring a financial statement, payroll check stub, bank statement, or some proof of your monthly income after your divorce is final. You will also want to check your credit reports from Equifax, Experian, and TransUnion.
Don't rely on a free FICO number because it won't be nearly as detailed as a credit report that can alert you to credit fraud, accounts you may be unaware of, or other potentially damaging charges. The Fair Credit Reporting Act allows you one free credit report from all three credit bureaus once a year, so it would greatly benefit you to check this out after your divorce is final so there will not be any big surprises.
Bring this information to us wherever you are-from Duluth, Cumming, Buford, Sugar Hill, Gainesville, Snellville, Lilburn, or Norcross so we can get the ball rolling on a subprime auto loan as soon as possible. If you have a joint account, we can remove your ex-spouses name from the account and place the auto loan in your name. The good news is that this will kick-off your road to recovery in building a great credit score of your own once again.
You will want to save a decent down payment from around $1,500 (the more, the better) whether you are refinancing or purchasing a new car. We will work with you to get you pre-approved for a loan with the best rate possible. Even if you have little to no credit, or bad credit, Angela Krause Ford in Alpharetta is a trusted dealership and our staff will work hard to put you in the perfect car after your divorce. We invite you to come in today and speak with us during or after your divorce is final so we can get you moving in the right direction. At our Mansell Road Ford dealership, our goal is to put you in a great car so you will have one less thing to worry about.