Going through a divorce is extremely challenging, as you had to make a lot of tough decisions. One of the major downsides of a divorce is the impact it has on your credit score. For instance, if you had a joint account with your ex-spouse, and there were several late payments during the proceedings of the divorce, it reflects on your credit score. Similarly, vindictive behavior by your spouse will have a huge negative impact on your credit score.
After a divorce, getting an auto loan to purchase a car can be difficult. As you already know, several financial institutions won’t even go through your loan application, if they get to know that your credit score doesn’t meet their high standards.
Don’t worry because getting the car of your dreams isn’t difficult, because you can get an auto loan by following these three steps:
Analyze your credit report
The first thing you need to do is analyze your credit history and report. If you find negative scores, you need to take appropriate measures to address them as soon as possible. If there is an outstanding debt which was your ex-partners responsibility, you should make sure that your name is not associated with it. Also, if there are titles for cars that are no longer under your possession, remove your name from them immediately.
Determine your driving requirements
The next step is to identify your driving needs, as it becomes easier to find the right vehicle. For example, if you want a vehicle for commuting to work every day, you want an automobile that is comfortable and offers good fuel efficiency.
Start looking for options
Once you know your driving requirements, you have to look for financial institutions which will accept your loan application, despite your credit score. Your best bet is to approach an auto lender who works with bad or no credit customers, as they will give you a car loan. Make sure that you go through the terms and conditions before taking the car loan.
By following these steps, you will be able to purchase the right car for all your needs. If you are looking for a reputable auto lender who specializes in working with customers with bad or no credit, you should get in touch with TakeTheDrive. You can choose from a myriad of vehicles and they will customize the repayment plan according to your budget. Fill in the online application or contact them at 1-780-298-2797 today!