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Getting a Great Car Loan after Divorce in Cayuga

Getting a Great Car Loan after Divorce in Cayuga

Nearly half of all marriages will end in divorce. This is a sad statistic but something that we must be mentally prepared for, as it could happen at any time. The adage hope for the best, but plan for the worst comes to mind.


If you were involved in a divorce, you know firsthand how it can turn your emotional and financial world upside down. One of the biggest challenges that you may face would be financing a car loan after divorce.


Our Cayuga auto loans team are going to help show you how to navigate the car-buying world and get back on your feet financially, by showing you how you can still find a great car loan after divorce.


Was your credit damaged during the divorce?


If there was a settlement, part of the settlement could have made you solely responsible for all of the debts incurred during the marriage.


Your credit score may have suffered a substantial drop due to these added expenses and a reduction in disposable income. Child support, alimony, and any other obligations the judge ordered will take a bite out of your income.


While your income is reduced, you are still expected to pay your debts and rebuild your life!


Car financing when you are divorced


If your credit score is still above 620, there are loan options available. You will need to create an updated budget that shows the total amount of money you bring in monthly.


Along with the total income, you must list all of your obligations, including the divorce settlement, and based on those numbers. It will show how much money you have left for a car payment.


Should you be carrying too much debt, you may be able to consolidate them, but that is a discussion for another time.


Having the right expectation


If your budget is tight, you may have to adjust your expectations, and instead of buying a new car, a used one may be more practical.


On the other hand, it can be emotionally taxing, you have gone through a divorce, and now you are still making sacrifices by going with a used car instead of a brand new one.


Take solace in knowing that you will get back on your feet financially. This is only a temporary setback.


Getting the right support


This is not something you have to go through alone. There are resources available to you. Something that you can do is look for a dealership in your area and explore your car buying options with them.


You are not the first person to go through a divorce, and the dealership will know how to structure your deal. Just being able to explain your situation to a friendly person will help you on the road to recovery.


It would be in your best interest to contact a local dealership as soon as possible. Car prices are climbing, and if you wait too long, you could be in a situation where there are no cars that fit into your budget.


The sooner you reach out to the dealership for help, the sooner you can start enjoying life again on your terms.


We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 


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