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How to get a Great Georgetown Car Loan after Divorce

How to get a Great Georgetown Car Loan after Divorce

Divorce is a topic that does not come up often because no one wants to discuss it, but it will happen to roughly one out of every two marriages in Canada, and that is not counting common-law relationships.


If you are looking to secure a new Georgetown car loan after divorce, there are some things you will need to know in order to navigate this whole new world.


You are not alone


One of the biggest challenges that you will face is the feeling of being isolated like the world is against you.


This is not a victim mindset, your life has gone through a profound change, so it is perfectly normal to experience anxiety as you transition into this new reality.


Your finances will also take a massive hit post-divorce, items like alimony, child support, and legal fees will eat up your income in a hurry.


All of these costs also impact the maximum amount of car loan you can secure; lenders will not approve a car loan if your debts exceed forty percent of your pre-tax income.


There are some things you can do now to determine your chances of getting a car loan today


  • Do you have a good income? During the marriage, perhaps you were a stay-at-home parent or were not working full-time. Your income may not be substantial or sufficient enough to secure a car loan. You should have been working at least ninety days and have enough income to cover your basic needs plus room for the car payment.
  • What is your current credit score? It would be financially prudent to keep track of your credit score by using free services like Credit Karma. There is a good chance your credit score dropped during and just after the divorce; a lower credit score means you are going to be paying a higher interest rate on anything you finance. A good credit score is anything over 680, so you will need to work hard to reduce your debts while ensuring all of your payments are being made on time.


Turn to the experts for support


You should never try to get a Georgetown car loan on your own; you do not have enough experience in the world of auto financing to spot the proverbial diamond in the rough.


What you should do is contact car dealerships in your area and begin exploring your options.


The dealerships have helped other Canadians who, just like you, went through a divorce and needed a car.


After the dealership has a better understanding of your financial situation, they will handpick the lenders that are going to provide you with the best terms.


The interest rate may be slightly on the high side if you have credit issues, but the dealership will be able to show you the best way to raise your credit score.


Now that you made it to this juncture in our conversation, why not contact your local dealership right now and begin exploring your options, there is no obligation, and at least you know where things stand.


We’d love to help you find a Georgetown car loan after divorce. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership. 


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