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How to get a car loan in Ohsweken while going through divorce

How to get a car loan in Ohsweken while going through divorce

Divorce is something that no one wants to talk about. It’s a very unpleasant experience for everyone involved. With the average divorce rate in Canada hovering over 40%, it happens more often than we would like to admit.

When the divorce petition has been submitted, it will wreak havoc on your finances and if you need to buy a car, it adds a layer of complexity to an already complicated time in your life, as our Ohsweken car loan team explains.

You will be alright

Start by first taking a deep breath and remember, you will be alright. You are not the first person to go through this nor will you be the last.

The initial step is getting a copy of the divorce settlement which defines the distribution of marital assets, alimony and child support payments if any, and living arrangements.

You will need to begin separating yourself financially from your ex-spouse by opening a new bank account and getting credit cards/loans in your name.

This would be a good time to have your name removed from all of the joint accounts you and your spouse shared. (Speak with your attorney about how to do this legally).

Keeping tabs on your income and credit score

Lenders like predictability when approving loans and if a borrower is going through a divorce, it can raise potential red flags in the mind of the lender.

The lender will want to know whether your income is enough to cover all of the liabilities from the divorce plus new debts like an Ohsweken car loan.

You will need to prepare a copy of your bank statements and a list of assets to show the lender that you have sufficient means to repay the debt.

If you have not checked your credit score in a while, log into the major credit reporting agencies and get free access to your credit score.

It is common for your credit score to drop when going through a divorce. You are essentially starting from scratch but there is help available to you.

Finding the right car loan provider in Ohsweken

Some lenders focus on clients like you who have complex financial situations. The “traditional” lenders like banks are not flexible but fortunately, there is a new group of lenders that are eager to help.

These lenders cannot be found online by doing a simple search on Google. The only way you can find these lenders is by going through your local car dealership.

Your local dealerships have worked with borrowers who just like you were going through a divorce but needed a new car. The dealership will work with the lender on your behalf to structure a deal that everyone can live with.

It will take 1-2 years for you to rebuild your credit and financial stability. The good news is the credit experts at the dealership are there to help you every step of the way.

There is light at the end of the tunnel and you are going to be happier now that you can get a car and move on with your life. The next step is for you to book an appointment with your local dealership to discuss options.

We will use all our skill and experience to deliver the lowest possible Ohsweken auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

Categories: Auto Loan

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