A divorce can be a potentially devastating event for all parties involved. It can strongly affect participants both emotionally and financially, and getting yourself on your feet after a divorce is no easy task. For example, how do you go about buying a car with post-divorce damaged credit?
The latest report from Equifax is positive news for car buyers with bad credit. But at the same time, these buyers need to be familiar with their credit situation, come into a loan with at least ten percent down and keep the loan term as short as possible to ensure success.
Looking for a vehicle is a big deal. In fact, taking out an auto loan is one of the biggest financial commitments people make. So, what happens when you need a car but are experiencing issues with your finances? We have some answers that may ease your mind.
If you’ve have experienced events that have led to bad credit, you may be wondering just how long these events will remain documented on your credit report.
Anna is a divorced mom of three who has been in the market for a used van to accommodate her kids and the family dog. When she was married, Anna had a shopping problem that led to some bad spending habits. 5 years ago, she and her now ex-husband had to file for a Chapter 7 bankruptcy, and she has since been in recovery mode. A job promotion and careful budgeting have allowed her to improve her credit a little, but her 620 FICO score is still considered subprime.
We know how hard it is when you are dealing with past due collections or currently resolved debts. When the time comes to make a purchase on an automobile, approval through a traditional dealership financing program can be difficult or impossible because of the negative marks on your credit report.
If you have been turned down for auto loans, it may be due to problems with your credit history. Having either damaged credit or little to no credit can make it difficult to get approved for financing. But you may be wondering why your credit rating is so important to lenders. If you have bad credit, why can’t they just let the past be the past? And if you’re struggling to build credit, why can’t they give you a chance to get started?