It’s unfortunate that so many marriages end in divorce these days and it’s especially distressing to see that number is on the rise. Divorce is never a good situation and can be damaging on both on a personal and financial level. It’s never a good topic to discuss but because of its impact on your life, it’s important that you take the time to reorganize yourself and understand your new post-divorce credit situation.
Divorce, a very tough circumstance can often lead to financial struggles,
bankruptcy and sometimes even bad credit. Sometimes the financial situation
is the catalyst in the divorce, other times the divorce itself causes the
No matter what the cause, a divorce that ends with someone damaging their credit or one party being left with more debt they can handle is a bad situation. Sometimes the hardest part of a divorce is the inability to move on financially.
pportunity to replace a car loan you gave up in divorce, obtain a new mortgage or start a new life, can be crippled by your damaged credit history. This can be caused by bad credit card debt, written off credit, collections, divorce bankruptcies and sometimes even expensive support payments. These roadblocks can be very frustrating, especially for someone trying to move on. There is however good news. There are ways to start over and fix your financial situation, starting with your credit.
Rebuilding or Repairing Bad Credit after a Divorce
The first thing, you need to do is look at your overall situation and determine your needs. If you have large collections or support payments owing, then you should consider the repayment options available to you (settlements, monthly arrangements or in some cases bankruptcy protection to take some of the collection pressures away). You also need to determine your needs. For example, do you need a new auto loan now? If your credit was damaged from your divorce or separation, then you may find yourself being declined when shopping for a new car or seeking vehicle financing.
Look at your overall affordability versus your needs. Do you really need a new auto loan? Can you afford to make a regular monthly car payment? Another important step, after determining your needs and developing a repayment strategy is to consider how you will go about re-establish your credit.
One of the best ways to fix bad credit history and show that you are ready to borrow again is to finance an auto loan. If you’ve decided to look for auto financing after divorce, then working with a special finance company as well as a bad credit auto loan expert can get you auto loan approved. Getting approved on an auto loan post divorce is a great first step in starting your new credit career.
In Ontario, there is one such auto loan expert that focuses on getting auto loans approved in bad credit caused by divorce situations. Car Credit Hero, located in Port Hope Ontario, works closely with divorced individuals in the Oshawa and Peterborough communities to get their auto loans approved. Car Credit Hero also works with divorced consumers in the Trenton, Belleville, Cobourg and Bowmanville areas to get them and their credit history approved, no matter what the situation.
If you want to restart your credit career after a divorce that
hurt your credit history, then apply
online. They offer a confidential, fast and
free application process and could have you driving in
loan you deserve in no time. You can get auto loan approved even
if you’re still struggling with your credit after divorce.