We understand that buying a car during or after a divorce can be confusing and stressful. Our teams at Dick Says Yes in Vancouver and Portland are sensitive to these challenging situations and well versed in numerous lending programs that will assist you through this difficult time. Often, the court agreements as to who is responsible for existing auto loans and who gets ownership of the pre-divorce vehicles will not be recognized by a new lending resource. That’s where we step in.
We have established unparalleled relationships with nearly 100 lending resources, both local and national, and know all of the ins and outs of each one of their programs. We will assist you in finding the perfect financing option all while being extremely sensitive to your unique situation and respectful of your time and privacy. Please keep in mind that we are able to assist you directly in dealership on the same day, or you can do a complete pre-approval online so you know exactly what the numbers will look like before you ever step foot in our dealership. Divorce can be painful but buying a car during or after one doesn’t need to be.
No matter what life throws your way, we can help!
We understand that buying a car during or after a divorce can be confusing and stressful. Our teams at Dick Says Yes in Vancouver and Portland are sensitive to these challenging situations and well versed in numerous lending programs that will assist you through this difficult time. Often, the court agreements as to who is responsible for existing auto loans and who gets ownership of the pre-divorce vehicles will not be recognized by a new lending resource. That’s where we step in.
We have established unparalleled relationships with nearly 100 lending resources, both local and national, and know all of the ins and outs of each one of their programs. We will assist you in finding the perfect financing option all while being extremely sensitive to your unique situation and respectful of your time and privacy. Please keep in mind that we are able to assist you directly in dealership on the same day, or you can do a complete pre-approval online so you know exactly what the numbers will look like before you ever step foot in our dealership. Divorce can be painful, but buying a car during or after one doesn’t need to be.
No matter what life throws your way, we can help!
What do you need to bring with you for approval?
To obtain a car loan approval at a dealership, you typically need to bring the following documents:
Valid Driver's License
Verify your license has not expired, revoked or suspended and ensure the address listed on your license is current and matches your residence.
Proof of Insurance
Take care to include the name of your agent and a reliable contact number. Adding a new car to your policy won't be necessary until approved.
Proof of Residency
A recent bill for utilities, such as water or electric, is sufficient proof so long as your name is listed and matches the address given.
Proof of Employment
A recent pay stub stating your year-to-date earnings is sufficient. Self-employed individuals must provide two years of prepared tax returns.
Personal References
A reference can include anyone that knows you personally, such as a family member or friend, Include full names, addresses and phone numbers.
Phone Number Verification
Any phone number provided must be currently in service and under the applicant's name. Prepaid cell phone numbers will not be accepted.
Divorce can have a significant impact on your financial stability and credit score, which in turn can affect your ability to get an auto loan. During a divorce, assets and debts are divided, which might result in changes to your income and financial obligations. If your credit score is negatively affected or if you now have a lower income, lenders might see you as a higher risk, which could lead to higher interest rates or difficulty in securing a loan.
Yes, you can get an auto loan during or after a divorce, but it might be more challenging depending on your financial situation. Lenders will assess your credit score, income, and debt-to-income ratio. If these factors have been negatively impacted by the divorce, it could affect your loan terms. It might be beneficial to wait until your financial situation has stabilized post-divorce before applying for an auto loan.
Divorce itself does not directly affect your credit score as marital status is not a factor in credit scoring. However, joint accounts, late payments, and outstanding debts that are not handled properly during the divorce proceedings can negatively impact your credit score. It's crucial to separate joint accounts and ensure all debts are paid on time to maintain a good credit score during and after a divorce.
Improving your chances of getting an auto loan after a divorce involves stabilizing and strengthening your financial standing. Here are some steps you can take:
- Review and Update Your Credit Report: Ensure all joint accounts are closed or transferred to the responsible party. Check for any inaccuracies or outdated information and dispute them with the credit bureaus.
- Build Your Credit: If your credit score has taken a hit, focus on rebuilding it. Make all your payments on time, reduce outstanding debts, and consider using a secured credit card responsibly to help improve your credit.
- Stabilize Your Income: Lenders will look at your income to determine your loan eligibility. Ensure you have a stable income and can provide proof of employment and earnings.
- Reduce Debt: Lowering your debt-to-income ratio can make you more attractive to lenders. Pay down existing debts as much as possible before applying for an auto loan.
- Save for a Down Payment: A substantial down payment can increase your chances of loan approval and may result in better loan terms.
- Get Pre-Approved: Consider getting pre-approved for a loan before shopping for a car. This can give you a clear idea of what you can afford and shows dealers you are a serious buyer.
- Consider a Co-Signer: If you're struggling to get approved on your own, a co-signer with good credit can improve your chances.
When applying for an auto loan after a divorce, you may need to provide additional documents compared to a standard auto loan application. These might include:
- Divorce Decree: Lenders may request a copy of your divorce decree to understand how debts and assets were divided and to verify your financial obligations post-divorce.
- Proof of Income: This can include recent pay stubs, tax returns, or other documents that verify your income.
- Credit Report: You might need to provide a copy of your credit report, though lenders will typically pull this themselves.
- Proof of Residence: Utility bills or a lease agreement can serve as proof of your current residence.
- Identification: A government-issued ID is typically required.
- Vehicle Information: If you’ve already chosen a vehicle, you’ll need to provide details about it.
- Proof of Insurance: Lenders will require proof that you have or will have auto insurance on the vehicle.
- List of References: Some lenders might ask for personal or professional references.
Ensuring you have all the necessary documents and meeting the lender's requirements can streamline the loan application process and improve your chances of approval.
More Questions? Talk to a Financing Expert.
More Questions? Talk to
a Financing Expert.
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