I need a car to be able to get the kids to school and get a new job. I've just divorced my husband, and while I get some money each week, it's hard to save enough for a car out of that. I need to get a used car and a car loan to get us on our feet and start our new life. I don't really mind what a car looks like as long as it runs well. This blog is about getting loans for getting on with the rest of your life after a divorce and has tips for newly single mums.
If you've had your identity used to commit credit fraud, you can often find it hard to get loans in the future. Many people don't even realise that they have a bad credit rating until they head in for a car loan or similar credit facility and get rejected. Here are some tips to get you on the road.
Get a copy of your credit report
It's free and easy to access your credit report through the 3 credit reporting bureaus. They will generally be obliged to give you a free copy within 10 days (provided you haven't ordered excessive reports over the year); although, they may charge you extra to expedite the process if you need it quicker. Then it's time to get checking on the details as you may also have some genuine dings on your credit report including late payments on your bills. Work out which items are yours and which aren't, then contact the agency to get the report modified. If you have reported the matter to the police, including the police report number can help to back up your claim.
Try different car loan organisations
Especially if you really need a loan now—for example, a car loan so you can buy a car to get to work—it can be a good idea to speak to a number of loaners. These organisations all have slightly different criteria for loan approval, and there are specialist companies that work with people with poor credit ratings in order to get them on the road. It can often take you quite a while to get your credit history fully cleaned up so this can be a good option to get you on the road as soon as possible. You can always refinance later if you wish.
Get some help from a family member or friend
If you are struggling to get your credit back in shape so that you can get a car loan, it can often help to have a friend or family member co-sign on your loan. Once you can start to reestablish a pattern of paying off the loan, you may be able to remove them from the loan documentation,
If you have been the victim of identity theft, it can be hard to quickly resolve issues on your credit report. It can often be useful to get a loan through a bad credit loan facility at first, then refinance your loan once you have fixed the issues on your credit rating report.
Share9 August 2016
