BY GERRY MILES
A pothole can do severe damage to your tire, the rim and the vehicle’s alignment, but it’s imminently fixable.
A divorce is a heart-wrenching experience that can exact a devastating toll upon both parties, not to mind your credit report at times. For people who find themselves in that situation, Edmunds.com has collected some prudent shopping tips that appear to be quite helpful.
Last year Credit.com surveyed 526 divorced adults and found that 31 percent suffered a credit score drop following the break-up of their marriage. A poor credit score can saddle a car shopper with a higher interest loan and possibly make it difficult to finance the car at all.
Emma Johnson, noted personal finance expert and creator of the popular blog WealthySingleMommy, covered this topic for Edmunds.com in an article called “Divorce, Credit Scores and Car Shopping.” The article included these tips:
- Before you step foot in a car dealership, pull your credit report and history and look for any negative scores.
- Consider working with your ex to remove your name from any outstanding debts that your ex is the one responsible for, as well as the title to any vehicle you are on the title of but no longer own.
- Be prepared to prove your post-divorce income.
- Plan to make a decent down payment.
- Tell your story: Electronically generated credit scores are not the only factor in lending decisions.
“If you understand the details of your credit history before speaking with a lender, you’ll be able to make a stronger case for your qualifications as a borrower,” reports Johnson. “Worst case scenario, if you are forced to accept a loan with a high interest rate, you can always refinance or buy another vehicle under better terms in a few years when you are back on your feet and your credit has improved.”
More information can be found at http://www.edmunds.com/car-loan/divorce-credit-scores-and-car-shopping.html