What does divorce have to do with auto refinancing? More than you might think. In this short video, iLendingDIRECT CEO, Nancy Fitzgerald, explains how to manage a car loan in your name during a divorce.
Vehicle loans have a big impact on your credit. If you are going through a divorce and both names are on the car loan, you and your ex-spouse are both accountable. If your former partner misses a car payment, your credit can be negatively impacted. Even worse, if they default on the loan, the credit bureaus view you as equally responsible. It’s possible to repair your credit score if something like this happens to you, but it can take a lot of time. It’s much easier to separate your car loan immediately as you separate your marriage. To do this, you will need to retitle the car to remove your ex’s name from the loan.
Retitling a vehicle loan requires going to the DMV and dealing with a lot of paperwork. When you are going through a stressful divorce, this can be the last thing you want to deal with. Luckily, there’s a simple way to retitle a car loan to be under your name only—and you never have to set foot in the DMV.
Refinancing is a fast and easy way to see whether or not you have the lowest possible interest rate and monthly payment for your car loan. When you go through the automotive refinancing process, you also have to retitle your car with your new lender. For divorcing couples, this means that it’s possible to retitle and refinance in a single step, saving time and money.
We like to think that helping with a quick turnaround and a simple process makes life a little easier during a stressful time. Our team of highly-trained loan consultants can explain everything throughout our simple 5-step process.
On average, iLendingDIRECT customers save $112 per month and lower their interest rate by 5.5%. To start saving today, call (866) 683-5505 or simply fill out this form. Most importantly, inquiring is completely free and will not affect your credit score.