Hello, I know this may be a longshot, but I am fresh out of a divorce and my credit got completely ruined through it, I was a stay at home mother for 5 yrs before that worked in the banking industry for 13. But since my divorce my credit score is 541, and I have not been able to find a job yet, I am to start the end of next month with one, but me and my children have been living on the spousal support and child support since May of this year, which is over 3K a month, while I am waiting on starting school myself and my job to start, so my question is with no verifiable income for many years and drawing child support and alimony, and my credit scores that low, do I stand a chance at getting anything? I am also due a settlement when the divorce is final of quite a bit with the 401k and other assets, but that won't be till after Oct. and my van is about to die.............any suggestions?
Thank you,
Full Version: Can I get a loan with a 541 score and........
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We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.
In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.
In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.
You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.
Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.
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You would have to prove the child support and that doesn't mean the court document that orders it. That's just a piece of paper.
Your chances would probably be better, when you are full time employed AND have the child support.
Your chances would probably be better, when you are full time employed AND have the child support.
Okay thanks MarvBear, I can prove the child support and alimony.........was just wondering if I could get the loan before starting work, as I will be starting Nursing school the end of next month also and need something reliable to drive, or I would just wait until my settlement from the divorce comes in ..........do you think I would have a chance if I went into a dealership and told them this and took the proof of the income that I am receiving now?
probably, although I am quite sure the terms and conditions ould be horrendous.
QUOTE (MarvBear @ Aug 24 2008, 09:13 AM) 
probably, although I am quite sure the terms and conditions ould be horrendous.
+1 You can always get a vehicle at a "buy here pay here" lot. The interest will be really high, like 18%, but at least you'll have a car to drive.
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