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Does Bankruptcy or Divorce mean I cannot get a Car Loan?

Galaxy Motors can find your best options for automotive financing regardless of a recent divorce or personal bankruptcy.

car buyer needing financing

Don’t let credit problems hold you back from getting the car loan or auto financing you need.

16 Financial Lenders

We work with a wide variety of lenders to absolutely maximize the financing options for our clients who need additional money to purchase a used car or truck.

There’s a wide range of factors that can influence your options for financing a car or truck:

  • Payments History: This is the single largest factor in determining if you are qualified for automotive financing. A bankruptcy, debt settlement, foreclosure, lien, or other negative historical item counts here. Some lenders are much more flexible on specifics than others and we can work with clients to find the right lender to suit their needs.
     
  • Current Credit: How close you are to your credit limit is very important for lenders to consider. Assessing your credit limit and reviewing how much of your current credit in use can vary based on the lender. Galaxy’s staff can help ensure you work with a lender suited to your current credit situation.
     
  • Age of Credit: How long have you been borrowing? If you’ve used credit successfully, avoiding collections/payment issues, for a long period of time this is a very good signal that lenders trust. Galaxy will work with customers who come in to purchase a used car or truck but don’t have a long credit history.
     
  • Credit Variety: Has your sole source of credit history been a cell phone bill? A lack of variety in your credit history makes assessing credit harder for lenders. You shouldn’t run out and open up a bunch of accounts however, as that could influence the next factor.
     
  • Recent Credit: Have you got a lot of ‘new’ accounts open? When was the last time you applied for credit? These factors will influence how lenders look at your credit score. If you are eager to improve your credit to purchase a car or truck you really should have a talk with Galaxy staff first as they have lots of great experience with many lenders.

While lenders don’t typically single out marital status when qualifying customers for an auto loan, a divorce can be extremely stressful on a person’s finances. It’s not uncommon for a person in a divorce to see a large increase in expenses and feel like they have much less resources to make purchases with. Galaxy Motors does not want your divorce to keep you from driving the car or truck you deserve.

Get Automotive Financing

Competitive Interest Rates on Used Cars & Trucks

Galaxy Motors clearly understands supply and demand on many levels. With the largest selection of used vehicles on Vancouver Island, we are well stocked on used cars & trucks to ensure we meet the demands of our customers, and we offer the same approach with our lenders.

With 16 different lenders to pick from there’s a certain element of competition for providing you with the lowest financing rates so you can drive off in the used vehicle you want.

Why deal with limited options when Galaxy Motors can turn things in your favor and ensure you get the best deal possible?

See what ‘YES’ feels like!

There’s nothing better than finding a great deal on a used car or truck and then helping one of our customers qualify for the purchase. It is such a great feeling to see someone drive away happy!

Galaxy’s large selection of lenders and even larger selection of used vehicles are your best asset if you are looking to trade-in, trade-up, or just outright buy a better vehicle.

Not only do we have three locations on Vancouver Island, in Victoria BC, Duncan, and Nanaimo, there’s also a 4th dealership opening up in Courtenay!

Want to speak to us about getting financing on a used car or truck? Our contact page has lots of options to reach us, or you could fill out our auto finder form to get us looking for a specific vehicle you’re interested in.

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