Applying for a loan as 'divorced'

aetbaar

Hi

I am about to submit an application for car finance and my credit score is high and above average so no issues there

My question is however related to my marital status- I have been divorced for over 2 years now however no joint finance with ex and everything settled and agreed

If I now apply as a divorced person could this impact my ability to get approved – despite having no joint account etc
I have one dependent child as he mainly resides with me

Should I avoid using finance and risk getting rejected or will my marital status have no effect ? How much do loan companies look into this?

[Deleted User]

Your credit score won't have any bearing on your being accepted for a loan.

If you are not financially associated, your ex will have no impact on you. Marital status could be used as a factor by a lender if they wanted to.

Westminster

You're over thinking it - unless you intend to lie (thus committing fraud) - then put yourself down as divorced.

Use an eligibility checker to target your application first though.

aetbaar

Thanks - I will not lie - but was thinking to not apply at all and user other funds for the car if there is a chance of getting rejected based on that

how do I check eligibility, I think they use black horse finance?

aetbaar

So I have done the eligibility calculator and I tried with and without divorce as a criteria and it seems there is less on offer for a divorced person for some reason

it doesn't seem to make sense - anyone have similar experiences and understand how this works?

forgotmyname

How it works is that a lender can choose their own criteria. This maybe based on previous loans.

Maybe they have had a bad run of divorced people not paying? Or the partner coming back and claiming funds.

aetbaar

ok that's interesting - not much rhyme and reason to this then

since I have been divorced I have been better off financially and my credit score has improved

surely they should go on the personal history rather than random criteria

I am using this eligibility checker wrong or have others seen this ring true - ie divorced people less likely to get approved than married people

[Deleted User]

aetbaar wrote: »

since I have been divorced I have been better off financially and my credit score has improved

surely they should go on the personal history rather than random criteria

Remember that your score is given to you by someone who doesn't lend money.

It would be foolish for lenders to ignore statistically significant results. The criteria are anything but random.