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You’ve been denied the auto loan? Here’s everything you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including such things as the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that might be accessible to you. yourstockbank/Getty Images

4 min read. Published 12 October 2022

Kellye Guinan Kellye Guinan Written by Personal and business finance writer Kellye Guinan is a freelance editor and writer with more than five years of experience in personal financial planning. She also is an employee full-time at her local library where she assists the community to access information about financial literacy, in addition to other subjects. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to control their finances through providing precise, well-researched and well-researched data that breaks down complicated topics into manageable bites. The Bankrate promises

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They ensure that what we write is objective, accurate and reliable. Our loans reporters and editors are focused on the areas that consumers are concerned about the most — various types of loans available as well as the best rates, the best lenders, ways to pay off debt and more — so you can feel confident when making a decision about your investment. Integrity in editing

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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We continually strive to give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our content is honest and reliable. Our award-winning editors and journalists produce honest and reliable content that will help you make the best financial decisions. The content created by our editorial staff is factual, objective and is not influenced from our advertising. We’re transparent about how we are in a position to provide quality content, competitive rates and useful tools for our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products or services, or through you clicking specific links on our site. Therefore, this compensation may affect the way, location and in what order items are listed in the event that they are not permitted by law. We also offer mortgage, home equity and other home lending products. Other elements, like our own rules for our website and whether a product is available within your area or at your personal credit score may also influence the manner in which products are featured on this site. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit item or product. An auto loan application might be denied due to your credit score or financial circumstances. If you contact your lender and reorganizing your finances, you can work on building an application that won’t be rejected in the future. Why did I get denied a car loan? The majority of lenders reject applicants due to their credit score, credit history and overall debt. Errors in the application You can be denied the loan due to simple errors in the application. If you have missed a part or record information incorrectly lenders could deny you without giving you the opportunity to update inaccurate details. Make sure you review every aspect of your application to make sure you have all the information you need. You may be able to apply for a second time with the same information, but being accurate when you first apply can save you time. A low credit score is a common problem for lenders. have minimum credit scores to satisfy their eligibility criteria. In the general case, they need to see fair creditthat is, at least 620 points or greater. In the event that your score falls lower than the required score then you’ll be immediately denied. There are . But these will cost more in the long run , and might have higher costs -such as prepayment penalties or origination fees that are higher than traditional auto loans. A poor credit history If you have limited or no credit background, lenders won’t be able to gauge your ability to pay for the future auto loan repayments. They could use this as a reason for denying your application. However, it’s going to take time to rectify this. It is necessary to take on additional, smaller debts to build credit before applying for another loan, or apply with a cosigner. A large amount of debt If you have a lot of debt by different loans and credit card and credit cards, your DTI ratio — or ratio of debt to income will be higher. If you have a DTI percentage of fifty% or higher is considered a red flag and may cause rejection. Paying down your credit card debt is the best method to reduce your DTI and, if capable, another source of income could lower your DTI. What should you do if were refused an auto loan A rejection isn’t the end of the world. Do a few things before applying for a loan again to increase the chances of getting approved. Make contact with the lender Lenders are required to explain the reasons why your application was denied. If the application isn’t sent automatically, request it within 60 days of the application. If not, it falls beyond The Equal Credit Opportunity Act. If it was something as simple as an application error you may make corrections and apply again. If the cause was your credit score or other debts, you can improve them prior to submitting another application. Improve your credit score. Your credit score is among the most important factors that lenders look at when they consider granting you a loan. Make sure you are looking over your credit score and paying off your debts on time , and decreasing your ratio for credit utilization. This can take a few months. If you’re in a rush take a look at other options as you work on your score. But once you’ve built up a solid recent repayment history, lenders will see you as less risky. Minimize your debt Lowering your debt is the key to getting prospective lenders. You should focus on paying down your current debts while also avoiding new loans or credit cards. Examine your budget and make an effort to eliminate any unnecessary expenditures before reapplying. is also an excellent option to lower your debt-to income ratio (DTI) which lenders use to determine if you’re able to comfortably afford an additional loan repayment. Find lenders with poor credit scores. There are lenders that take . This might be a way to get you on the road sooner instead of later. They target drivers with low credit scores. However, compare options carefully as auto loans for those with bad credit tend to have more expensive interest rates which can cost you thousands of dollars in the long term. Alternative options The choices you have necessarily depend on the ability of you to improve your credit score and reduce your debt , though they can both be beneficial. “Buy here pay here” dealers BHPH dealership isn’t perfect, but it can be a viable option for those with a low credit score and are desperate for a vehicle. BHPH dealerships both sell and finance the vehicles that they have on their premises. Approval standards for credit are generally lower while the approval process can be faster than traditional lending. But the interest rates are high and there are not many automobiles readily available. The joint auto loans An auto loan is the case when you and a third party — usually a spouse and spouse — have equal responsibility for a car loan. The lender will look at both incomes and credit scores when making an approval decision. Joint applications can lead to a lower interest rate and the possibility to accept more of a loan due to the additional income. Auto loan co-signed loan Co-signed car loan is when you still take on the entire responsibility for your monthly payments, but you have another person supporting the loan. As with a joint auto loan, both your credit score and the co-signer’s credit score will be taken into consideration when you apply. This can increase the chances of approval, which could translate into more and terms. The main thing to remember is that if you’ve been denied, you should take an extra step. Your lender will need to provide a written statement that explains the reason for your rejection. Similar to everything that involves finance, preparedness is key. The next time you make an application make sure you do your homework, keep an eye on your credit score and lower the total amount of debt you have before time. This will ensure that your application is the best it can be when you present it to a lender. Find out more


Written by Business and personal finance Contributor Kellye Guinan is a freelance editor and writer with more than five years of experience in personal financial planning. She’s also a full-time worker at her local library where she helps her community access information about financial literacy, as well as other topics. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched details that cut complex topics into manageable bites.

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