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Denied the auto loan? Here’s everything you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content. We also allow you to conduct research and analyze data for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not cover the entire universe of businesses or financial deals that could be open to you. yourstockbank/Getty Images

4 min read. Published on October 12, 2022.

Written by Kellye Guinan. Written Personal and business finance contributor Kellye Guinan is an editor and writer freelance with more than five years of experience in personal financial planning. She is also employed full-time at the local library where she helps people in her community gain access to information on financial literacy, in addition to other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers to take control of their finances by providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promise

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They ensure that what we write is objective, accurate and reliable. We have loans journalists and editors are focused on the areas that consumers are concerned about the most — the different types of lending options, the best rates, the best lenders, ways to pay off debt and much more. So you’ll be able to feel secure when making a decision about your investment. Integrity of the editing

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You have money questions. Bankrate can help. Our experts have helped you understand your money for over four decades. We strive to continuously provide consumers with the expert advice and tools required to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and precise. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial choices. The content we create by our editorial team is objective, factual and uninfluenced by our advertisers. We’re honest about the ways we’re capable of bringing high-quality information, competitive rates and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or by you clicking on specific links on our site. This compensation could influence the manner, place and in what order products appear within listing categories, except where prohibited by law. We also offer mortgage, home equity and other home lending products. Other elements, like our own proprietary website rules and whether or not a product is available within your area or at your self-selected credit score range can also impact how and where products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every financial or credit item or product. An auto loan application may be rejected due to your credit history or financial circumstances. If you contact your lender and improving your financial situation and establishing a plan for building an application that won’t be denied in the future. What caused me to be refused a car loan? Lenders frequently reject applicants due to credit scores, credit history and overall debt. There are mistakes in the application. You could be denied the loan due to simple errors on the application. If you miss a section or record information incorrectly, lenders may reject you without giving you the chance to correct inaccurate information. Be sure to review every detail of your application to make sure you are in complete compliance. It is possible to reapply again with the same information, but being accurate when you first apply will help you save time. A low credit score is a common problem for lenders. have minimum credit scores as part of their eligibility criteria. The majority of lenders prefer that you have fair credit — scores of 620 or more. In the event that your score falls lower than the required score and you are not able to meet the requirements, you will be denied. There are . However, these are more expensive in the long run , and could have higher feesfor example, the origination fee or prepayment penalty as opposed to standard auto loans. A poor credit history If you have weak or no credit history, lenders won’t be able to assess your capacity to pay future auto loan payments. They may use it as a reason to deny your application. However, it’s going to take time to amend this. It is necessary to take on other smaller debts in order to build credit prior to applying again or apply with a cosigner. Large amount of debt If you’re in the middle of debt gathered by other loans as well as credit cards in the meantime, your DTI ratio — also known as ratio of debt to income will be higher. A DTI percentage of fifty% or more is a warning sign and could cause rejection. The process of paying down credit card debt is the best method to lower your DTI and, if capable, another source of income could lower your DTI. What to do if you have been denied an auto loan One rejection isn’t the end of the world. Take a few steps before applying again to increase the chances of getting approved. Get in touch with your lender Lenders are required to provide you with the exact reasons the application was rejected. If the application isn’t sent automatically, request the information within 60 days after the date of your application. Otherwise, it will fall beyond The Equal Credit Opportunity Act. If it was something as simple as an application error you are able to make changes and then apply again. If the cause was the credit rating or other financial obligations, you are able to work on improving them before you apply again. Improve credit score Credit score among the main factors lenders consider when you apply. Be sure to spend time reviewing your credit report and making sure you pay your debts on time and improving the ratio of your debt to credit. This will take a few months. If you’re looking for a loan quickly take a look at other options as you work on your score. However, once you’ve earned an impressive repayment record the lenders will consider you as less of a risk. Reduce your debt. Lowering your debt is key to getting future lenders. It is important to pay your current debts and also avoiding the possibility of getting new loans as well as credit cards. Review your budget and try to eliminate any unnecessary expenditures before applying again. It is also a great method to reduce your debt-to-income ratio (DTI) which lenders utilize to determine whether you’re able to comfortably afford the new loan to pay. Look for poor credit lenders There are lenders who will are willing to accept . This could be a method to get you behind the wheel sooner instead of later. They target those with poor credit scores. However, compare options carefully as auto loans for bad credit tend to have much higher interest rates that can cost you thousands of dollars in the long term. Other options Your choices don’t hinge on how you can quickly improve your credit and lower your debt , though both can certainly help. “Buy here pay here” dealers A BHPH dealership is not perfect, but it can be a good alternative if you have an unsatisfactory credit score and are in desperate need of an automobile. BHPH dealerships offer financing and sales of the vehicles on their lots. The standards for approval of credit tend to be lower while the approval process can be quicker than traditional loans. However, interest rates are high and there are not many vehicles that are available. Auto loans that are joint loans An auto loan is the case when you and a third party — usually a spouse or spouse — are both liable for the responsibility for a car loan. The lender will look at both incomes and credit scores when making an approval decision. A joint application can also lead to a lower interest rate and the ability to take on an additional loan because of the added income. A co-signed car loan A co-signed auto loan can be described as a loan where you have the complete responsibility for the monthly payments but have an additional person backing your loan. Similar to the joint auto loan, both your credit score and the co-signer’s credit score will be considered when you apply. This can increase the chances of approval, which could translate into more terms and conditions. The main thing to remember is that if you’ve been rejected, take a step back. Your lender must provide you with a letter stating why you were rejected. Like everything else in the realm of finance, preparedness is key. Next time you apply to a lender, research the situation, keep an eye on your credit score, and reduce your overall debt prior to time. This will ensure that your application is the best it can be when you send it to an lender. Find out more

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Written by Personal and business Finance writer Kellye Guinan is a freelance editor and writer with over five years of experience in personal financial. She also is an employee full-time at her local library, where she assists the community gain access to information on financial literacy, as well as other topics. 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 gain the confidence to take control of their finances with concise, well-researched, and clear facts that break down complicated topics into digestible pieces.

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