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Are you denied the auto loan? Here’s everything you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and impartial content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. But this compensation does not influence the information we publish, or the reviews that appear on this website. We don’t include the universe of companies or financial offerings that might be accessible to you. yourstockbank/Getty Images

4 min read Published on October 12, 2022.

Kellye Guinan Kellye Guinan. Written personal and Business Finance contributor Kellye Guinan is a freelance editor and writer with over five years of experience in personal finance. She also is an employee full-time at her local library where she helps the community to 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 late 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

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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 decades. We strive to continuously give our customers the right advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the best financial decisions. The content created by our editorial staff is factual, objective and uninfluenced by our advertisers. We’re transparent regarding how we’re able to bring quality content, competitive rates and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products andservices or when you click on certain links posted on our website. So, this compensation can impact how, where and when products appear within listing categories in the event that they are not permitted by law. We also offer loan products, such as mortgages and home equity and other home loan products. Other factors, such as our own website rules and whether or not a product is available in your area or at your personal credit score could also affect how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include specific information on each credit or financial products or services. A car loan application may be rejected due to your credit history or current financial situation. 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. Why did I get not able to get an auto loan? The majority of lenders reject applicants due to their credit score, credit history and overall debt. There are mistakes in the application. You could be denied a loan because of simple mistakes in the application. If you do not complete a section or record information incorrectly the lender could reject your application without giving you a chance to amend inaccurate data. Always review each detail on your application to ensure you are in complete compliance. It is possible to apply for a second time, but accuracy the first time will help you save time. Poor credit score Most lenders require an upper limit on credit scores to satisfy their criteria for eligibility. In general, lenders want to see fair credit- at least 620 points or higher. In the event that your score falls lower than this requirement, you will immediately be denied. There are . But these will cost more over the long term and could have higher fees- like the origination fee or prepayment penalty — than standard auto loans. Limited credit history If you have a limited or no credit background, lenders won’t be able to determine your capacity to pay future auto loan repayments. They might 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 to build credit prior to applying again or apply with a cosigner. Large amount of debt If you’re in the middle of debt by various loans or credit cards in the meantime, your DTI ratio, also known as the debt-to-income ratio will be greater. A DTI ratio of 50% or higher is considered to be a red flag and may cause rejection. Paying down your debts is the most effective way to reduce your DTI and, if capable, another source of income can lower your DTI. What to do if you were denied an auto loan The rejection doesn’t mean an end in itself. Do a few things before applying again to boost your chances of being approved. Make contact with the lender Lenders must provide you with the exact reasons your application was not approved. If your application was not automatically processed, request to receive it in the 60-day period following the application. In the event that it is not sent, it falls beyond an exemption to the Equal Credit Opportunity Act. If the cause was as easy as an application error you are able to make changes and then apply again. If the cause was you’re credit score, or other debts, you could work on improving them prior to applying again. Enhance your credit score. Credit score one of the main factors lenders consider when deciding whether to approve your application. Be sure to spend time checking your credit report, paying your debts on time and decreasing your ratio for credit utilization. It will take several 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 a solid recent repayment history, lenders will see you as less of a risk. Be mindful of your debt. Keeping it low and reducing your debt is the key to being able to attract prospective lenders. It is important to pay down your current debts while keeping clear of the possibility of getting new loans or credit cards. Review your budget and try to eliminate any unnecessary expenditures prior to applying for. It is also a great method to reduce your debt-to-income ratio (DTI) which lenders employ to determine if you’re able to be able to afford the new loan repayment. Find lenders with poor credit scores. There are lenders who will accept . This may be a means to be able to get behind the wheel sooner instead of later. They target those with poor credit scores. But, be sure to compare your options and be aware that auto loans for bad credit tend to have more expensive interest rates which could cost you thousands in the long run. Other alternatives Your options don’t necessarily depend on the ability of you to quickly improve your credit score and reduce your debt , though each can be helpful. “Buy here, pay here” dealers A BHPH dealership isn’t ideal, but it could be an alternative if you have an unsatisfactory credit score and are looking for a vehicle. BHPH dealerships both sell and finance the vehicles on their lots. The standards for approval of credit are generally lower as well as the procedure is quicker than traditional loans. However, interest rates are high and there are not many cars that are available. Auto loans that are joint loans The term “joint auto” loan is the case when you and a third party — usually a spouse or spouse — are both liable for equal responsibility for the car loan. The lender will consider 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 accept a larger loan because of the added income. Auto loan co-signed loan An auto loan will mean that you still have the complete responsibility for your monthly payments, but you have someone else supporting your loan. As with the joint auto loan the credit score and the co-signer’s credit history will be taken into consideration during the application process. This will increase your chances of approval, which could translate into more and terms. The bottom line If you’ve been rejected, take a step back. Your lender will need to provide a written statement stating why you were rejected. Similar to everything related to finance, preparation is crucial. When you next apply, do your research, keep an eye on your credit score and decrease the total amount of debt you have before time. This will ensure that your application is as perfect as it can be before you present it to the lender. Find out more

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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 helps her community access information about financial literacy, as well as other subjects. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched details that cut complex subjects into bite-sized pieces.

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