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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 goal is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and compare data for no cost to help you make financial decisions with confidence. 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 products that appear on this site are from companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that might be accessible to you. yourstockbank/Getty Images

4 min read Published 12 October 2022

Written by Kellye Guinan. Written by personal and Business Finance contributor Kellye Guinan is an editor and writer freelance with more than five years’ experience in personal financial planning. She is also an employee full-time at her local library where she assists people in her 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 editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to manage their finances through providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate guarantee

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who ensure everything we publish is objective, accurate and trustworthy. The loans reporters and editors focus on the points consumers care about the most — the different types of lending options as well as the best rates, the top lenders, how to pay off debt and more — so you’re able to be confident about making a decision about your investment. Integrity in editing

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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors and journalists create honest and accurate content that will help you make the right financial choices. Our content produced by our editorial team is factual, objective and uninfluenced through our sponsors. We’re open about how we are able to bring quality information, competitive rates and helpful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products or services, or when you click on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products are displayed within the categories of listing, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity and other home lending products. Other elements, like our own website rules and whether the product is available in your area or at your personal credit score can also impact how and where products appear on this site. We strive to offer an array of offers, Bankrate does not include details about each credit or financial item or product. A car loan application could be rejected due to your credit history or current financial situation. However, by contacting your lender and reorganizing your finances it is possible to work on creating an application that will not be denied in the future. Why was I denied an auto loan? Most lenders deny applicants due to credit scores credit history, credit history and overall debt. There are mistakes in the application. You may be refused an loan due to simple errors in the application. If you miss a section or note information incorrectly, lenders may reject you without giving you a chance to amend inaccurate data. Make sure you review every aspect of your application to make sure you are in complete compliance. You might be able to reapply again, but accuracy when you first apply can save you time. Poor credit score Most lenders have minimum credit scores as part of their criteria for eligibility. The majority of lenders want to see fair credit -that is, scores of 620 or greater. If your credit score is lower than this requirement then you’ll be immediately rejected. There are . However, these are more expensive in the long run and could have higher fees- like origination fees or prepayment penalties — than standard auto loans. Limited credit history If you have limited or no credit history, lenders won’t be able to gauge your capacity to pay subsequent auto loan installments. They might use it as a reason for denying your application. However, it’s going to take time to amend this. It is necessary to take on other smaller, less hefty debts to build your credit score prior to applying again or apply with a cosigner. A large amount of debt If you have a lot of debt gathered from other loans and credit card, your DTI ratio — also known as debt-to-income ratio will be higher. If you have a DTI proportion of 50%% or higher is considered to be a warning sign and could lead to rejection. The process of paying down debts is the most effective way to reduce your DTI however, if you’re able, a second source of income can also help lower your DTI. What to do if you were refused an auto loan One rejection isn’t an end in itself. Consider a few steps prior to applying again to boost your chances of approval. Contact your lender Lenders are required to give you the specific reasons your application was not approved. If the application isn’t sent automatically to you, ask for the information within 60 days after the date of your application. Otherwise, it will fall beyond an exemption to the Equal Credit Opportunity Act. If it was something as simple as an application mistake, you are able to make changes and reapply. If the cause was your credit score or any other financial obligations, you are able to improve them before you apply again. Enhance 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 making sure you pay your bills on time and improving your credit utilization ratio. This will take a few months. If you’re trying to get a loan in a hurry think about other options while you work on your score. Once you’ve established an excellent repayment history and have a good credit score, lenders will view you as less of a risk. Be mindful of your debt. Keeping it low and reducing your debt is a crucial factor in attracting prospective lenders. The focus should be on paying your current debts and also avoiding new loans or credit cards. Review your budget and try 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 have enough money to be able to afford the new loan repayment. Search for lenders with low credit scores. There are lenders who take . This might be a way to be able to get behind the wheel sooner rather than later. They target people with low credit scores. However, compare options carefully as auto loans for those with bad credit tend to have much higher interest rates that could cost you thousands in the long run. Alternative options The choices you have depend on your ability to improve your credit score and reduce your debt — though they can both be beneficial. “Buy here pay here” dealers BHPH dealership is not perfect, but it can be a viable option for those with an unsatisfactory credit score and are in desperate need of an automobile. BHPH dealerships offer financing and sales of the vehicles on their lot. Approval standards for credit tend to be lower, as well as the procedure is much faster than traditional lending. But interest rates are very high and there are not many cars that are available. The joint auto loans An auto loan is when you and someone else — usually a spouse or spouse — are both liable for equal responsibility for the car loan. The lender will look at both incomes and credit scores when deciding on an approval. Joint applications can result in a lower rate as well as the chance to obtain more of a loan because of the increased income. A co-signed car loan Co-signed car loan will mean that you have the complete responsibility for your monthly payments, but you have someone else backing the loan. Similar to a joint auto loan the credit history and your co-signer’s credit history are factored in during the application process. This can increase the chances of approval, and could mean more and better terms. The bottom line If you’ve been denied, take the time to think about it. Your lender will need to provide a written statement that explains the reason for your rejection. As with anything in the realm of financial matters, being prepared is essential. The next time you make an application, do your research, keep an eye on your credit score and lower your total debt ahead of time. This will ensure that your application is the best it can be when you send it to an lender. Learn more

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Written by Personal and business financial Contributor Kellye Guinan is a freelance editor and writer with over five years of experience in personal financial planning. She’s also a full-time worker at her local library, where she assists the community gain access to information on financial literacy, among other topics. 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 gain the confidence to take control of their finances by providing precise, well-researched and well-organized facts that break down complex subjects into bite-sized pieces.

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