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Are you denied an 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 decisions by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and analyze data for free - so that you can make informed financial decisions. Bankrate has agreements with issuers such as, 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 website are provided by companies that pay us. This compensation can affect the way and where products appear on this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. But this compensation does not influence the information we provide, or the reviews that you see 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 writer Kellye Guinan is an editor and writer freelance with more than five years' experience in personal finance. She is also an employee full-time at her local library where she helps people in her community gain access to information on financial literacy, in addition to other topics. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to manage their finances through providing precise, well-researched and well-researched data that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promises
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We make sure that everything we publish is objective, accurate and reliable. The loans reporter and editor are focused on the points consumers care about most -- the various types of loans available and the most competitive rates, the best lenders, ways to pay off debt and many more, so you're able to be confident about making a decision about your investment. Integrity of the editing
Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial decisions. Key Principles We appreciate your trust. Our aim is to provide our readers with truthful and impartial information, and we have editorial standards in place to ensure that happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that what you read is accurate. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive compensation directly from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to offer you the best advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not influenced by advertisers. Our editorial staff receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. So when you read an article or reviewing you can be sure that you're getting credible and dependable information. What we do to earn money
There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We strive to continuously give our customers the right advice and tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial choices. The content created by our editorial team is factual, objective and is not influenced from our advertising. We're honest about how we are 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 the promotion of sponsored goods or services, or when you click on certain links posted on our site. Therefore, this compensation may influence the manner, place 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 products for home loans. Other factors, like our own website rules and whether a product is offered in the area you reside in or is within your personal credit score may also influence how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include information about every credit or financial product or service. An auto loan application may be rejected due to your credit history or financial circumstances. If you contact your lender and reorganizing your finances and establishing a plan for making an application that won't be rejected in the future. What caused me to be not able to get an auto loan? Lenders frequently reject applicants due to their credit score or credit history, as well as overall debt. Incorrect information on the application may be refused the loan because of simple mistakes in the application. If you miss a section or write incorrect information the lender could reject your application without giving you the chance to amend inaccurate data. Make sure you review every aspect of your application to ensure you have everything correct. You may be able to reapply again, but accuracy the first time around will save you time. Low credit score Many lenders have minimum credit scores as part of their criteria for eligibility. In general, lenders need that you have fair credit- scores of 620 or higher. If you have a credit score less than this requirement then you'll be immediately denied. There are . But these will cost more over the long term and might have higher costs -- like 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 determine your capacity to pay subsequent auto loan repayments. They might use it as a reason to deny your application. Unfortunately, it will take time to amend this. It is necessary to take on other smaller, less hefty debts to build credit prior to applying again or apply with a cosigner. A large amount of debt If you're in the middle of debt gathered from other loans or credit cards in the meantime, your DTI ratio -- or debt-to-income ratio -- will be higher. If you have a DTI ratio of 50 percent or higher is considered a red flag and may cause rejection. Paying down your credit card debt is the best method to lower your DTI, but if you're able, a second source of income could reduce your DTI. What to do if you were refused an auto loan A rejection isn't the end of the world. Consider a few steps prior to applying for a loan again to increase the chances of getting approved. Get in touch with your lender Lenders must provide you with the exact reasons the application was rejected. If it isn't automatically sent, request to receive it in the 60-day period following your application. In the event that it is not sent, it falls out of The Equal Credit Opportunity Act. If it was as minor as an application error you are able to make changes and apply again. If the issue was due to your credit score or any other debts, you can improve them prior to submitting another application. Improve your credit score. Your credit score is one of the main factors lenders consider when they consider granting you a loan. Take the time to by looking over your credit score and making sure you pay your debts on time and decreasing your credit utilization ratio. This can take a few months. If you're looking for a loan quickly think about other options while you work on your score. But once you've built up an excellent repayment history the lenders will consider 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 any new loans and credit card purchases. Check your budget and attempt to eliminate any unnecessary expenditures prior to applying for. This is also a good way to minimize your debt-to-income ratio (DTI) which is the ratio that lenders utilize to determine whether you can comfortably pay for a new loan to pay. Find lenders with poor credit scores. There are lenders that take . This may be a means to get you behind the wheel sooner instead of later. These lenders market specifically to people with low credit scores. However, you must be aware of the options -- 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. Other alternatives Your options don't necessarily depend on the ability of you to swiftly improve your credit score or reduce the amount of debt you have -- although each can be helpful. "Buy here pay here" dealers BHPH dealership may not be the perfect choice, but it can be an option for those with a low credit score and are looking for an automobile. BHPH dealerships both finance and sell the cars on their lot. Approval standards for credit are generally lower while the approval process can be much quicker than traditional lending. But interest rates are very high and there are not many cars readily available. Auto loans that are joint loans The term "joint auto" loan is where you and someone else usually a partner or spouse -- share equal responsibility for a car loan. The lender will take into consideration both income and credit scores when deciding on an approval. A joint application could lead to a lower interest rate as well as the chance to accept an additional loan because of the added income. Co-signed auto loan A co-signed auto loan is when you still carry the full responsibility of the monthly installments, but with someone else supporting your loan. Similar to co-signed auto loan the credit score and the co-signer's credit score will be taken into consideration when you apply. This increases your chance of approval, which could translate into more and terms. The bottom line If you've been denied, take an extra step. Your lender must provide you with a letter stating why you were rejected. Similar to everything that involves finance, preparedness is key. When you next apply, do your research, keep an eye on your credit score and decrease your overall debt prior to time. This will ensure that your application is as perfect as it can be when you send it to the lender. Find out more
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Written by Business and personal Finance writer Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal financial. She's also employed full-time at the local library, helping people in her community get information about financial literacy, in addition to 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 passionate about helping readers gain confidence to take control of their finances with clear, well-researched facts that break down otherwise complex subjects into bite-sized pieces.
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