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You’ve been denied to get 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 choices by offering interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information for free and help you 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 deals that are displayed on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including, for example, 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 have no impact on the content we publish or the reviews appear on this website. We do not include the universe of companies or financial offerings that might be accessible to you. yourstockbank/Getty Images

4 min read Published October 12, 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 of experience in personal financial planning. She also is an employee full-time at her local library where she assists her community access information about financial literacy, as well as other topics. 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 feel confident to manage their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites. The Bankrate promise

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They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. Our loans reporters and editors are focused on the points consumers care about the most — different kinds of lending options as well as the best rates, the most reliable lenders, the best ways to repay debt, and many more, so you’ll be able to feel secure when making a decision about your investment. Integrity of the editing

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide our readers with the professional advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and reliable. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the right financial choices. Our content produced by our editorial team is objective, factual and uninfluenced through our sponsors. We’re open about how we are in a position to provide quality content, competitive rates, and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or through you clicking certain links posted on our site. So, this compensation can impact how, where and in what order items are displayed within the categories of listing, except where prohibited by law. This is the case for our credit, mortgage and other products for home loans. Other factors, such as our own proprietary website rules and whether or not a product is available within the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial item or product. A car loan application may be rejected due to your credit score or current financial situation. If you contact your lender and reorganizing your finances it is possible to work on building an application that won’t be rejected in the near future. What caused me to be refused an auto loan? The majority of lenders reject applicants due to credit scores, credit history and overall debt. There are mistakes in the application. You may be refused a loan due to simple errors on the application. If you do not complete a section or write incorrect information lenders could deny you without giving you the chance to correct inaccurate information. Always review each detail on your application to ensure you have everything correct. It is possible to reapply again with the same information, but being accurate the first time around will help you save time. Low credit score Many lenders have an upper limit on credit scores in order to meet their criteria for eligibility. The majority of lenders prefer to see fair creditwhich is 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 refused. There are . But these will cost more over the long term and could have higher feesfor example, origination fees or prepayment penalties — than standard auto loans. Limited credit history If you have weak or no credit history, lenders will not be able to determine your capacity to pay future auto loan repayments. They may use it as a reason to deny your application. However, it’s going to take some time to change this. You will need to take on additional, smaller debts to build credit before you apply again, or apply with a co-signer. A large amount of debt If you’re in the middle of debt gathered by other loans and credit card in the meantime, your DTI ratio, also known as the debt-to-income ratio — will be greater. If you have a DTI proportion of 50% percent or higher is considered to be a red flag and may cause rejection. The process of paying down debts is the best way to reduce your DTI, but if you’re able, a second source of income could help lower your DTI. What to do if you have been denied an auto loan A rejection isn’t the end of the world. Take a few steps before applying for a loan again to increase your chances of approval. Contact your lender Lenders must provide you with the exact reasons the application was rejected. If the application isn’t sent automatically to you, ask for it within 60 days of the date of your application. If not, it falls out of the Equal Credit Opportunity Act. If the cause was as easy as an application error you may make corrections and then apply again. If the reason was the credit rating or any other debts, you can make improvements before you apply again. Improve your credit score. Credit score among the most important factors that lenders look at when you apply. Take the time to by checking your credit report, paying your debts on time and lowering your ratio for credit utilization. This can take a few months. If you’re looking for a loan quickly think about other options while you work to improve your score. However, once you’ve earned 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 being able to attract future lenders. The focus should be on paying your current debts and making sure to avoid new loans and credit card purchases. Review your budget and try to eliminate any unnecessary expenditures prior to applying for. is also an excellent method to reduce your debt-to-income ratio (DTI), which lenders employ to determine if you can comfortably pay for a new loan to pay. Find lenders with poor credit scores. There are lenders who are willing to accept . This could be a method to be able to get behind the wheel sooner instead of later. These lenders market specifically to drivers with low credit scores. However, compare options carefully as auto loans for those with bad credit tend to have significantly higher 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 swiftly improve your credit score and reduce the amount of debt you have — although each can be helpful. “Buy here pay here” dealers A BHPH dealership is not perfect, but it can be a viable option if you have a low credit score and are in desperate need of a vehicle. BHPH dealerships both finance and sell the cars on their lot. The standards for approval of credit tend to be lower and the process is much quicker than traditional lending. But interest rates are very high, and there are less automobiles that are available. Joint auto loans A joint auto loan is where you and someone else usually a partner or spouse — share the responsibility for a car loan. The lender will look at both incomes and credit scores when making an approval decision. A joint application could result in a lower interest rate and the ability to obtain more of a loan because of the added income. Co-signed auto loan Co-signed car loan will mean that you still carry the full responsibility of your monthly payments, but you have someone else 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 applying for the loan. This increases your chance of approval, and could mean more terms and conditions. The bottom line If you’ve been denied, you should take the time to think about it. Your lender must provide you with a letter explaining the reason you were denied. Similar to everything in the realm of finance, preparedness is key. The next time you make an application, do your research be aware of your credit score and decrease your total debt ahead of time. This will ensure that your application is as good as it can be when you send it to the lender. Learn more


Written by Business and personal finance contributor Kellye Guinan is a freelance editor and writer with more than 5 years experience working in the field of personal financial planning. She is also employed full-time at the local library where she helps 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 the end of 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched facts that break down complex topics into manageable bites.

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