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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 mission is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing original and impartial content. This allows you to conduct research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 come from companies that compensate us. This compensation may impact how and where products are displayed on the site, such as for instance, the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We don't include the vast array of companies or financial offers that may be open to you. yourstockbank/Getty Images
4 min read Published 12 October 2022
Writer: Kellye Guinan. Written by personal and business finance writer Kellye Guinan is a freelance editor and writer with more than five years' experience in personal finance. She also is a full-time worker at her local library, where she assists people in her community gain access to information on financial literacy, in addition to other subjects. Written 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 feel confident to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict journalistic integrity ,
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In 1976, Bankrate was founded. Bankrate has a long track record of helping people make informed financial decisions.
We've maintained our reputation for more than 40 years by demystifying the financial decision-making
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So you can be sure you can trust us to put your needs first. Our content is created by and edited by
They ensure that what we write is objective, accurate and reliable. We have loans reporters and editors concentrate on the things that consumers care about the most -- different kinds of lending options, the best rates, the top lenders, the best ways to repay debt, and much more. So you can feel confident when making your decision to invest your money. Editorial integrity
Bankrate follows a strict standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the right financial decisions. Key Principles We respect your confidence. Our goal is to offer readers accurate and unbiased information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is accurate. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our goal is to give you the most accurate advice to help you make smart financial decisions for your personal finances. We follow strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team is not paid direct compensation from advertisers, and all content is fact-checked to ensure accuracy. So whether you're reading an article or reviewing it is safe to know that you're receiving reliable and dependable information. How we earn money
If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to give our customers the right advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is truthful and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the best financial decisions. The content created by our editorial staff is factual, objective, and not influenced by our advertisers. We're transparent regarding how we're able to bring quality content, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and, services, or through you clicking specific links on our site. So, this compensation can influence the manner, place and in what order products are listed, except where prohibited by law. This is the case for our credit, mortgage and other home loan products. Other factors, like our own rules for our website and whether or not a product is available within your area or at your self-selected credit score range could also affect the manner in which products are featured on this website. 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 because of your credit history or financial circumstances. However, by contacting your lender and improving your financial situation and establishing a plan for creating an application that will not be rejected in the future. Why was I not able to get a car loan? The majority of lenders reject applicants because of credit score or credit history, as well as overall debt. Incorrect information on the application 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 amend inaccurate data. Make sure you review every aspect of your application to ensure you are in complete compliance. It is possible to apply for a second time however, being precise the first time will save you time. A low credit score is a common problem for lenders. have minimum credit scores as part of their criteria for eligibility. The majority of lenders want that you have fair credit- scores of 620 or greater. If you have a credit score lower than the required score, you will immediately be rejected. There are . However, they will cost you more in the long run , and may have more fees -for example, origination fees or prepayment penalties as opposed to standard auto loans. A poor credit history If you have limited or no credit history, lenders won't be able to assess your capacity to pay future auto loan repayments. They may use it as a reason to deny your application. It will take some time to change this. You'll need to take on other smaller debts in order to build credit prior to applying again or apply with a co-signer. In the event of a large amount of debt, if you're in the middle of debt from various loans or credit cards in the meantime, your DTI ratio -- or debt-to-income ratio will be greater. If you have a DTI percentage of fifty percent or more is a signal of danger and can cause rejection. Paying down your debts is the most effective way to lower your DTI however, if you're able, a second source of income could lower your DTI. What should you do if were refused an auto loan A rejection isn't an end in itself. Take a few steps before applying again to boost your chances of being approved. Make contact with the lender Lenders are required to provide you with the exact reasons your application was denied. If your application was not automatically processed you can request it within 60 days of the date of your application. Otherwise, it will fall out of an exemption to the Equal Credit Opportunity Act. If it was something as simple as an application mistake, you can make adjustments and reapply. If the cause was you're credit score, or other debts, you could make improvements prior to submitting another application. Improve your credit score. Credit score among the most important factors that lenders look at when deciding whether to approve your application. Make sure you are checking your credit report, paying your bills on time and lowering your credit utilization ratio. This can take a few months. If you're looking for a loan quickly, consider other options while you work on your score. But once you've built up a solid recent 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 the key to being able to attract the attention of future lenders. It is important to pay down your debts currently and making sure to avoid new loans as well as credit cards. 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 use to determine if you're able to be able to afford an additional loan repayment. Look for poor credit lenders There are lenders who will accept . This might be a way to get you behind the wheel sooner rather than later. The lenders target those with poor credit scores. However, compare options carefully as auto loans for bad credit tend to have significantly higher interest rates, which could cost you thousands in the long run. Other options Your choices don't depend on your ability to quickly improve your credit and lower your debt -- though each can be helpful. "Buy here, pay here" dealers A BHPH dealership is not perfect, but it can be an alternative if you have poor credit and are looking for a vehicle. BHPH dealerships sell and finance the vehicles on their lots. Credit approval standards are generally lower and the process is quicker than traditional loans. But interest rates are very high and there are not many cars available. Auto loans that are joint loans A joint auto loan is where you and someone else -- typically a partner and spouse -- have the responsibility for the car loan. The lender will look at both incomes and credit scores when making an approval decision. A joint application could lead to a lower interest rate and the possibility to take on a larger loan because of the added income. Auto loan co-signed loan A co-signed auto loan will mean that you still take on the entire responsibility for your monthly payments, but you have someone else supporting the loan. Like with co-signed auto loan, both your credit history as well as the co-signer's credit history are considered when applying for the loan. This can increase the chances of approval, and could mean more and terms. The main thing to remember is that if you've been denied, you should take a step back. Your lender must provide you with a letter that explains the reason for your rejection. Similar to everything that involves financial matters, being prepared is essential. The next time you make an application to a lender, research the situation and keep an eye on your credit score and lower your total debt ahead of time. This will help ensure your application is as good as it can be when you send it to an lender. Learn more
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Written by Personal and business finance Contributor Kellye Guinan is a freelance editor and writer with more than five years ' experience within personal financial planning. She's also 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. 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 confidence to take control of their finances with concise, well-researched, and clear details that cut complex subjects into bite-sized pieces.
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