There are many reasons you can be denied auto financing, especially if you're dealing with bad credit. We're looking at some of the top reasons why you may not have been approved, and what you can do about it.
There are many reasons you can be denied auto financing, especially if you're dealing with bad credit. We're looking at some of the top reasons why you may not have been approved, and what you can do about it.
When you're struggling with poor credit, there are often a few obstacles you have to overcome before you can get a car loan. Even if you're sure you have all your ducks in a row, you could still be denied auto financing. Lenders are required to let you know why you were turned down, but if you're still unsure, we can help.
We've compiled a list of six top reasons you may have been denied:
If any of the above issues are standing in your way, there's good news – all of them are easy to solve if you give yourself time. In some cases, just working with the right type of lender can help. Other times, you need to put in a little work to get to where you need to be for an auto loan approval.
They say time heals all things, but while you're waiting, use these tips to give yourself a better chance the next time around:
These tips can help in most car financing situations, but if you have bad credit, you should work with a lender that can help.
Subprime lenders, found only through dealership special finance departments, are typically the way to go for borrowers with credit issues. They use factors in addition to your credit score to determine approval. However, you need to be prepared and meet a number of qualifications if you don't want to face denial again.
Just because you've faced auto financing denial in the past doesn't mean it has to stand in your way now. If you're ready to give auto financing another try, let us help you get started.
At Auto Credit Express, we work with a coast-to-coast network of special finance dealers that are teamed up with the lending resources you need. To get the process started today, simply fill out our no-obligation car loan request form. Then, we'll get to work matching you to a dealership in your area that knows how to help.
Senior Automotive Financing Editor
Meghan has been writing professionally for over 25 years. She is expertly versed in automotive special financing and pricing analysis, having published hundreds of articles on Auto Credit Express and its sister sites, CarsDirect, and The Car Connection. Read more
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