5 Comments

1. cforth86 says:
   August 22, 2010 at 3:54 am

   Well have you ever missed a payment on anything even once?Some things may not have been reported correctly on your credit report.When I paid off my car the car company reported it as still receiving payments and that was happening for a year.So you need to just go get a free credit report you get one every year by request. Just go to which ever you like Equifax TransUnion. You could possibly have things going on you don’t know about so just keep that in mind.
2. Age of Reason says:
   August 22, 2010 at 4:43 am

   Check your credit for free at http://annualcreditreport.com
   they should have told you why
   40% debt is my guess
3. LUKE says:
   August 22, 2010 at 5:21 am

   Because they don’t think you are a good risk. Every bank has their own criteria. Go to a big dealership, and let them shop you around. They’ll get you financed.
4. Vinnet says:
   August 22, 2010 at 5:22 am

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5. rigo_fordofmontebello says:
   August 22, 2010 at 5:41 am

   Hello,
   I work at a dealership, I have had a car loan for over 3 years (my mom co-signed when I was starting my credit) and I just recently planned on refinancing my car to lower my payments. When I applied online it told me I was denied, I have 3 years perfect credit and I am at a 720 fico score, So why was I denied? Because those online approvals are not always right. Here at Ford we receive people applying for credit online that are rejected but once we work the numbers in person we find we can get them approved no problem. Your problem might be that you have never purchased a vehicle therefore making you a first time buyer. With today’s economy most banks are not willing to give you a vehicle unless you have a co-buyer with good buying history, or somone with longer credit history. Either way I recommend you look for the best rates online and go to a large dealership that can structure your loan in order for you to get financed. Remember, dealers work with many banks and also have their own special banks, like we have Ford Credit, that have special first time buyer programs and rebates that make getting approved much easier. Its sounds like you have never had a vehicle before so it might just make more sense to see how aggressive the dealerships rates may be compared to the ones you have seen online. If you need any help with the loan just contact me and I can guide you through the proccess.

   Ps. being denied does affect you but not enough to make a huge difference, just make sure you do not run you information too much, try running it once wherever you feel the salesmen are honest and have the car you want.

   Good Luck. -Rigo
   ps. my e-mail is rigo_fordofmontebello@yahoo.com