Hi,
My credit score is 715(Experian).I am buying a new Honda Civic 2009.I am applying for auto loan($17,000) to several banks but getting rejected.I am using the entire $17000 for one bank.Do I have to split the amount and then apply like capital One-$7000,Chase-$5000,Citi-$5000 etc.Please share your experiences.
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You cant get 3 loans on 1 car.
They are supposed to TELL you why they are rejecting you.
Here are some reasons you can be rejected despite your 715 score.
Income too low for car note.
Debt to income ratio too high. (Including new payment)
Time on job too short.
Down payment not enough.
Time at residence not sufficient.
Usually, more money down can solve the problem with a 715 I would think. I cant understand how you were rejected at multiple banks and didn’t ask why or anything.
Your credit score is good, but that’s only part of the equation. Along with scores, they look at time on the job, and your income to debt ratio.
To give a glaring example, you are making 800 a month, your rent is 500, and you want a loan with a 450 payment.
Of course, the higher the down payment, the better your chances.
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