Comments on: Why am I not getting Auto Loan for a Car?

By: Grant

Grant — Wed, 17 Mar 2010 18:09:33 +0000

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By: Rigna

Rigna — Wed, 17 Mar 2010 17:10:25 +0000

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By: oklatom

oklatom — Wed, 17 Mar 2010 17:08:35 +0000

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.

By: N

Wed, 17 Mar 2010 16:58:55 +0000

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.