Why Were You Refused a Loan Despite Your Perfect Credit?
You found the car you needed, negotiated the price you wanted, and applied for financing, confident that your good credit score would assure you quick approval—only to be shocked when your car finance application was declined. Read on to learn why this happens, what you can do about it, and how easy it is to get the funding you need when you choose Indy Car Finance for your new or used car purchase.
6 Reasons Your Good Credit isn’t Cutting It
In spite of being a reliable borrower, there are a few reasons you might be turned down for a new or used car loan:
- You Didn’t Pass Muster. If your credit score or minimum income doesn’t measure up to internal finance company criteria, even if you only miss by one point or a few dollars, you could be declined.
- Alternative Credit Score. You might know your FICO, but if the financier is using a different score to measure your credit worthiness, you might fall short of requirements.
- Your Ratio is too High. If your liabilities total more than 50 percent of your gross salary, you could be declined.
- Too Many Hits. Even if you’re doing great now, too many derogatory marks in the recent past can make it hard to get a car loan.
- Your Debt is Climbing Fast. If you’ve had a recent uptick in spending – even if it’s for a good reason – it could put lenders off.
- You Owe Too Much. Even if your debt doesn’t pass that magic 50 percent threshold, if the number is too high for a lender’s comfort, they could decline your application.
Let Indy Car Financing Help
Getting declined for car financing can derail your plans, but it doesn’t always have to. See how easy it is to get financing for the new or used car you need, even if other lenders have turned you down by meeting with one of our loan specialists today. We can help review your budget, calculate your expenses, and find the right loan to get you back on track.
Don’t Let a Loan Refusal Stop You from Getting the Car You Need
Explore the car financing options available to you, even if you’ve been turned down elsewhere. Contact us now at (855) 468-6215 or stop by our Speedway Chevrolet location at 5252 38th Street in Indianapolis, IN to learn more.