Why Was My Car Loan Application Not Approved?

Loan Rejected

When applying for a car loan, as any other application; there are common mistakes which leads to your application being denied, even if you are qualified.

Some of them are:

  • 1. Failing to Submit Necessary Requirements

    When applying for a car loan, remember that the banks require a number of requirements in order to process your application. It’s crucial that you look at all the requirements and organize them accordingly.

  • 2. Timing

    It’s a saying as old as time that timing is everything. If your credit situation is at its lowest point, if you are finishing a bankruptcy or consumer proposal, a vehicle repossession, then it’s not the best idea to try getting a new loan on your credit.

  • 3. Income

    Lenders always consider a person’s income in order to determine an individual’s ability to make payments and on time.

    If you are on a low income, and have commitments such as rent, mortgage, utilities, and others, lenders will most likely not approve you for a car loan without a cosigner.

  • 4. Credit

    It can’t be stressed enough that it’s best to look at your credit report and identify things that are keeping your score down and tackle them before applying for a new line of credit.

  • 5. Proper Resources

    Even when one has used the best practices in the build up to get a new car loan, in some cases, you may still not get approved.

Using credit repair specialists such as Canada Auto Experts who help Canadians build credit using low-interest car loans helps you get an approval and a lower interest rate regardless of your credit.

To speak to a credit repair expert at Canada Auto Experts call 1-855-55-5565 or visit www.canadauto.ca

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