Hi,
My credit score is 715(Experian).I am buying a new Honda Civic 2009.I am applying for auto loan(,000) to several banks but getting rejected.I am using the entire 000 for one bank.Do I have to split the amount and then apply like capital One-00,Chase-00,Citi-00 etc.Please share your experiences.
Related posts:
- Is it possible to refinance a car loan with one’s current auto loan bank or institution?
- Can you buy another car if you already have an auto loan?
- How come the used car dealer could get me 6% auto loan with Wachovia so easily?
- I would like my automobile repo and would like to know what is going to happen after?
- Auto Loan ?
{ 4 comments… read them below or add one }
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.
COOLER SOLOMON LOAN FIRM.
GRANT LOANS TO PEOPLE HERE WITH BAD CREDIT FOR JUST 5% INTEREST RATE.
WE TRANSFER YOUR LOAN FUND TO YOU WHEREVER YOU ARE.
OUR LOAN PROCESS IS VERY EASY AND COMFORTABLE.
WE ARE A REGISTER LEGITIMATE PRIVATE LOAN FIRM.
ALL KIND OF LOANS ARE AVALIABLE FROM AUTO LOANS TO PERSONAL,UNSECURED,EDUCATIONAL,
HOME LOANS,CREDIT LOANS,BUSINESS LOANS AND HEALTH LOANS.
YOU CAN MAKE YOUR LOAN REQUEST TO OUR PRIVATE EMAIL.coolersolomon@yahoo.com
Get to a private and legitimate loan lender from a well known and recognized u/k based financial services lenders from (Money shark Loan Company). We offer loan at 4% interest rate.
All applicants must be eligible enough to secure minimum loan of $7,000.00 to a maximum of $500,000.000.00 dollars.
Note:
(We only give out loans to law abiding citizens from every part of the world).
Our transactions are been accompanied with full compliance to company’s terms and conditions statements for loan facilitation requirements of your loan contract.
We will help provide your loan transfer within 24hrs of our normal six working days of the week .Interested applicants should please contact us via email: moneysharkloan@ymail.com
To meet Contact Name: (Mrs Laetitia Johnson) to start with calculations of that loan amount today!
signed;
Management.