I Was Denied an Auto Loan. Now What?
Youâre in the market for a new car but youâve been denied an auto loan. Now what? Hereâs what you need to know about why you may have been denied and what to do to make sure it doesnât happen again.
Why Do I Keep Getting Denied for Auto Loans?
Unfortunately, there are many reasons a bank might reject your application for a car loan. If your loan application has recently been denied or you keep getting denied, it might be due to one of these common reasons:
Application errors. Sometimes, the application could be rejected because of an error you made when filling it out. A missed section, some incorrect information, a missing form or another mistake can mean your loan is ultimately denied.
Bad credit. Bad credit is a common reason for auto loan denial. A score below 670 is usually ...