Why am I not getting Auto Loan for a Car?

Sarita · #1 (**permalink**) 09-25-2009, 08:48 AM

Hi,
My credit score is 715(Experian).I am buying a new Honda Civic 2009.I am applying for auto loan($17,000) to several banks but getting rejected.I am using the entire $17000 for one bank.Do I have to split the amount and then apply like capital One-$7000,Chase-$5000,Citi-$5000 etc.Please share your experiences.

davies · #2 (**permalink**) 10-02-2009, 07:58 AM

Things are tough when you have bad credit. It is difficult to pay your bills on time because you have so many of them. It’s harder to get loans with good interest rates because your credit score is too low. Even the car dealership seems to have a handle on the fact that you don’t know how to handle your money.

Too bad you didn't realize this when you were busy whipping out that credit card to buy the CD that you wanted or to pay for the last six week’s worth of lattes. In fact, maybe they should teach a course in high school that provides guidelines on how quickly you can fall into a downward spiral of debt that keeps on growing as your wallet keeps on shrinking.

Fortunately, even with bad credit it is possible to obtain an auto loan. Plus, if you follow a few simple strategies, you can improve your chances of obtaining a car loan with better interest rates and term.

olivia751 · #3 (**permalink**) 10-23-2009, 12:40 AM

Hi,

If you are facing some problem with the loan try to contact with the bank manager.May be possible there are some any other problem.I don't think amount of the loan is matter may be your papers are not completed or something else.

Regards,
Olivia

vnrao · #4 (**permalink**) 10-25-2009, 12:30 AM

Money crisis can bother anyone at any time of the month. But the date of getting the paycheck is fixed and the amount you will get is also the same. That makes us helpless but we can take help by taking a loan. There are two types of loans one is secured and the other one is unsecured. These loans come with different rates. Secured loans are relatively cheaper than the unsecured loans. In these loans you have to provide something as collateral. But the loans against car are the unsecured types of loans even with the security.