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If your application for a car loan was denied, then it’s likely you applied for more than the lender felt you could afford or your credit score is not high enough. But those aren’t the only reasons car loans get rejected.
Crucially, you shouldn’t just move on to the next lender and apply there because multiple applications for credit in a short space of time can damage your credit score and put prospective lenders off. Take a moment to consider your next move.
Warning: late repayments can cause you serious money problems. See our debt help guides.
You can typically find out why your car loan application was denied by contacting the lender. If you applied online, you can often find out simply by logging in to your account. Otherwise, reach out to customer service over the phone to find out how to get this information.
There are several reasons why your car loan application might have been rejected. Let’s take a look at some of the most common ones:
A loan rejection isn’t the end of the world. It gives you a chance to figure out what’s wrong and improve your chances for next time. Take some time to weigh up your loan options and consider a matching service so you can tackle your next application with confidence.
If your car loan application is rejected, there are three simple steps to take before you apply again:
And if you’re having trouble getting a car loan because you’re a particularly high-risk applicant, you could consider a guarantor loan.
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