Why have I been getting denied auto loans with credit scores of 759, 785 and 760?

?

2011-12-20 19:28:56 UTC

You may want to consider leasing a car for two years with option to buy at end of lease.It has nothing to do with your credit scores. In this economy banks are very fickle about lending to people without some sort of collateral and your short work history

Dennis

2016-09-28 03:11:02 UTC

1

?

2016-09-24 16:44:19 UTC

For Credit and finance solutions I always visit this site where you can find all the solutions. http://your-finance.us/index.html?src=owiulFU27

RE :Why have I been getting denied auto loans with credit scores of 759, 785 and 760?

23 years old, unmarried. Never had a late payment, I've had credit since 18. All my credit are only from credit cards, which I owe less than 10% on all of them. My longest card has been open since 2007, the next one was open since 2009. I think a possibility of why it gets denied is my work history. I've only been a nurse at my current employer for 4 months. I calculated 48,000 a year income (since application wants annual income, so I had to calculate it). Maybe working 4 months isn't long enough?

Only loan approval I got was a conditional approval. I asked for 22,000 w/ chase auto loan and they approved me for only 14,900 with 3.19%apr. I know dealerships have closer ties with the banks and can work around that. If I went to a dealership, showed them that I got approved for 3.19% apr on a 48 month term for 14,900, and would like to see if they can match the apr for a 22,000, do you think the dealership might be able to do it?

My current car, 2003 audi, is getting too expensive to maintain and the gas is ridiculous. I want a honda. But the audi was given to me as a hand me down, not my choice.

1 following 9 answers

2014-09-22 15:05:35 UTC

I'm certain that you will find many financial answer at: loandirectory.info-

RE Why have I been getting denied auto loans with credit scores of 759, 785 and 760?

23 years old, unmarried. Never had a late payment, I've had credit since 18. All my credit are only from credit cards, which I owe less than 10% on all of them. My longest card has been open since 2007, the next one was open since 2009. I think a possibility of why it gets denied is my work history. I've only been a nurse at my current employer for 4 months. I calculated 48,000 a year income (since application wants annual income, so I had to calculate it). Maybe working 4 months isn't long enough?

Only loan approval I got was a conditional approval. I asked for 22,000 w/ chase auto loan and they approved me for only 14,900 with 3.19%apr. I know dealerships have closer ties with the banks and can work around that. If I went to a dealership, showed them that I got approved for 3.19% apr on a 48 month term for 14,900, and would like to see if they can match the apr for a 22,000, do you think the dealership might be able to do it?

My current car, 2003 audi, is getting too expensive to maintain and the gas is ridiculous. I want a honda. But the audi was given to me as a hand me down, not my choice.

?

2016-11-19 09:35:31 UTC

Chase Auto Loan Requirements

Calvin C

2011-12-18 14:07:17 UTC

Stop applying everywhere you are pulling your credit score down. 4 months is not long enough and it scares most lenders what really matters is how long employed in the field you are in. Have you been in medical more then a year most lenders will take that into consideration but you need to point it out. There is no reason with your scores you should not be approved for the loan you want other then lack of savings and short term on the job. The interest is a little high for your scores but they are assuming for 15K you might by a used car and they always cost more in interest.

Lets be practical for a moment unless repairs and lost work are costing you 400 a month a new car is not going to save you money. Insurance is higher on a new car. If you live in an area of snow buying a car this far into winter is foolish as you will not have time to learn the new car. By waiting till april/may your debt load will be less and you will have more time on the job and prove at least to yourself that you can save 400-500 a month and can actually afford a new car.

2014-07-27 06:04:25 UTC

Here you can get rates: http://www.CREDIT-AND-FINANCE.COM

RE:Why have I been getting denied auto loans with credit scores of 759, 785 and 760?

2011-12-18 14:39:36 UTC

While you said your annual income is $48,000, you didn't say how much your credit card payments are per month and how much the conditional approval is per month. A 3 year car loan? 5? 7? (Judging from Chase's web site, this is a 5 year loan and would be about $275 a month). $275 a month is 7% of your annual income. With all of your debt (minimum payments on cards and school too), the total should be less than $600 a month.

"All my credit are only from credit cards, which I owe less than 10% on all of them."

You have more than one credit card? Why? How much is the total for all of the credit limits? In addition to not having been at your job long enough, you have the right to go out and charge each card to it's limit. If you have high credit limits, this may give them a pause as well.

Auto Credit Express

2011-12-19 12:20:18 UTC

Lenders will consider your credit profile; income; debt to income ratio and time on the job. Most likely you need more time at your job, but without more info (mainly monthly expenses) it is hard to say why they turned you down, you can always ask why. Good luck.

Go with the flow

2011-12-18 13:45:19 UTC

I want you to call a credit union and make an appointment to be approved.

Ask them if you work 6 full months, would you be more likely to get a car.

I missed the amount of down payment you would be making on that car.

It is always a good idea to put 20% down.

2014-05-10 02:55:37 UTC

You will find very useful this site for finding the best option for you CREDIT-SOLUTIONS.INFO