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Can my financing be denied for an auto loan after making a down payment with a credit card?
I'm financing a vehicle through the dealer. I used my 0% interest credit card to make the down payment. I checked my credit score after using my credit card and it had dropped 75 points due to a higher utilization of debt. It's now 35 days later and I'm still unsure if my loan was denied due to the catastrophic drop in credit score. Can my financing still be denied?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“As part of the Fair Credit Reporting Act (FCRA), you should have received an adverse action letter in the mail within 30 days if your loan application was denied.
State and federal regulations mandate that lenders inform consumers if their credit report or other information triggered a denial.
Since it’s been 35 days since the purchase, it’s unlikely that you were denied financing.
Without an adverse action letter or a notice from the dealership about the lack of financing—which usually happens within 10 days—you shouldn’t worry about it too much.
Don’t forget that when you buy a new vehicle, you will need proper coverage. Use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
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